Owens Corning Inc (NYSE:OC) Downgraded by BidaskClub to “Sell”
BidaskClub downgraded shares of Owens Corning Inc (NYSE:OC) from a hold rating to a sell rating in a research report report published on Thursday.
A number of other equities research analysts have also recently issued reports on OC. Wedbush upgraded shares of Owens Corning from a neutral rating to an outperform rating and increased their target price for the stock from $58.00 to $72.00 in a research report on Friday, March 31st. Zacks Investment Research cut shares of Owens Corning from a buy rating to a hold rating in a research report on Wednesday, April 12th. Nomura initiated coverage on shares of Owens Corning in a research report on Wednesday, April 12th. They set a buy rating and a $74.00 target price for the company. Royal Bank Of Canada reissued a buy rating and set a $67.00 price objective on shares of Owens Corning in a report on Friday, April 21st. Finally, FBR & Co increased their price objective on shares of Owens Corning from $61.00 to $63.00 and gave the stock a mkt perform rating in a report on Friday, April 28th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and sixteen have assigned a buy rating to the stock. Owens Corning currently has an average rating of Buy and a consensus target price of $70.53.
Owens Corning (OC) traded down 0.24% on Thursday, reaching $67.06. 407,336 shares of the company’s stock were exchanged. The firm has a market capitalization of $7.46 billion, a price-to-earnings ratio of 19.26 and a beta of 1.11. Owens Corning has a 12 month low of $46.45 and a 12 month high of $68.80. The firm has a 50-day moving average of $65.91 and a 200-day moving average of $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 analysts’ consensus estimates of $1.08 by $0.12. The business had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.48 billion. Owens Corning had a net margin of 6.61% and a return on equity of 11.12%. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter last year, the company posted $1.29 EPS. On average, equities analysts expect that Owens Corning will post $4.21 earnings per share for the current year.
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The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 2nd. Stockholders of record on Monday, July 17th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.19%. The ex-dividend date is Thursday, July 13th. Owens Corning’s dividend payout ratio (DPR) is presently 23.05%.
In related news, insider Arnaud Genis sold 21,544 shares of Owens Corning stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $65.44, for a total transaction of $1,409,839.36. Following the transaction, the insider now owns 80,143 shares of the company’s stock, valued at approximately $5,244,557.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James J. Mcmonagle sold 2,000 shares of Owens Corning stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $64.60, for a total transaction of $129,200.00. Following the transaction, the director now directly owns 50,906 shares in the company, valued at approximately $3,288,527.60. The disclosure for this sale can be found here. 1.80% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Creative Planning raised its position in Owens Corning by 104.3% in the second quarter. Creative Planning now owns 2,043 shares of the construction company’s stock valued at $137,000 after buying an additional 1,043 shares during the last quarter. Point72 Asia Hong Kong Ltd raised its position in Owens Corning by 457.1% in the first quarter. Point72 Asia Hong Kong Ltd now owns 2,301 shares of the construction company’s stock valued at $141,000 after buying an additional 1,888 shares during the last quarter. IFP Advisors Inc raised its position in Owens Corning by 45.3% in the first quarter. IFP Advisors Inc now owns 2,558 shares of the construction company’s stock valued at $157,000 after buying an additional 798 shares during the last quarter. Penserra Capital Management LLC raised its position in Owens Corning by 9.5% in the first quarter. Penserra Capital Management LLC now owns 2,668 shares of the construction company’s stock valued at $163,000 after buying an additional 232 shares during the last quarter. Finally, Quantitative Systematic Strategies LLC purchased a new position in Owens Corning during the first quarter valued at $203,000.
Owens Corning Company Profile
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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