Owens Corning (OC) Raised to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Owens Corning (NYSE:OC) from a hold rating to a buy rating in a research report sent to investors on Wednesday. They currently have $102.00 price target on the construction company’s stock.
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. “
Several other equities analysts have also recently issued reports on the stock. Royal Bank of Canada upgraded shares of Owens Corning from an outperform rating to a top pick rating in a research note on Monday, December 4th. Stifel Nicolaus reiterated a buy rating and issued a $83.00 target price on shares of Owens Corning in a research note on Friday, September 1st. Wells Fargo & Co upgraded shares of Owens Corning from a market perform rating to an outperform rating and boosted their target price for the company from $68.00 to $83.00 in a research note on Wednesday, August 30th. SunTrust Banks boosted their target price on shares of Owens Corning from $66.00 to $75.00 and gave the company a hold rating in a research note on Thursday, October 26th. Finally, Credit Suisse Group upped their price objective on shares of Owens Corning from $90.00 to $95.00 and gave the stock an outperform rating in a research report on Friday, November 17th. Eight research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Owens Corning currently has a consensus rating of Buy and an average price target of $82.10.
Shares of Owens Corning (NYSE OC) opened at $91.94 on Wednesday. The company has a market cap of $10,310.00, a price-to-earnings ratio of 27.44, a PEG ratio of 1.38 and a beta of 1.09. The company has a quick ratio of 0.99, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. Owens Corning has a twelve month low of $50.77 and a twelve month high of $92.85.
Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, October 25th. The construction company reported $1.25 EPS for the quarter, missing the consensus estimate of $1.26 by ($0.01). Owens Corning had a net margin of 6.15% and a return on equity of 11.40%. The business had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same period last year, the company earned $1.09 earnings per share. The firm’s revenue was up 12.2% on a year-over-year basis. sell-side analysts predict that Owens Corning will post 4.33 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 17th. Investors of record on Tuesday, January 2nd will be issued a $0.21 dividend. This is a boost from Owens Corning’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Friday, December 29th. This represents a $0.84 annualized dividend and a yield of 0.91%. Owens Corning’s dividend payout ratio (DPR) is 23.88%.
In other Owens Corning news, VP Ava Harter sold 487 shares of the firm’s stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $81.96, for a total transaction of $39,914.52. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Michael H. Thaman sold 101,600 shares of the firm’s stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $85.33, for a total transaction of $8,669,528.00. Following the transaction, the chairman now owns 840,370 shares in the company, valued at $71,708,772.10. The disclosure for this sale can be found here. In the last three months, insiders have sold 129,933 shares of company stock worth $11,196,722. 1.80% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Raymond James Trust N.A. grew its position in shares of Owens Corning by 0.4% during the second quarter. Raymond James Trust N.A. now owns 7,114 shares of the construction company’s stock worth $476,000 after acquiring an additional 26 shares during the last quarter. Vantage Financial Partners Ltd. Inc. purchased a new position in Owens Corning in the 2nd quarter valued at $228,000. The Manufacturers Life Insurance Company grew its position in Owens Corning by 9.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,689 shares of the construction company’s stock valued at $247,000 after buying an additional 304 shares during the last quarter. Brandywine Global Investment Management LLC grew its position in Owens Corning by 0.4% in the 2nd quarter. Brandywine Global Investment Management LLC now owns 101,731 shares of the construction company’s stock valued at $6,808,000 after buying an additional 410 shares during the last quarter. Finally, Advisor Group Inc. boosted its position in shares of Owens Corning by 4.9% during the 2nd quarter. Advisor Group Inc. now owns 9,009 shares of the construction company’s stock worth $600,000 after purchasing an additional 418 shares in the last quarter. Institutional investors and hedge funds own 94.50% 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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