FBR & Co Increases Owens Corning Inc (OC) Price Target to $70.00
Owens Corning Inc (NYSE:OC) had its price objective raised by FBR & Co from $63.00 to $70.00 in a research note issued to investors on Thursday morning, Marketbeat.com reports. They currently have a mkt perform rating on the construction company’s stock.
A number of other brokerages have also issued reports on OC. MKM Partners upgraded shares of Owens Corning from a sell rating to a neutral rating and raised their target price for the stock from $47.00 to $62.00 in a research report on Thursday. BidaskClub lowered shares of Owens Corning from a hold rating to a sell rating in a report on Thursday. KeyCorp reiterated an overweight rating and issued a $75.00 price target (up previously from $70.00) on shares of Owens Corning in a report on Monday, June 26th. Northcoast Research set a $76.00 price target on shares of Owens Corning and gave the company a buy rating in a report on Tuesday, June 27th. Finally, Credit Suisse Group initiated coverage on shares of Owens Corning in a report on Thursday, June 22nd. They issued an outperform rating and a $75.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and sixteen have given a buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus target price of $70.53.
Shares of Owens Corning (NYSE OC) traded down 0.24% on Thursday, hitting $67.06. The stock had a trading volume of 407,336 shares. Owens Corning has a one year low of $46.45 and a one year high of $68.80. The stock has a market cap of $7.46 billion, a PE ratio of 19.26 and a beta of 1.11. The company’s 50 day moving average is $65.91 and its 200 day moving average is $61.13.
Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, July 26th. The construction company reported $1.20 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.08 by $0.12. Owens Corning had a net margin of 6.61% and a return on equity of 11.12%. The firm had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same quarter last year, the business earned $1.29 earnings per share. Owens Corning’s revenue was up 3.4% compared to the same quarter last year. Equities research analysts predict that Owens Corning will post $4.21 EPS for the current fiscal year.
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The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 2nd. Investors of record on Monday, July 17th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.19%. The ex-dividend date is Thursday, July 13th. Owens Corning’s dividend payout ratio (DPR) is 23.05%.
In related news, Director James J. Mcmonagle sold 2,000 shares of Owens Corning stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $64.60, for a total transaction of $129,200.00. Following the sale, the director now owns 50,906 shares of the company’s stock, valued at approximately $3,288,527.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Arnaud Genis sold 21,544 shares of Owens Corning stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $65.44, for a total transaction of $1,409,839.36. Following the sale, the insider now directly owns 80,143 shares in the company, valued at approximately $5,244,557.92. The disclosure for this sale can be found here. Insiders own 1.80% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in OC. Comerica Bank purchased a new stake in Owens Corning during the fourth quarter valued at about $293,000. Searle & CO. purchased a new stake in Owens Corning during the fourth quarter valued at about $309,000. Highbridge Capital Management LLC increased its stake in Owens Corning by 3.3% in the fourth quarter. Highbridge Capital Management LLC now owns 301,729 shares of the construction company’s stock valued at $15,558,000 after buying an additional 9,509 shares during the period. Raymond James Trust N.A. increased its stake in Owens Corning by 45.6% in the first quarter. Raymond James Trust N.A. now owns 7,088 shares of the construction company’s stock valued at $435,000 after buying an additional 2,219 shares during the period. Finally, First National Bank of Mount Dora Trust Investment Services purchased a new stake in Owens Corning during the first quarter valued at about $1,103,000.
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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