Evercore ISI Reiterates Outperform Rating for Owens Corning Inc (OC)
Evercore ISI reiterated their outperform rating on shares of Owens Corning Inc (NYSE:OC) in a research report sent to investors on Wednesday morning, The Fly reports. Evercore ISI currently has a $80.00 price objective on the construction company’s stock, down from their prior price objective of $88.00.
Several other equities analysts have also recently weighed in on the company. Jefferies Group LLC reissued a buy rating and set a $77.00 price objective on shares of Owens Corning in a research report on Wednesday, July 19th. BidaskClub raised Owens Corning from a hold rating to a buy rating in a research report on Saturday, June 24th. Royal Bank Of Canada reissued a buy rating and set a $71.00 price objective on shares of Owens Corning in a research report on Monday, June 19th. Northcoast Research set a $76.00 price objective on Owens Corning and gave the stock a buy rating in a research report on Tuesday, June 27th. Finally, Stifel Nicolaus reissued a buy rating and set a $83.00 price objective on shares of Owens Corning in a research report on Friday, July 28th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and fourteen have issued a buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $73.53.
Shares of Owens Corning (OC) opened at 79.25 on Wednesday. The stock has a market capitalization of $8.81 billion, a P/E ratio of 22.77 and a beta of 1.05. Owens Corning has a 12-month low of $46.45 and a 12-month high of $80.12. The firm’s 50-day moving average price is $76.15 and its 200 day moving average price is $67.13.
Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, July 26th. The construction company reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.12. The company had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.48 billion. Owens Corning had a return on equity of 11.12% and a net margin of 6.61%. The firm’s revenue was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.29 EPS. Analysts predict that Owens Corning will post $4.32 EPS for the current fiscal year.
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The company also recently declared a quarterly dividend, which will be paid on Thursday, November 2nd. Shareholders of record on Monday, October 16th will be issued a $0.20 dividend. The ex-dividend date is Friday, October 13th. This represents a $0.80 annualized dividend and a yield of 1.01%. Owens Corning’s dividend payout ratio (DPR) is 23.05%.
In other news, Chairman Michael H. Thaman sold 130,700 shares of the company’s stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $74.95, for a total value of $9,795,965.00. Following the sale, the chairman now directly owns 847,992 shares in the company, valued at approximately $63,557,000.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Kelly Schmidt sold 1,462 shares of the company’s stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $70.35, for a total value of $102,851.70. The disclosure for this sale can be found here. Over the last quarter, insiders sold 212,866 shares of company stock worth $15,644,970. Corporate insiders own 1.80% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Owens Corning by 1.8% in the 2nd quarter. Vanguard Group Inc. now owns 10,562,420 shares of the construction company’s stock valued at $706,837,000 after purchasing an additional 190,866 shares during the period. BlackRock Inc. grew its stake in shares of Owens Corning by 4,010.8% in the 1st quarter. BlackRock Inc. now owns 6,496,203 shares of the construction company’s stock valued at $398,669,000 after purchasing an additional 6,338,177 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Owens Corning by 0.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,666,185 shares of the construction company’s stock valued at $245,337,000 after purchasing an additional 27,809 shares during the period. State Street Corp grew its stake in shares of Owens Corning by 0.4% in the 1st quarter. State Street Corp now owns 2,305,764 shares of the construction company’s stock valued at $141,507,000 after purchasing an additional 8,490 shares during the period. Finally, LSV Asset Management grew its stake in shares of Owens Corning by 21.2% in the 2nd quarter. LSV Asset Management now owns 1,680,100 shares of the construction company’s stock valued at $112,432,000 after purchasing an additional 294,400 shares during the period. Institutional investors own 96.84% of the company’s stock.
About Owens Corning
Owens Corning is engaged in the business of composite and building materials systems, delivering a range of products and services. The Company’s products range from glass fiber used to reinforce composite materials for transportation, electronics, marine, infrastructure, wind-energy and other markets to insulation and roofing for residential, commercial and industrial applications.
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