Owens Corning (NYSE:OC) Upgraded by Zacks Research to “Strong-Buy” Rating

Owens Corning (NYSE:OC) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday, Zacks reports.

A number of other analysts have also recently weighed in on OC. Royal Bank Of Canada raised their price target on shares of Owens Corning from $148.00 to $172.00 and gave the company an “outperform” rating in a report on Friday, July 10th. Benchmark reissued a “hold” rating on shares of Owens Corning in a research report on Wednesday, July 15th. Weiss Ratings upgraded shares of Owens Corning from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday, June 24th. Barclays lifted their price target on shares of Owens Corning from $170.00 to $177.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Finally, Evercore reiterated an “outperform” rating and set a $193.00 price objective on shares of Owens Corning in a report on Thursday, July 23rd. Three investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $164.15.

Owens Corning Trading Down 1.6%

OC opened at $126.64 on Tuesday. The firm has a market cap of $10.01 billion, a price-to-earnings ratio of -15.71, a PEG ratio of 1.93 and a beta of 1.32. The company has a current ratio of 1.16, a quick ratio of 0.67 and a debt-to-equity ratio of 1.10. Owens Corning has a 12 month low of $97.53 and a 12 month high of $159.91. The stock has a fifty day moving average price of $142.61 and a 200-day moving average price of $127.83.

Owens Corning (NYSE:OC) last issued its quarterly earnings data on Wednesday, August 5th. The construction company reported $3.93 earnings per share for the quarter, beating analysts’ consensus estimates of $3.09 by $0.84. The company had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.66 billion. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%.The firm’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter last year, the company earned $4.21 earnings per share. As a group, equities research analysts anticipate that Owens Corning will post 9.94 earnings per share for the current fiscal year.

Insider Activity at Owens Corning

In related news, insider Rachel Barthelemy Marcon sold 900 shares of the stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $144.07, for a total value of $129,663.00. Following the completion of the transaction, the insider directly owned 21,449 shares of the company’s stock, valued at $3,090,157.43. This trade represents a 4.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Sequoia Financial Advisors LLC lifted its stake in shares of Owens Corning by 42.8% during the second quarter. Sequoia Financial Advisors LLC now owns 3,339 shares of the construction company’s stock worth $531,000 after buying an additional 1,001 shares during the period. Cidel Asset Management Inc. purchased a new position in Owens Corning in the 2nd quarter worth $271,000. Integrated Wealth Concepts LLC lifted its position in Owens Corning by 39.3% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 10,344 shares of the construction company’s stock worth $1,644,000 after acquiring an additional 2,917 shares during the period. NewEdge Advisors LLC lifted its position in Owens Corning by 117.3% during the 2nd quarter. NewEdge Advisors LLC now owns 11,739 shares of the construction company’s stock worth $1,866,000 after acquiring an additional 6,338 shares during the period. Finally, IFP Advisors Inc grew its stake in Owens Corning by 277.0% during the 2nd quarter. IFP Advisors Inc now owns 1,493 shares of the construction company’s stock valued at $237,000 after purchasing an additional 1,097 shares during the last quarter. Institutional investors and hedge funds own 88.40% of the company’s stock.

Owens Corning Company Profile

Owens Corning (NYSE:OC) is a global building materials company that develops and manufactures products used in residential, commercial and industrial construction. Its portfolio includes insulation, roofing materials and glass-fiber composites designed to improve energy efficiency, durability and structural performance.

The company’s insulation products include fiberglass, mineral wool and foam insulation, as well as related air-sealing and weatherization products. Its roofing business provides asphalt shingles, roofing components and other solutions for residential and commercial applications.