Owens Corning (NYSE:OC) Coverage Initiated by Analysts at Berenberg Bank
Berenberg Bank assumed coverage on shares of Owens Corning (NYSE:OC) in a report published on Tuesday, Benzinga reports. The firm issued a hold rating and a $68.00 price target on the construction company’s stock.
Several other research analysts have also commented on the company. Buckingham Research upgraded Owens Corning from a neutral rating to a buy rating in a research report on Tuesday, October 22nd. SunTrust Banks boosted their price objective on Owens Corning from $58.00 to $62.00 and gave the company a hold rating in a report on Friday, October 25th. BNP Paribas began coverage on Owens Corning in a report on Wednesday, October 9th. They issued an outperform rating on the stock. Wells Fargo & Co upgraded Owens Corning from a market perform rating to an outperform rating in a report on Wednesday, November 27th. Finally, Longbow Research boosted their price objective on Owens Corning from $66.00 to $79.00 and gave the company a buy rating in a report on Tuesday, November 26th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eleven have issued a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average target price of $67.76.
OC stock traded up $0.94 during trading on Tuesday, hitting $65.17. 445,653 shares of the company traded hands, compared to its average volume of 902,160. The company has a market cap of $7.06 billion, a PE ratio of 13.19, a P/E/G ratio of 1.55 and a beta of 1.23. Owens Corning has a 1 year low of $44.46 and a 1 year high of $68.72. The stock’s 50-day simple moving average is $65.45 and its 200 day simple moving average is $60.90. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.69 and a quick ratio of 0.87.
The company also recently declared a quarterly dividend, which will be paid on Friday, January 17th. Investors of record on Friday, January 3rd will be paid a $0.24 dividend. The ex-dividend date is Thursday, January 2nd. This represents a $0.96 dividend on an annualized basis and a yield of 1.47%. This is an increase from Owens Corning’s previous quarterly dividend of $0.22. Owens Corning’s payout ratio is currently 19.43%.
In other news, insider Marcio A. Sandri sold 3,865 shares of Owens Corning stock in a transaction on Friday, December 13th. The shares were sold at an average price of $64.92, for a total transaction of $250,915.80. Following the completion of the sale, the insider now directly owns 38,850 shares of the company’s stock, valued at approximately $2,522,142. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Michael H. Thaman sold 50,000 shares of Owens Corning stock in a transaction on Friday, November 1st. The stock was sold at an average price of $62.00, for a total transaction of $3,100,000.00. Following the sale, the chairman now directly owns 777,513 shares of the company’s stock, valued at $48,205,806. The disclosure for this sale can be found here. Insiders have sold a total of 67,834 shares of company stock valued at $4,248,079 in the last quarter. 1.70% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in OC. HG Vora Capital Management LLC acquired a new stake in Owens Corning during the 2nd quarter worth $221,160,000. Nuveen Asset Management LLC acquired a new stake in shares of Owens Corning in the second quarter valued at approximately $94,656,000. Maverick Capital Ltd. boosted its holdings in shares of Owens Corning by 82.5% in the second quarter. Maverick Capital Ltd. now owns 3,507,466 shares of the construction company’s stock valued at $204,135,000 after acquiring an additional 1,585,968 shares during the period. Platinum Investment Management Ltd. acquired a new stake in shares of Owens Corning in the second quarter valued at approximately $91,906,000. Finally, State Street Corp boosted its holdings in shares of Owens Corning by 35.9% in the third quarter. State Street Corp now owns 4,218,249 shares of the construction company’s stock valued at $266,593,000 after acquiring an additional 1,113,210 shares during the period. 99.65% of the stock is owned by institutional investors and hedge funds.
About Owens Corning
Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential, commercial, and industrial building materials worldwide. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and manufactures and sells glass fiber products in the form of fabrics, non-wovens, and other specialized products.
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