Owens Corning Inc (NYSE:OC) Receives Average Recommendation of “Moderate Buy” from Brokerages

Owens Corning Inc (NYSE:OC) has earned a consensus rating of “Moderate Buy” from the fifteen ratings firms that are presently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $144.8182.

A number of equities analysts have weighed in on OC shares. JPMorgan Chase & Co. upped their target price on Owens Corning from $115.00 to $121.00 and gave the stock a “neutral” rating in a research note on Friday, May 8th. Weiss Ratings upgraded Owens Corning from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday. Barclays upped their target price on Owens Corning from $135.00 to $144.00 and gave the stock an “overweight” rating in a research note on Monday, May 11th. Evercore set a $139.00 target price on Owens Corning in a research note on Thursday, May 7th. Finally, The Goldman Sachs Group upped their target price on Owens Corning from $125.00 to $141.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th.

Insider Transactions at Owens Corning

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 700 shares of the company’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $120.71, for a total value of $84,497.00. Following the transaction, the insider directly owned 15,848 shares in the company, valued at $1,913,012.08. This represents a 4.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mari Doerfler sold 1,926 shares of the company’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $120.92, for a total value of $232,891.92. Following the completion of the transaction, the vice president owned 3,093 shares in the company, valued at $374,005.56. This represents a 38.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.92% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Owens Corning

A number of hedge funds and other institutional investors have recently modified their holdings of OC. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Owens Corning by 460.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,313,019 shares of the construction company’s stock worth $146,940,000 after purchasing an additional 1,078,877 shares in the last quarter. Norges Bank purchased a new position in shares of Owens Corning in the 4th quarter worth about $119,748,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of Owens Corning by 721.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,170,179 shares of the construction company’s stock worth $125,513,000 after purchasing an additional 1,027,800 shares in the last quarter. Gendell Jeffrey L boosted its holdings in shares of Owens Corning by 349.3% in the 4th quarter. Gendell Jeffrey L now owns 922,063 shares of the construction company’s stock worth $103,188,000 after purchasing an additional 716,839 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Owens Corning by 33.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,576,405 shares of the construction company’s stock worth $288,332,000 after purchasing an additional 645,773 shares in the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Price Performance

Shares of NYSE OC opened at $135.28 on Monday. The stock has a market cap of $10.89 billion, a PE ratio of -20.47, a price-to-earnings-growth ratio of 2.47 and a beta of 1.34. Owens Corning has a fifty-two week low of $97.53 and a fifty-two week high of $159.42. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.74 and a current ratio of 1.24. The stock has a fifty day moving average of $122.08 and a 200-day moving average of $119.05.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.21. The company had revenue of $2.27 billion during the quarter, compared to analysts’ expectations of $2.18 billion. Owens Corning had a positive return on equity of 19.86% and a negative net margin of 5.43%.The firm’s quarterly revenue was down 10.5% compared to the same quarter last year. During the same period in the previous year, the business earned $2.97 earnings per share. Equities research analysts anticipate that Owens Corning will post 9.53 earnings per share for the current year.

Owens Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 6th. Shareholders of record on Monday, July 20th will be paid a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Monday, July 20th. Owens Corning’s dividend payout ratio is currently -47.81%.

About Owens Corning

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company’s core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.