Owens Corning (NYSE:OC) Sets New 52-Week High – Here’s Why

Owens Corning Inc (NYSE:OC)’s share price reached a new 52-week high on Tuesday . The stock traded as high as $159.91 and last traded at $158.2830, with a volume of 549950 shares traded. The stock had previously closed at $156.05.

Analyst Upgrades and Downgrades

Several research firms have commented on OC. Royal Bank Of Canada increased their price objective on shares of Owens Corning from $134.00 to $148.00 and gave the company an “outperform” rating in a research note on Thursday, May 7th. Evercore raised Owens Corning from an “in-line” rating to an “outperform” rating and set a $188.00 target price for the company in a report on Tuesday. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $165.00 price target on shares of Owens Corning in a research report on Tuesday. Wells Fargo & Company lifted their price target on Owens Corning from $135.00 to $150.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Finally, Truist Financial boosted their price objective on Owens Corning from $120.00 to $125.00 and gave the stock a “hold” rating in a research report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Owens Corning presently has a consensus rating of “Moderate Buy” and a consensus price target of $150.58.

Owens Corning Trading Up 1.9%

The firm has a 50 day moving average of $122.84 and a 200 day moving average of $119.42. The firm has a market cap of $12.81 billion, a PE ratio of -24.10, a P/E/G ratio of 2.46 and a beta of 1.34. The company has a quick ratio of 0.74, a current ratio of 1.24 and a debt-to-equity ratio of 1.27.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.21. Owens Corning had a positive return on equity of 19.86% and a negative net margin of 5.43%.The firm had revenue of $2.27 billion for the quarter, compared to analyst estimates of $2.18 billion. During the same period in the previous year, the company posted $2.97 earnings per share. The business’s revenue was down 10.5% on a year-over-year basis. Equities analysts anticipate that Owens Corning Inc will post 9.53 earnings per share for the current year.

Owens Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 6th. Investors of record on Monday, July 20th will be paid a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Monday, July 20th. Owens Corning’s payout ratio is currently -47.81%.

Insider Activity

In other Owens Corning 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 transaction of $84,497.00. Following the sale, the insider directly owned 15,848 shares of the company’s stock, valued at $1,913,012.08. This represents a 4.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mari Doerfler sold 1,926 shares of the stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $120.92, for a total transaction of $232,891.92. Following the transaction, the vice president owned 3,093 shares of the company’s stock, valued at $374,005.56. This represents a 38.37% decrease in their position. The SEC filing for this sale provides additional information. 0.92% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Owens Corning

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Arrowstreet Capital Limited Partnership lifted its position in shares of Owens Corning by 460.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,313,019 shares of the construction company’s stock worth $146,940,000 after acquiring an additional 1,078,877 shares in the last quarter. Norges Bank bought a new stake in shares of Owens Corning during the 4th quarter valued at $119,748,000. Allspring Global Investments Holdings LLC raised its stake in shares of Owens Corning by 721.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,170,179 shares of the construction company’s stock valued at $125,513,000 after purchasing an additional 1,027,800 shares during the period. Gendell Jeffrey L lifted its holdings in Owens Corning by 349.3% during the 4th quarter. Gendell Jeffrey L now owns 922,063 shares of the construction company’s stock worth $103,188,000 after purchasing an additional 716,839 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Owens Corning by 33.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,576,405 shares of the construction company’s stock worth $288,332,000 after purchasing an additional 645,773 shares during the period. Institutional investors own 88.40% of the company’s stock.

Owens Corning Company Profile

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.