Owens Corning (NYSE:OC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.

According to Zacks, “Owens Corning is a world leader in building materials systems and composite solutions. Owens Corning people redefine what is possible each day to deliver high-quality products and services ranging from insulation, roofing, siding and stone, to glass composite materials used in transportation, electronics, telecommunications and other high-performance applications. Owens Corning has become a market-leading innovator of glass-fiber technology with sales. “

How to Become a New Pot Stock Millionaire

OC has been the subject of a number of other research reports. Royal Bank of Canada set a $102.00 price target on Owens Corning and gave the stock a “buy” rating in a research report on Friday, February 23rd. KeyCorp reissued a “buy” rating and issued a $115.00 price objective on shares of Owens Corning in a report on Friday, January 12th. Seaport Global Securities increased their price objective on Owens Corning from $90.00 to $107.00 and gave the company a “buy” rating in a report on Thursday, January 11th. MKM Partners increased their price objective on Owens Corning to $86.00 and gave the company a “neutral” rating in a report on Thursday, February 22nd. Finally, Credit Suisse Group reissued an “outperform” rating and issued a $110.00 price objective (up previously from $95.00) on shares of Owens Corning in a report on Monday, January 22nd. They noted that the move was a valuation call. Ten equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $87.95.

OC stock opened at $79.79 on Wednesday. Owens Corning has a 12-month low of $59.26 and a 12-month high of $96.52. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.89 and a current ratio of 1.55. The firm has a market capitalization of $8,898.45, a P/E ratio of 31.29, a price-to-earnings-growth ratio of 0.78 and a beta of 1.08.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, February 21st. The construction company reported $1.11 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.07. Owens Corning had a return on equity of 12.26% and a net margin of 4.53%. The firm had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter in the prior year, the firm posted $0.72 EPS. The business’s revenue was up 16.1% on a year-over-year basis. sell-side analysts expect that Owens Corning will post 5.73 earnings per share for the current year.

In related news, VP Ava Harter sold 1,100 shares of the stock in a transaction on Tuesday, March 13th. The stock was sold at an average price of $84.00, for a total value of $92,400.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Arnaud Genis sold 59,541 shares of the stock in a transaction on Thursday, March 15th. The shares were sold at an average price of $81.32, for a total value of $4,841,874.12. The disclosure for this sale can be found here. 1.80% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Dana Investment Advisors Inc. increased its position in Owens Corning by 4.9% during the 3rd quarter. Dana Investment Advisors Inc. now owns 496,736 shares of the construction company’s stock worth $38,423,000 after buying an additional 23,180 shares during the period. Great West Life Assurance Co. Can increased its position in Owens Corning by 636.1% during the 3rd quarter. Great West Life Assurance Co. Can now owns 83,956 shares of the construction company’s stock worth $6,476,000 after buying an additional 72,551 shares during the period. California Public Employees Retirement System increased its position in Owens Corning by 12.3% during the 4th quarter. California Public Employees Retirement System now owns 316,261 shares of the construction company’s stock worth $29,077,000 after buying an additional 34,566 shares during the period. Swiss National Bank increased its position in Owens Corning by 118.8% during the 4th quarter. Swiss National Bank now owns 410,200 shares of the construction company’s stock worth $37,714,000 after buying an additional 222,700 shares during the period. Finally, Lakeview Capital Partners LLC bought a new position in Owens Corning during the 4th quarter worth $203,000. Institutional investors and hedge funds own 92.57% of the company’s stock.

COPYRIGHT VIOLATION NOTICE: This story was posted by Watch List News and is the property of of Watch List News. If you are reading this story on another website, it was illegally copied and republished in violation of US and international copyright and trademark laws. The original version of this story can be accessed at https://www.watchlistnews.com/owens-corning-oc-downgraded-by-zacks-investment-research/1952072.html.

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.

Get a free copy of the Zacks research report on Owens Corning (OC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Owens Corning (NYSE:OC)

Receive News & Ratings for Owens Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Owens Corning and related companies with MarketBeat.com's FREE daily email newsletter.