Owens Corning (NYSE:OC) Raised to “Strong-Buy” at DA Davidson

Owens Corning (NYSE:OC) was upgraded by investment analysts at DA Davidson to a “strong-buy” rating in a research report issued on Monday,Zacks.com reports.

OC has been the topic of several other research reports. Zacks Research upgraded shares of Owens Corning from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Owens Corning from $136.00 to $165.00 and gave the company a “buy” rating in a research note on Tuesday, June 30th. Barclays boosted their price target on Owens Corning from $170.00 to $177.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. JPMorgan Chase & Co. upped their price target on Owens Corning from $115.00 to $121.00 and gave the company a “neutral” rating in a report on Friday, May 8th. Finally, Royal Bank Of Canada raised their price objective on Owens Corning from $148.00 to $172.00 and gave the stock an “outperform” rating in a research report on Friday, July 10th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $165.31.

Owens Corning Trading Down 0.3%

Shares of Owens Corning stock opened at $146.57 on Monday. Owens Corning has a 1 year low of $97.53 and a 1 year high of $159.91. The company’s fifty day simple moving average is $144.10 and its 200-day simple moving average is $127.58. The company has a market cap of $11.59 billion, a price-to-earnings ratio of -18.19, a PEG ratio of 2.21 and a beta of 1.32. The company has a current ratio of 1.16, a quick ratio of 0.67 and a debt-to-equity ratio of 1.10.

Owens Corning (NYSE:OC) last released its earnings results on Wednesday, August 5th. The construction company reported $3.93 EPS for the quarter, beating the consensus estimate of $3.09 by $0.84. Owens Corning had a negative net margin of 6.81% and a positive return on equity of 20.52%. The firm had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.66 billion. During the same period in the prior year, the company earned $4.21 EPS. The business’s quarterly revenue was up .3% compared to the same quarter last year. As a group, sell-side analysts expect that Owens Corning will post 9.9 EPS for the current year.

Insider Buying and Selling at Owens Corning

In related news, insider Rachel Barthelemy Marcon sold 700 shares of the company’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $120.71, for a total value of $84,497.00. Following the sale, the insider owned 15,848 shares of the company’s stock, valued at $1,913,012.08. The trade was a 4.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.92% of the company’s stock.

Institutional Investors Weigh In On Owens Corning

A number of institutional investors have recently added to or reduced their stakes in OC. HighTower Advisors LLC grew its stake in shares of Owens Corning by 18.8% in the 2nd quarter. HighTower Advisors LLC now owns 10,733 shares of the construction company’s stock valued at $1,706,000 after purchasing an additional 1,701 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Owens Corning during the 2nd quarter worth approximately $2,114,000. California State Teachers Retirement System boosted its stake in Owens Corning by 15,428.9% in the 2nd quarter. California State Teachers Retirement System now owns 14,771,676 shares of the construction company’s stock valued at $2,348,106,000 after buying an additional 14,676,552 shares in the last quarter. Widmann Financial Services Inc. acquired a new stake in Owens Corning in the 2nd quarter valued at $263,000. Finally, HB Wealth Management LLC grew its position in Owens Corning by 68.7% in the second quarter. HB Wealth Management LLC now owns 8,561 shares of the construction company’s stock valued at $1,361,000 after acquiring an additional 3,486 shares during the period. 88.40% of the stock is owned by institutional investors and hedge funds.

About Owens Corning

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company’s core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.