Owens Corning (NYSE:OC) Hits New 52-Week High at $178.24

Owens Corning (NYSE:OC)’s share price reached a new 52-week high on Friday . The stock traded as high as $178.24 and last traded at $176.40, with a volume of 95478 shares changing hands. The stock had previously closed at $173.14.

Analyst Upgrades and Downgrades

Several research firms have weighed in on OC. Argus increased their price objective on Owens Corning from $175.00 to $182.00 and gave the stock a “buy” rating in a research report on Thursday, April 25th. Truist Financial raised their price target on shares of Owens Corning from $115.00 to $145.00 and gave the stock a “hold” rating in a research report on Thursday, February 15th. Royal Bank of Canada boosted their price objective on shares of Owens Corning from $175.00 to $192.00 and gave the company an “outperform” rating in a report on Thursday, April 25th. Loop Capital raised their target price on shares of Owens Corning from $167.00 to $188.00 and gave the stock a “buy” rating in a report on Monday, April 1st. Finally, Barclays cut Owens Corning from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $170.00 to $160.00 in a research note on Monday, February 12th. Eight investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $168.21.

Owens Corning Price Performance

The firm has a market cap of $15.15 billion, a P/E ratio of 14.15, a P/E/G ratio of 5.19 and a beta of 1.45. The company has a quick ratio of 1.22, a current ratio of 1.76 and a debt-to-equity ratio of 0.50. The business’s 50 day moving average is $162.66 and its two-hundred day moving average is $147.85.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, April 24th. The construction company reported $3.59 earnings per share for the quarter, topping analysts’ consensus estimates of $3.04 by $0.55. The business had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.28 billion. Owens Corning had a return on equity of 26.52% and a net margin of 11.53%. The firm’s revenue for the quarter was down 1.3% on a year-over-year basis. During the same period in the previous year, the company posted $2.77 earnings per share. As a group, analysts anticipate that Owens Corning will post 15.37 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Gunner Smith sold 657 shares of Owens Corning stock in a transaction on Monday, February 5th. The shares were sold at an average price of $153.36, for a total value of $100,757.52. Following the completion of the sale, the insider now owns 37,587 shares of the company’s stock, valued at approximately $5,764,342.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, EVP Paula Russell sold 3,765 shares of the stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $162.00, for a total value of $609,930.00. Following the completion of the sale, the executive vice president now directly owns 20,419 shares of the company’s stock, valued at $3,307,878. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Gunner Smith sold 657 shares of the firm’s stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $153.36, for a total value of $100,757.52. Following the completion of the transaction, the insider now owns 37,587 shares in the company, valued at approximately $5,764,342.32. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,864 shares of company stock worth $1,819,471. Corporate insiders own 0.89% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. MV Capital Management Inc. grew its stake in Owens Corning by 112.9% in the 1st quarter. MV Capital Management Inc. now owns 149 shares of the construction company’s stock valued at $25,000 after purchasing an additional 79 shares during the period. NBC Securities Inc. bought a new position in Owens Corning during the first quarter valued at about $26,000. Riverview Trust Co purchased a new stake in Owens Corning during the first quarter worth about $28,000. Contravisory Investment Management Inc. bought a new stake in Owens Corning in the fourth quarter worth about $27,000. Finally, Bruce G. Allen Investments LLC purchased a new position in Owens Corning in the fourth quarter valued at about $27,000. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

About Owens Corning

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.