Owens Corning (NYSE:OC) Cut to Sell at Vertical Research

Vertical Research cut shares of Owens Corning (NYSE:OC) from a hold rating to a sell rating in a research note issued to investors on Wednesday, MarketBeat reports. Vertical Research currently has $106.00 price objective on the construction company’s stock.

A number of other research analysts also recently weighed in on the company. Deutsche Bank Aktiengesellschaft lifted their price target on Owens Corning from $136.00 to $165.00 and gave the company a “buy” rating in a report on Tuesday, June 30th. Truist Financial set a $198.00 price objective on Owens Corning in a research note on Thursday, August 6th. The Goldman Sachs Group raised their price objective on Owens Corning from $141.00 to $159.00 and gave the stock a “neutral” rating in a research report on Friday, July 10th. Evercore set a $185.00 target price on Owens Corning in a research note on Thursday, October 1st. Finally, Wall Street Zen upgraded Owens Corning from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Three investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $145.57.

Owens Corning Stock Down 2.4%

Shares of NYSE:OC opened at $114.43 on Wednesday. The firm has a 50 day simple moving average of $135.34 and a 200 day simple moving average of $128.96. Owens Corning has a 52 week low of $97.53 and a 52 week high of $159.91. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.67 and a current ratio of 1.16. The company has a market cap of $9.05 billion, a PE ratio of -14.20, a price-to-earnings-growth ratio of 1.89 and a beta of 1.32.

Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, August 5th. The construction company reported $3.93 earnings per share for the quarter, topping the consensus estimate of $3.09 by $0.84. Owens Corning had a negative net margin of 6.81% and a positive return on equity of 20.52%. The firm had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.66 billion. During the same period in the previous year, the company posted $4.21 EPS. The company’s quarterly revenue was up .3% compared to the same quarter last year. As a group, research analysts expect that Owens Corning will post 9.89 earnings per share for the current year.

Owens Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 5th. Investors of record on Monday, October 19th will be issued a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Monday, October 19th. Owens Corning’s dividend payout ratio (DPR) is currently -39.21%.

Insider Activity

In related news, insider Rachel Barthelemy Marcon sold 900 shares of Owens Corning stock in a transaction on Friday, August 28th. The stock was sold at an average price of $144.07, for a total transaction of $129,663.00. Following the completion of the sale, the insider owned 21,449 shares of the company’s stock, valued at approximately $3,090,157.43. This trade represents a 4.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.92% of the company’s stock.

Institutional Investors Weigh In On Owens Corning

A number of hedge funds and other institutional investors have recently made changes to their positions in OC. BlackRock Inc. acquired a new stake in shares of Owens Corning in the second quarter worth about $1,401,161,000. Dimensional Fund Advisors LP increased its holdings in shares of Owens Corning by 7.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,764,616 shares of the construction company’s stock valued at $299,167,000 after acquiring an additional 188,211 shares during the last quarter. First Trust Advisors LP raised its stake in shares of Owens Corning by 22.7% in the 1st quarter. First Trust Advisors LP now owns 2,179,214 shares of the construction company’s stock valued at $235,835,000 after acquiring an additional 403,803 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake 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 valued at $146,940,000 after acquiring an additional 1,078,877 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in 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 during the last quarter. 88.40% of the stock is owned by hedge funds and other institutional investors.

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 and composite materials designed to improve energy efficiency, weather protection, durability and structural performance.

The company’s insulation business offers products such as fiberglass and mineral wool insulation, along with related air-sealing and acoustic solutions. Its roofing operations produce shingles, underlayment and other components for residential and commercial roofing systems.