Owens Corning (NYSE:OC) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Owens Corning (NYSE:OC) from a hold rating to a buy rating in a research note released on Saturday.

A number of other research analysts have also weighed in on the stock. UBS Group raised their price target on shares of Owens Corning from $197.00 to $218.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Evercore ISI raised their target price on Owens Corning from $189.00 to $196.00 and gave the company an “in-line” rating in a research report on Thursday, November 7th. Wells Fargo & Company boosted their price target on Owens Corning from $175.00 to $195.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Royal Bank of Canada raised their price objective on Owens Corning from $213.00 to $217.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. Finally, Benchmark reiterated a “hold” rating on shares of Owens Corning in a research report on Wednesday, August 7th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $192.62.

Owens Corning Stock Down 1.4 %

Shares of OC opened at $190.67 on Friday. The firm has a market cap of $16.36 billion, a P/E ratio of 16.23, a PEG ratio of 2.35 and a beta of 1.41. Owens Corning has a 12 month low of $123.10 and a 12 month high of $197.52. The stock’s 50 day moving average is $176.94 and its two-hundred day moving average is $174.09. The company has a current ratio of 1.44, a quick ratio of 0.79 and a debt-to-equity ratio of 0.89.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.05 by $0.33. The firm had revenue of $3.05 billion for the quarter, compared to analysts’ expectations of $3.04 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The firm’s revenue for the quarter was up 22.9% compared to the same quarter last year. During the same quarter last year, the company earned $4.15 EPS. Analysts predict that Owens Corning will post 15.39 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, November 4th. Stockholders of record on Friday, October 18th were issued a dividend of $0.60 per share. The ex-dividend date was Friday, October 18th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.26%. Owens Corning’s dividend payout ratio is currently 20.43%.

Insider Activity at Owens Corning

In other news, insider Marcio A. Sandri sold 3,051 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $176.50, for a total value of $538,501.50. Following the transaction, the insider now owns 57,079 shares of the company’s stock, valued at $10,074,443.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider Marcio A. Sandri sold 3,050 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $170.00, for a total value of $518,500.00. Following the sale, the insider now directly owns 60,130 shares of the company’s stock, valued at approximately $10,222,100. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Marcio A. Sandri sold 3,051 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $176.50, for a total transaction of $538,501.50. Following the transaction, the insider now directly owns 57,079 shares of the company’s stock, valued at $10,074,443.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.89% of the stock is currently owned by insiders.

Institutional Trading of Owens Corning

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. ST Germain D J Co. Inc. increased its stake in Owens Corning by 794.1% during the second quarter. ST Germain D J Co. Inc. now owns 152 shares of the construction company’s stock worth $26,000 after purchasing an additional 135 shares during the period. Innealta Capital LLC acquired a new stake in Owens Corning during the 2nd quarter worth approximately $32,000. Tobam boosted its position in Owens Corning by 115.7% in the 2nd quarter. Tobam now owns 192 shares of the construction company’s stock valued at $33,000 after buying an additional 103 shares during the period. Quarry LP grew its stake in shares of Owens Corning by 165.5% in the second quarter. Quarry LP now owns 231 shares of the construction company’s stock worth $40,000 after acquiring an additional 144 shares in the last quarter. Finally, Friedenthal Financial purchased a new stake in shares of Owens Corning during the second quarter worth $48,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Company Profile

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.