Owens Corning Inc (OC) Given “Buy” Rating at Jefferies Group LLC
Jefferies Group LLC reissued their buy rating on shares of Owens Corning Inc (NYSE:OC) in a research note released on Friday. Jefferies Group LLC currently has a $82.00 price target on the construction company’s stock.
OC has been the topic of several other reports. Stifel Nicolaus reissued a buy rating and issued a $83.00 price objective on shares of Owens Corning in a research note on Friday, September 1st. Nomura reissued a neutral rating and issued a $79.00 price objective on shares of Owens Corning in a research note on Monday, September 11th. Wells Fargo & Company raised shares of Owens Corning from a market perform rating to an outperform rating and boosted their price objective for the company from $68.00 to $83.00 in a research note on Wednesday, August 30th. SunTrust Banks, Inc. reissued a hold rating on shares of Owens Corning in a research note on Tuesday, September 12th. Finally, Barclays PLC boosted their price objective on shares of Owens Corning from $64.00 to $70.00 and gave the company an equal weight rating in a research note on Wednesday, June 28th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. Owens Corning currently has a consensus rating of Buy and a consensus price target of $72.47.
Owens Corning (NYSE OC) traded up 0.76% during mid-day trading on Friday, reaching $79.25. 763,154 shares of the company traded hands. Owens Corning has a 52 week low of $46.45 and a 52 week high of $79.44. The stock’s 50 day moving average price is $74.33 and its 200 day moving average price is $66.43. The firm has a market capitalization of $8.81 billion, a price-to-earnings ratio of 22.77 and a beta of 1.05.
Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, July 26th. The construction company reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.12. The company had revenue of $1.60 billion for 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%. Owens Corning’s revenue was up 3.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.29 EPS. Equities analysts forecast that Owens Corning will post $4.32 EPS for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 2nd. Investors of record on Monday, October 16th will be paid a $0.20 dividend. The ex-dividend date is Friday, October 13th. This represents a $0.80 dividend on an annualized basis and a yield of 1.01%. Owens Corning’s payout ratio is 23.05%.
In other Owens Corning news, CFO Michael C. Mcmurray sold 14,000 shares of the company’s stock in a transaction dated Friday, September 8th. The shares were sold at an average price of $76.52, for a total value of $1,071,280.00. Following the transaction, the chief financial officer now directly owns 40,903 shares in the company, valued at approximately $3,129,897.56. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Kelly Schmidt sold 1,462 shares of the company’s stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $70.35, for a total transaction of $102,851.70. The disclosure for this sale can be found here. Over the last three months, insiders sold 212,866 shares of company stock worth $15,644,970. 1.80% of the stock is owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in the business. Raymond James Trust N.A. lifted its holdings in Owens Corning by 0.4% in the 2nd quarter. Raymond James Trust N.A. now owns 7,114 shares of the construction company’s stock valued at $476,000 after purchasing an additional 26 shares in the last quarter. Laurion Capital Management LP lifted its holdings in Owens Corning by 1.8% in the 1st quarter. Laurion Capital Management LP now owns 5,700 shares of the construction company’s stock valued at $350,000 after purchasing an additional 103 shares in the last quarter. First Bank & Trust lifted its holdings in Owens Corning by 3.6% in the 2nd quarter. First Bank & Trust now owns 3,024 shares of the construction company’s stock valued at $202,000 after purchasing an additional 104 shares in the last quarter. Vantage Financial Partners Ltd. Inc. purchased a new position in Owens Corning in the 2nd quarter valued at about $228,000. Finally, Penserra Capital Management LLC lifted its holdings in Owens Corning by 11.1% in the 2nd quarter. Penserra Capital Management LLC now owns 2,964 shares of the construction company’s stock valued at $198,000 after purchasing an additional 296 shares in the last quarter. Institutional investors own 96.84% of the company’s stock.
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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