Zacks Investment Research upgraded shares of Owens Corning (NYSE:OC) from a hold rating to a buy rating in a research report report published on Saturday. They currently have $105.00 price objective on the construction company’s stock.
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. “
Other analysts have also recently issued reports about the stock. Zelman & Associates cut shares of Owens Corning from a buy rating to a hold rating in a research note on Friday. Argus started coverage on shares of Owens Corning in a research note on Wednesday, December 6th. They set a buy rating and a $109.00 price objective on the stock. Royal Bank of Canada raised shares of Owens Corning from an outperform rating to a top pick rating in a research note on Monday, December 4th. SunTrust Banks upped their price objective on shares of Owens Corning to $85.00 and gave the stock a hold rating in a research note on Tuesday, November 21st. Finally, Bank of America upped their price objective on shares of Owens Corning from $84.00 to $97.00 and gave the stock a buy rating in a research note on Friday, November 17th. Nine investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. Owens Corning has a consensus rating of Buy and a consensus price target of $82.24.
Shares of Owens Corning (NYSE OC) opened at $94.41 on Friday. The firm has a market cap of $10,500.00, a PE ratio of 28.18, a P/E/G ratio of 1.18 and a beta of 1.09. Owens Corning has a 52 week low of $50.77 and a 52 week high of $94.99. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 0.99.
Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, October 25th. The construction company reported $1.25 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.26 by ($0.01). The business had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.63 billion. Owens Corning had a net margin of 6.15% and a return on equity of 11.40%. The business’s revenue was up 12.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.09 EPS. equities analysts expect that Owens Corning will post 4.34 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 17th. Stockholders of record on Tuesday, January 2nd will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.89%. This is a positive change from Owens Corning’s previous quarterly dividend of $0.20. The ex-dividend date is Friday, December 29th. Owens Corning’s dividend payout ratio is presently 25.07%.
In other news, Director W Howard Morris sold 2,026 shares of the company’s stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $81.95, for a total transaction of $166,030.70. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Michael H. Thaman sold 101,600 shares of the company’s stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $85.33, for a total transaction of $8,669,528.00. Following the transaction, the chairman now owns 840,370 shares in the company, valued at $71,708,772.10. The disclosure for this sale can be found here. Insiders have sold 129,933 shares of company stock worth $11,196,722 over the last quarter. 1.80% of the stock is owned by company insiders.
Several hedge funds have recently made changes to their positions in OC. Grove Bank & Trust lifted its position in shares of Owens Corning by 213.5% during the third quarter. Grove Bank & Trust now owns 1,630 shares of the construction company’s stock worth $126,000 after purchasing an additional 1,110 shares in the last quarter. Crossmark Global Holdings Inc. acquired a new position in Owens Corning in the third quarter valued at approximately $202,000. Worth Venture Partners LLC acquired a new position in Owens Corning in the third quarter valued at approximately $213,000. Advisors Asset Management Inc. lifted its holdings in Owens Corning by 214.4% in the third quarter. Advisors Asset Management Inc. now owns 2,764 shares of the construction company’s stock valued at $214,000 after buying an additional 1,885 shares during the period. Finally, Vantage Financial Partners Ltd. Inc. acquired a new position in Owens Corning in the second quarter valued at approximately $228,000. Institutional investors own 94.50% of the company’s stock.
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Owens Corning Company Profile
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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