Owens Corning Inc (NYSE:OC) had its price target increased by Barclays PLC from $64.00 to $70.00 in a report issued on Wednesday, June 28th, MarketBeat.com reports. The brokerage currently has an equal weight rating on the construction company’s stock.
Several other equities research analysts have also weighed in on OC. Jefferies Group LLC reissued a buy rating and issued a $71.00 price objective (up previously from $65.00) on shares of Owens Corning in a report on Saturday, March 11th. KeyCorp lifted their price target on Owens Corning from $60.00 to $70.00 and gave the company an overweight rating in a research report on Wednesday, March 22nd. Wedbush upgraded Owens Corning from a neutral rating to an outperform rating and boosted their target price for the stock from $58.00 to $72.00 in a research report on Friday, March 31st. Zacks Investment Research downgraded Owens Corning from a buy rating to a hold rating in a research report on Wednesday, April 12th. Finally, Nomura assumed coverage on Owens Corning in a research report on Wednesday, April 12th. They issued a buy rating and a $74.00 target price for the company. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and sixteen have given a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus price target of $66.55.
Shares of Owens Corning (NYSE OC) opened at 65.95 on Wednesday. The company’s 50-day moving average is $63.85 and its 200 day moving average is $59.25. The firm has a market capitalization of $7.38 billion, a price-to-earnings ratio of 17.29 and a beta of 1.11. Owens Corning has a 1-year low of $46.45 and a 1-year high of $67.74.
Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, April 26th. The construction company reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.24. The firm had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.31 billion. Owens Corning had a return on equity of 11.56% and a net margin of 7.38%. The company’s revenue for the quarter was up 20.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.53 EPS. On average, analysts expect that Owens Corning will post $4.07 EPS for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 2nd. Shareholders of record on Monday, July 17th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date of this dividend is Thursday, July 13th. Owens Corning’s payout ratio is 21.00%.
In related news, Director James J. Mcmonagle sold 2,000 shares of the stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $64.60, for a total transaction of $129,200.00. Following the completion of the transaction, the director now directly owns 50,906 shares of the company’s stock, valued at $3,288,527.60. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Arnaud Genis sold 21,544 shares of the firm’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $65.44, for a total value of $1,409,839.36. Following the completion of the sale, the insider now directly owns 80,143 shares of the company’s stock, valued at $5,244,557.92. The disclosure for this sale can be found here. Company insiders own 1.80% of the company’s stock.
Several large investors have recently bought and sold shares of the stock. BlackRock Inc. increased its stake in shares of Owens Corning by 4,010.8% in the first quarter. BlackRock Inc. now owns 6,496,203 shares of the construction company’s stock valued at $398,669,000 after buying an additional 6,338,177 shares during the last quarter. Norges Bank acquired a new stake in shares of Owens Corning during the fourth quarter valued at $56,841,000. LSV Asset Management increased its position in Owens Corning by 59.4% in the first quarter. LSV Asset Management now owns 1,385,700 shares of the construction company’s stock valued at $85,040,000 after buying an additional 516,500 shares during the last quarter. Renaissance Technologies LLC increased its position in Owens Corning by 71.7% in the first quarter. Renaissance Technologies LLC now owns 1,169,800 shares of the construction company’s stock valued at $71,791,000 after buying an additional 488,500 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. increased its position in Owens Corning by 36.0% in the first quarter. Schwab Charles Investment Management Inc. now owns 1,383,533 shares of the construction company’s stock valued at $84,908,000 after buying an additional 366,192 shares during the last quarter.
About Owens Corning
Owens Corning is engaged in the business of composite and building materials systems, delivering a range of products and services. 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.
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