Owens Corning (NYSE:OC) Sets New 12-Month High – Still a Buy?

Owens Corning (NYSE:OC) shares reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $198.99 and last traded at $198.68, with a volume of 57263 shares changing hands. The stock had previously closed at $195.77.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on OC. Benchmark restated a “hold” rating on shares of Owens Corning in a report on Wednesday, August 7th. Wells Fargo & Company upped their price target on Owens Corning from $175.00 to $195.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. StockNews.com upgraded shares of Owens Corning from a “hold” rating to a “buy” rating in a report on Saturday, November 9th. The Goldman Sachs Group increased their target price on shares of Owens Corning from $178.00 to $198.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Finally, UBS Group boosted their price target on shares of Owens Corning from $197.00 to $218.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $192.62.

Owens Corning Stock Performance

The stock has a market capitalization of $16.64 billion, a P/E ratio of 16.51, a PEG ratio of 2.20 and a beta of 1.41. The stock’s 50-day simple moving average is $179.12 and its 200 day simple moving average is $174.55. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85.

Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, November 6th. The construction company reported $4.38 EPS for the quarter, topping the consensus estimate of $4.05 by $0.33. The business had revenue of $3.05 billion during the quarter, compared to the consensus estimate of $3.04 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. Owens Corning’s revenue was up 22.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $4.15 EPS. Research analysts expect that Owens Corning will post 15.39 EPS for the current fiscal year.

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, November 4th. Stockholders of record on Friday, October 18th were paid a dividend of $0.60 per share. The ex-dividend date was Friday, October 18th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.24%. Owens Corning’s dividend payout ratio (DPR) is currently 20.43%.

Insider Activity at Owens Corning

In other Owens Corning news, insider Marcio A. Sandri sold 3,051 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $176.50, for a total transaction of $538,501.50. Following the transaction, the insider now owns 57,079 shares in the company, valued at $10,074,443.50. This represents a 5.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.89% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Owens Corning

Several institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC lifted its position in shares of Owens Corning by 102.0% during the 2nd quarter. SG Americas Securities LLC now owns 41,525 shares of the construction company’s stock valued at $7,214,000 after acquiring an additional 20,971 shares during the period. State Board of Administration of Florida Retirement System grew its stake in Owens Corning by 14.2% during the first quarter. State Board of Administration of Florida Retirement System now owns 112,356 shares of the construction company’s stock worth $18,741,000 after buying an additional 14,011 shares in the last quarter. Ontario Teachers Pension Plan Board bought a new position in Owens Corning in the 1st quarter valued at about $997,000. Twin Tree Management LP lifted its holdings in shares of Owens Corning by 61.8% during the 1st quarter. Twin Tree Management LP now owns 8,997 shares of the construction company’s stock worth $1,501,000 after acquiring an additional 3,436 shares during the period. Finally, CANADA LIFE ASSURANCE Co boosted its position in shares of Owens Corning by 22.1% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 130,161 shares of the construction company’s stock worth $21,710,000 after acquiring an additional 23,593 shares in the last quarter. 88.40% of the stock is currently owned by institutional investors.

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.