Owens Corning Inc (NYSE:OC) Stock Rated “Hold” by Wall Street Brokerages

Owens Corning Inc (NYSE:OC) has earned an average rating of “Hold” from the eighteen ratings firms that are covering the company, Marketbeat Ratings reports. Four research analysts have rated the stock with a sell rating, five have issued a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $141.57.

Several brokerages have recently issued reports on OC. Royal Bank Of Canada cut Owens Corning from an “outperform” rating to a “sector perform” rating and reduced their price objective for the stock from $172.00 to $127.00 in a research note on Wednesday, October 7th. Deutsche Bank Aktiengesellschaft upped their target price on Owens Corning from $136.00 to $165.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. Benchmark reiterated a “hold” rating on shares of Owens Corning in a report on Wednesday, July 15th. Truist Financial reduced their price target on shares of Owens Corning from $140.00 to $115.00 and set a “hold” rating for the company in a research report on Thursday, October 8th. Finally, Citigroup lifted their price objective on shares of Owens Corning from $149.00 to $177.00 and gave the company a “buy” rating in a research note on Friday, August 7th.

Insider Buying and Selling

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 900 shares of the company’s stock in a transaction 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 sale, the insider directly owned 21,449 shares of the company’s stock, valued at approximately $3,090,157.43. This 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 can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.92% of the company’s stock.

Institutional Trading of Owens Corning

A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in Owens Corning during the second quarter worth about $1,401,161,000. Dimensional Fund Advisors LP grew its stake 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 worth $299,167,000 after purchasing an additional 188,211 shares during the period. First Trust Advisors LP grew its stake in shares of Owens Corning by 22.7% during the 1st quarter. First Trust Advisors LP now owns 2,179,214 shares of the construction company’s stock worth $235,835,000 after purchasing an additional 403,803 shares during the period. Allspring Global Investments Holdings LLC grew its stake in shares of Owens Corning by 721.9% during 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 period. Finally, Nykredit A S purchased a new position in shares of Owens Corning during the 2nd quarter valued at approximately $166,083,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Trading Down 1.9%

NYSE OC opened at $114.27 on Friday. Owens Corning has a 12-month low of $97.53 and a 12-month high of $159.91. The company has a fifty day simple moving average of $127.33 and a two-hundred day simple moving average of $129.40. The company has a current ratio of 1.16, a quick ratio of 0.67 and a debt-to-equity ratio of 1.10. The stock has a market cap of $9.03 billion, a P/E ratio of -14.18, a P/E/G ratio of 2.64 and a beta of 1.32.

Owens Corning (NYSE:OC) last announced 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. 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 analyst estimates of $2.66 billion. During the same period in the previous year, the company earned $4.21 earnings per share. The business’s quarterly revenue was up .3% compared to the same quarter last year. On average, analysts forecast that Owens Corning will post 9.59 earnings per share for the current year.

Owens Corning Announces Dividend

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

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 offerings are designed to improve energy efficiency, weather protection, durability and comfort in buildings.

The company’s primary businesses include roofing, insulation and doors. Its products include asphalt roofing shingles and components, fiberglass and mineral wool insulation, and residential and commercial door systems.