Owens Corning (NYSE:OC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Friday. The brokerage presently has a $59.00 target price on the stock. Zacks Investment Research’s target price points to a potential upside of 11.13% from the company’s previous close.
According to Zacks, “Owens Corning is a world leader in building materials systems and composite solutions. Owens Corning people redefine what is possible each day to deliver high-quality products and services ranging from insulation, roofing, siding and stone, to glass composite materials used in transportation, electronics, telecommunications and other high-performance applications. Owens Corning has become a market-leading innovator of glass-fiber technology with sales. “
A number of other analysts also recently weighed in on the company. Wells Fargo & Co. initiated coverage on Owens Corning in a research note on Thursday, September 29th. They issued a “market perform” rating on the stock. Citigroup Inc. lifted their price objective on Owens Corning from $41.00 to $43.00 and gave the stock a “sell” rating in a report on Friday, July 29th. Bank of America Corp. began coverage on Owens Corning in a report on Friday, September 23rd. They set a “neutral” rating and a $59.00 price objective for the company. Royal Bank Of Canada lifted their price objective on Owens Corning from $57.00 to $62.00 and gave the stock an “outperform” rating in a report on Thursday, July 28th. Finally, Jefferies Group reaffirmed a “buy” rating and set a $63.00 price objective (up from $61.00) on shares of Owens Corning in a report on Thursday, July 28th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company. Owens Corning has an average rating of “Hold” and a consensus price target of $55.24.
Shares of Owens Corning (NYSE:OC) opened at 53.09 on Friday. The stock has a market capitalization of $6.02 billion, a PE ratio of 14.86 and a beta of 1.15. Owens Corning has a one year low of $38.96 and a one year high of $58.69. The firm has a 50-day moving average price of $50.75 and a 200 day moving average price of $52.14.
Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, October 26th. The company reported $1.09 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.10. Owens Corning had a return on equity of 10.77% and a net margin of 7.44%. The firm had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the previous year, the business earned $0.96 earnings per share. The company’s revenue for the quarter was up 4.0% compared to the same quarter last year. On average, equities analysts expect that Owens Corning will post $3.51 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, November 2nd. Shareholders of record on Monday, October 17th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date of this dividend was Thursday, October 13th. Owens Corning’s dividend payout ratio (DPR) is presently 20.17%.
A number of large investors have recently bought and sold shares of the stock. ETRADE Capital Management LLC bought a new stake in shares of Owens Corning during the third quarter valued at $328,000. Price T Rowe Associates Inc. MD increased its stake in shares of Owens Corning by 3.0% in the third quarter. Price T Rowe Associates Inc. MD now owns 37,363 shares of the company’s stock valued at $1,995,000 after buying an additional 1,100 shares during the last quarter. Cornerstone Capital Management Holdings LLC. increased its stake in shares of Owens Corning by 14.0% in the third quarter. Cornerstone Capital Management Holdings LLC. now owns 380,703 shares of the company’s stock valued at $20,325,000 after buying an additional 46,838 shares during the last quarter. Credit Suisse AG increased its stake in shares of Owens Corning by 19.9% in the third quarter. Credit Suisse AG now owns 108,047 shares of the company’s stock valued at $5,768,000 after buying an additional 17,923 shares during the last quarter. Finally, PCJ Investment Counsel Ltd. increased its stake in shares of Owens Corning by 82.0% in the third quarter. PCJ Investment Counsel Ltd. now owns 45,500 shares of the company’s stock valued at $2,429,000 after buying an additional 20,500 shares during the last quarter.
About Owens Corning
Owens Corning is a holding company, which is engaged in the business of composite and building materials systems. The Company’s products range from glass fiber used to reinforce composite materials for transportation, electronics, marine, infrastructure, wind-energy and other markets to insulation and roofing for residential, commercial and industrial applications.