Owens Corning (NYSE:OC) Lifted to “Buy” at StockNews.com

StockNews.com upgraded shares of Owens Corning (NYSE:OC) from a hold rating to a buy rating in a report issued on Thursday morning.

Other analysts also recently issued reports about the company. Wells Fargo & Company increased their price objective on Owens Corning from $165.00 to $175.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Royal Bank of Canada increased their price objective on Owens Corning from $211.00 to $213.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. UBS Group increased their price target on Owens Corning from $192.00 to $197.00 and gave the company a “buy” rating in a research report on Wednesday, August 7th. Citigroup raised Owens Corning from a “neutral” rating to a “buy” rating and increased their price target for the company from $178.00 to $191.00 in a research report on Thursday, July 11th. Finally, Evercore ISI increased their price target on Owens Corning from $175.00 to $189.00 and gave the company an “in-line” rating in a research report on Wednesday, October 16th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Owens Corning currently has an average rating of “Moderate Buy” and an average price target of $187.77.

Owens Corning Stock Down 0.8 %

Shares of NYSE:OC opened at $181.90 on Thursday. The business’s 50 day simple moving average is $172.47 and its two-hundred day simple moving average is $172.41. The firm has a market cap of $15.76 billion, a P/E ratio of 14.73, a PEG ratio of 2.24 and a beta of 1.41. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.79 and a current ratio of 1.37. Owens Corning has a 52-week low of $110.96 and a 52-week high of $191.44.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Tuesday, August 6th. The construction company reported $4.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.37 by $0.27. The business had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.92 billion. Owens Corning had a return on equity of 26.33% and a net margin of 10.66%. The company’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.22 earnings per share. As a group, research analysts forecast that Owens Corning will post 15.34 EPS for the current fiscal year.

Owens Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 4th. Stockholders of record on Friday, October 18th will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.32%. The ex-dividend date of this dividend is Friday, October 18th. Owens Corning’s payout ratio is currently 19.43%.

Insider Transactions at Owens Corning

In related news, insider Marcio A. Sandri sold 3,051 shares of Owens Corning stock in a transaction 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 completion of the sale, the insider now owns 57,079 shares of the company’s stock, valued at approximately $10,074,443.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Owens Corning news, insider Marcio A. Sandri sold 3,051 shares of Owens Corning stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $176.50, for a total transaction of $538,501.50. Following the completion of the sale, the insider now owns 57,079 shares of the company’s stock, valued at $10,074,443.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Marcio A. Sandri sold 3,050 shares of Owens Corning stock in a transaction dated Tuesday, September 17th. The stock was 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. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Owens Corning

Hedge funds have recently added to or reduced their stakes in the company. Pacer Advisors Inc. increased its holdings in shares of Owens Corning by 38.9% in the second quarter. Pacer Advisors Inc. now owns 1,592,536 shares of the construction company’s stock worth $276,655,000 after buying an additional 446,073 shares during the period. Nordea Investment Management AB increased its holdings in shares of Owens Corning by 74.4% in the first quarter. Nordea Investment Management AB now owns 1,251,653 shares of the construction company’s stock worth $210,040,000 after buying an additional 533,910 shares during the period. Point72 Asset Management L.P. increased its holdings in shares of Owens Corning by 168.3% in the second quarter. Point72 Asset Management L.P. now owns 741,262 shares of the construction company’s stock worth $128,772,000 after buying an additional 464,981 shares during the period. Skandinaviska Enskilda Banken AB publ increased its holdings in shares of Owens Corning by 6.4% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 716,704 shares of the construction company’s stock worth $124,506,000 after buying an additional 43,180 shares during the period. Finally, AustralianSuper Pty Ltd increased its holdings in shares of Owens Corning by 2.2% in the second quarter. AustralianSuper Pty Ltd now owns 590,977 shares of the construction company’s stock worth $102,665,000 after buying an additional 12,707 shares during the period. Institutional investors own 88.40% of the company’s stock.

About Owens Corning

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.