Owens Corning (NYSE:OC) Stock Rating Lowered by Zacks Research

Owens Corning (NYSE:OC) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “strong sell” rating in a research report issued on Monday, Zacks reports.

A number of other equities research analysts also recently weighed in on OC. Wall Street Zen downgraded shares of Owens Corning from a “buy” rating to a “hold” rating in a research report on Saturday. Benchmark reiterated a “hold” rating on shares of Owens Corning in a research note on Wednesday, July 15th. Vertical Research downgraded Owens Corning from a “hold” rating to a “sell” rating and set a $106.00 price target on the stock. in a research report on Wednesday, October 7th. Barclays lowered their price objective on Owens Corning from $177.00 to $162.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 6th. Finally, DA Davidson set a $143.00 price objective on Owens Corning in a research note on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have issued a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, Owens Corning presently has an average rating of “Hold” and a consensus target price of $143.36.

Owens Corning Price Performance

Shares of Owens Corning stock opened at $112.92 on Monday. Owens Corning has a twelve month low of $97.53 and a twelve month high of $159.91. The company has a quick ratio of 0.67, a current ratio of 1.16 and a debt-to-equity ratio of 1.10. The company has a 50-day simple moving average of $134.08 and a two-hundred day simple moving average of $129.20. The stock has a market capitalization of $8.93 billion, a price-to-earnings ratio of -14.01, a price-to-earnings-growth ratio of 2.64 and a beta of 1.32.

Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.09 by $0.84. Owens Corning had a negative net margin of 6.81% and a positive return on equity of 20.52%. The firm had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.66 billion. During the same quarter in the prior year, the business posted $4.21 EPS. The business’s revenue was up .3% compared to the same quarter last year. Analysts forecast that Owens Corning will post 9.45 EPS for the current year.

Insider Buying and Selling at Owens Corning

In related news, insider Rachel Barthelemy Marcon sold 900 shares of the stock in a transaction that occurred 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 sale, the insider owned 21,449 shares in the company, valued at approximately $3,090,157.43. This trade represents a 4.03% decrease in their position. 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. Company insiders own 0.92% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. HM Payson & Co. grew its position in Owens Corning by 203.6% in the second quarter. HM Payson & Co. now owns 167 shares of the construction company’s stock valued at $27,000 after acquiring an additional 112 shares during the last quarter. Cassaday & Co Wealth Management LLC acquired a new position in Owens Corning during the first quarter worth about $30,000. Fiduciary Financial Advisors acquired a new position in Owens Corning during the second quarter worth about $35,000. Root Financial Partners LLC lifted its holdings in shares of 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 acquiring an additional 285 shares during the last quarter. Finally, NBH Bank bought a new position in shares of Owens Corning in the second quarter worth about $47,000. 88.40% of the stock is currently owned by institutional investors and hedge funds.

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.