Owens Corning (NYSE:OC) Stock Bumped Down to Sell by Vertical Research

Vertical Research lowered shares of Owens Corning (NYSE:OC) from a hold rating to a sell rating in a report published on Wednesday morning, MarketBeat Ratings reports. Vertical Research currently has $106.00 target price on the construction company’s stock.

Several other equities research analysts have also recently commented on the stock. DA Davidson started coverage on shares of Owens Corning in a research report on Monday, August 24th. They issued a “buy” rating and a $190.00 target price for the company. Citigroup boosted their price target on shares of Owens Corning from $149.00 to $177.00 and gave the company a “buy” rating in a research report on Friday, August 7th. Zacks Research raised shares of Owens Corning from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, September 15th. Wells Fargo & Company lowered their price objective on shares of Owens Corning from $172.00 to $150.00 and set an “overweight” rating for the company in a report on Friday, September 11th. Finally, Wall Street Zen raised Owens Corning from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Three research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $150.71.

Owens Corning Stock Performance

NYSE:OC opened at $114.58 on Wednesday. The company has a market capitalization of $9.06 billion, a price-to-earnings ratio of -14.22, a PEG ratio of 1.93 and a beta of 1.32. The business has a 50 day moving average of $136.27 and a 200 day moving average of $128.94. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.16 and a quick ratio of 0.67. Owens Corning has a 1-year low of $97.53 and a 1-year high of $159.91.

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

Owens Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 5th. Investors of record on Monday, October 19th will be paid a $0.79 dividend. 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 presently -39.21%.

Insider Buying and Selling

In related news, insider Rachel Barthelemy Marcon sold 900 shares of the stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $144.07, for a total transaction 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.92% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in Owens Corning during the 2nd quarter valued at $1,401,161,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Owens Corning by 460.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,313,019 shares of the construction company’s stock valued at $146,940,000 after purchasing an additional 1,078,877 shares in the last quarter. Nykredit A S purchased a new stake in shares of Owens Corning during the second quarter valued at $166,083,000. Allspring Global Investments Holdings LLC raised its position 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 buying an additional 1,027,800 shares during the last quarter. Finally, Bank of America Corp DE bought a new stake in shares of Owens Corning in the second quarter worth approximately $133,685,000. Institutional investors own 88.40% of the company’s stock.

Trending Headlines about Owens Corning

Here are the key news stories impacting Owens Corning this week:

• Positive Sentiment: Owens Corning’s consensus price target remains well above the current trading level, suggesting potential upside if housing, construction and renovation demand improve. Owens Corning stock tracks a USD 164.15 consensus target
• Neutral Sentiment: Owens Corning has recently attracted unusually high investor attention, but the report does not identify a new fundamental catalyst or material change to earnings expectations. Investors Heavily Search Owens Corning
• Negative Sentiment: RBC Capital downgraded OC from Outperform to Sector Perform and sharply reduced its price target to $127 from $172. The move indicates more limited expected upside and weaker conviction in the company’s outlook. RBC Capital Downgrades Owens Corning
• Negative Sentiment: Vertical Research cut Owens Corning from Hold to Sell and assigned a $106 price target, implying additional downside from the recent trading level. This is the most bearish analyst action among the latest reports. Vertical Research Downgrades Owens Corning to Sell
• Negative Sentiment: Melius Research initiated coverage with a Sell rating and a $118 price target, adding another cautious view despite the target being near the current share price. Melius Research Initiates Coverage on Owens Corning

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.