Melius Research Begins Coverage on Owens Corning (NYSE:OC)

Equities researchers at Melius Research assumed coverage on shares of Owens Corning (NYSE:OC) in a report issued on Tuesday, Marketbeat reports. The firm set a “sell” rating and a $118.00 price target on the construction company’s stock. Melius Research’s price objective indicates a potential upside of 2.98% from the stock’s previous close.

Several other equities analysts also recently weighed in on the stock. Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a report on Wednesday, July 15th. Citigroup increased their price objective on shares of Owens Corning from $149.00 to $177.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Owens Corning from $136.00 to $165.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. Wall Street Zen upgraded shares of Owens Corning from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Finally, Wells Fargo & Company dropped their target price on shares of Owens Corning from $172.00 to $150.00 and set an “overweight” rating for the company in a report on Friday, September 11th. Three analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, five have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, Owens Corning has a consensus rating of “Moderate Buy” and a consensus target price of $150.71.

Owens Corning Stock Down 4.3%

NYSE OC opened at $114.58 on Tuesday. The stock’s 50-day moving average price is $136.27 and its 200-day moving average price is $128.94. The company has a quick ratio of 0.67, a current ratio of 1.16 and a debt-to-equity ratio of 1.10. Owens Corning has a 52 week low of $97.53 and a 52 week high of $159.91. The company has a market capitalization of $9.06 billion, a P/E ratio of -14.22, a price-to-earnings-growth ratio of 1.93 and a beta of 1.32.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, August 5th. The construction company reported $3.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.09 by $0.84. The company had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.66 billion. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%.The firm’s revenue was up .3% on a year-over-year basis. During the same period in the previous year, the company posted $4.21 EPS. On average, equities research analysts predict that Owens Corning will post 9.89 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Rachel Barthelemy Marcon sold 900 shares of the firm’s stock in a transaction on Friday, August 28th. The shares were sold at an average price of $144.07, for a total transaction of $129,663.00. Following the completion of the transaction, the insider directly owned 21,449 shares of the company’s stock, valued at approximately $3,090,157.43. This trade represents a 4.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.92% of the company’s stock.

Institutional Trading of Owens Corning

Hedge funds have recently bought and sold shares of the stock. HM Payson & Co. grew its position in shares of Owens Corning by 203.6% during the second quarter. HM Payson & Co. now owns 167 shares of the construction company’s stock valued at $27,000 after purchasing an additional 112 shares in the last quarter. Fiduciary Financial Advisors purchased a new stake in shares of Owens Corning in the second quarter worth about $35,000. Cassaday & Co Wealth Management LLC purchased a new stake in shares of Owens Corning in the first quarter worth about $30,000. NBH Bank bought a new position in Owens Corning during the second quarter valued at approximately $47,000. Finally, Root Financial Partners LLC boosted its stake in Owens Corning by 212.7% during the first quarter. Root Financial Partners LLC now owns 419 shares of the construction company’s stock valued at $45,000 after buying an additional 285 shares during the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Key Owens Corning News

Here are the key news stories impacting Owens Corning this week:

• Positive Sentiment: Owens Corning’s consensus price target remains well above the current trading level, suggesting potential upside if housing, construction and renovation demand improve. Owens Corning stock tracks a USD 164.15 consensus target
• Neutral Sentiment: Owens Corning has recently attracted unusually high investor attention, but the report does not identify a new fundamental catalyst or material change to earnings expectations. Investors Heavily Search Owens Corning
• Negative Sentiment: RBC Capital downgraded OC from Outperform to Sector Perform and sharply reduced its price target to $127 from $172. The move indicates more limited expected upside and weaker conviction in the company’s outlook. RBC Capital Downgrades Owens Corning
• Negative Sentiment: Vertical Research cut Owens Corning from Hold to Sell and assigned a $106 price target, implying additional downside from the recent trading level. This is the most bearish analyst action among the latest reports. Vertical Research Downgrades Owens Corning to Sell
• Negative Sentiment: Melius Research initiated coverage with a Sell rating and a $118 price target, adding another cautious view despite the target being near the current share price. Melius Research Initiates Coverage on Owens Corning

About Owens Corning

Owens Corning (NYSE:OC) is a global building materials company that develops and manufactures products used in residential, commercial and industrial construction. Its portfolio includes insulation, roofing and composite materials designed to improve energy efficiency, weather protection, durability and structural performance.

The company’s insulation business offers products such as fiberglass and mineral wool insulation, along with related air-sealing and acoustic solutions. Its roofing operations produce shingles, underlayment and other components for residential and commercial roofing systems.