Owens Corning (NYSE:OC) Stock Rating Lowered by Wall Street Zen

Owens Corning (NYSE:OC) was downgraded by analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued on Saturday, Wall Street Zen reports.

Several other equities research analysts also recently weighed in on the company. Melius Research began coverage on Owens Corning in a research report on Tuesday, October 6th. They issued a “sell” rating and a $118.00 target price for the company. Weiss Ratings reiterated a “sell (d+)” rating on shares of Owens Corning in a report on Monday, September 21st. Evercore set a $185.00 price target on Owens Corning in a report on Thursday, October 1st. Zacks Research raised shares of Owens Corning from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, September 15th. Finally, Royal Bank Of Canada lowered shares of Owens Corning from an “outperform” rating to a “sector perform” rating and dropped their price objective for the company from $172.00 to $127.00 in a research note on Wednesday. Three analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $145.57.

Owens Corning Stock Performance

NYSE:OC opened at $114.43 on Friday. The firm’s fifty day simple moving average is $135.34 and its 200 day simple moving average is $129.12. The company has a current ratio of 1.16, a quick ratio of 0.67 and a debt-to-equity ratio of 1.10. Owens Corning has a twelve month low of $97.53 and a twelve month high of $159.91. The firm has a market capitalization of $9.05 billion, a price-to-earnings ratio of -14.20, a PEG ratio of 2.68 and a beta of 1.32.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.09 by $0.84. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%. The firm had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.66 billion. During the same period in the prior year, the firm earned $4.21 EPS. The firm’s quarterly revenue was up .3% compared to the same quarter last year. As a group, equities research analysts expect that Owens Corning will post 9.45 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Rachel Barthelemy Marcon sold 900 shares of Owens Corning stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $144.07, for a total transaction of $129,663.00. Following the sale, the insider directly owned 21,449 shares of the company’s stock, valued at approximately $3,090,157.43. The trade was a 4.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.92% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. HM Payson & Co. increased its position in shares of Owens Corning by 203.6% in the 2nd quarter. HM Payson & Co. now owns 167 shares of the construction company’s stock worth $27,000 after purchasing an additional 112 shares during the last quarter. Cassaday & Co Wealth Management LLC bought a new position in shares of Owens Corning during the first quarter worth about $30,000. Fiduciary Financial Advisors bought a new position in shares of Owens Corning during the second quarter worth about $35,000. Root Financial Partners LLC grew its stake in Owens Corning by 212.7% in the first quarter. Root Financial Partners LLC now owns 419 shares of the construction company’s stock worth $45,000 after purchasing an additional 285 shares in the last quarter. Finally, NBH Bank acquired a new position in Owens Corning in the second quarter worth about $47,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

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.