Owens Corning (NYSE:OC) has been assigned a consensus rating of “Hold” from the seventeen research firms that are currently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $59.40.
Several equities analysts have commented on OC shares. ValuEngine downgraded shares of Owens Corning from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Nomura reissued a “neutral” rating and set a $48.00 target price (down from $70.00) on shares of Owens Corning in a research report on Thursday, May 16th. Royal Bank of Canada increased their target price on shares of Owens Corning to $65.00 and gave the stock an “outperform” rating in a research report on Monday, July 8th. Barclays reissued a “buy” rating and set a $65.00 target price on shares of Owens Corning in a research report on Monday, July 1st. Finally, Seaport Global Securities raised shares of Owens Corning from a “sell” rating to a “neutral” rating in a research report on Thursday, June 27th.
Shares of NYSE OC traded down $1.97 during mid-day trading on Friday, reaching $54.90. The company had a trading volume of 695,190 shares, compared to its average volume of 1,230,620. Owens Corning has a twelve month low of $40.64 and a twelve month high of $61.53. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.89 and a current ratio of 1.69. The stock has a market capitalization of $6.19 billion, a PE ratio of 11.11, a price-to-earnings-growth ratio of 1.48 and a beta of 1.27. The stock’s 50 day moving average is $56.02 and its 200-day moving average is $52.11.
Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, July 24th. The construction company reported $1.31 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.13 by $0.18. Owens Corning had a net margin of 7.21% and a return on equity of 12.18%. The business had revenue of $1.92 billion for the quarter, compared to the consensus estimate of $1.83 billion. During the same period in the prior year, the business posted $1.17 earnings per share. Owens Corning’s revenue for the quarter was up 5.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Owens Corning will post 4.68 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Shareholders of record on Tuesday, July 16th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.60%. The ex-dividend date was Monday, July 15th. Owens Corning’s payout ratio is 17.81%.
In other Owens Corning news, VP Kelly Schmidt sold 2,438 shares of the company’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $53.03, for a total transaction of $129,287.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael H. Thaman sold 30,000 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $57.08, for a total transaction of $1,712,400.00. Following the sale, the insider now owns 827,513 shares of the company’s stock, valued at $47,234,442.04. The disclosure for this sale can be found here. Insiders have sold 73,211 shares of company stock worth $3,979,823 over the last three months. Company insiders own 1.70% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the business. Nomura Holdings Inc. lifted its stake in Owens Corning by 274.9% during the second quarter. Nomura Holdings Inc. now owns 40,587 shares of the construction company’s stock worth $2,375,000 after purchasing an additional 63,788 shares during the period. BlackRock Inc. lifted its stake in Owens Corning by 1.7% during the second quarter. BlackRock Inc. now owns 6,413,270 shares of the construction company’s stock worth $373,253,000 after purchasing an additional 107,823 shares during the period. HG Vora Capital Management LLC bought a new position in Owens Corning during the second quarter worth about $221,160,000. Maverick Capital Ltd. lifted its stake in Owens Corning by 82.5% during the second quarter. Maverick Capital Ltd. now owns 3,507,466 shares of the construction company’s stock worth $204,135,000 after purchasing an additional 1,585,968 shares during the period. Finally, Platinum Investment Management Ltd. bought a new position in Owens Corning during the second quarter worth about $91,906,000. Institutional investors own 93.33% of the company’s stock.
Owens Corning Company Profile
Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential, commercial, and industrial building materials worldwide. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and manufactures and sells glass fiber products in the form of fabrics, non-wovens, and other specialized products.
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