Owens Corning (OC) Downgraded by Zacks Investment Research
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. “
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.
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.
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.
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