Owens Corning (NYSE:OC) Upgraded by Zacks Research to Strong-Buy Rating

Zacks Research upgraded shares of Owens Corning (NYSE:OC) from a hold rating to a strong-buy rating in a report released on Tuesday morning,Zacks reports.

Other equities analysts have also recently issued reports about the company. The Goldman Sachs Group lifted their price objective on Owens Corning from $141.00 to $159.00 and gave the company a “neutral” rating in a report on Friday, July 10th. Royal Bank Of Canada increased their target price on Owens Corning from $148.00 to $172.00 and gave the stock an “outperform” rating in a report on Friday, July 10th. Citigroup raised their price target on Owens Corning from $149.00 to $177.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. Deutsche Bank Aktiengesellschaft boosted their price target on Owens Corning from $136.00 to $165.00 and gave the company a “buy” rating in a research note on Tuesday, June 30th. Finally, Wells Fargo & Company cut their price objective on shares of Owens Corning from $172.00 to $150.00 and set an “overweight” rating for the company in a research report on Friday, September 11th. Three investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Owens Corning currently has an average rating of “Moderate Buy” and an average price target of $164.15.

Owens Corning Stock Performance

Shares of NYSE:OC opened at $126.64 on Tuesday. Owens Corning has a 12-month low of $97.53 and a 12-month high of $159.91. The company’s 50 day moving average price is $142.61 and its two-hundred day moving average price is $127.83. The firm has a market cap of $10.01 billion, a PE ratio of -15.71, a PEG ratio of 1.93 and a beta of 1.32. 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 (NYSE:OC) last released its quarterly earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share 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 negative net margin of 6.81% and a positive return on equity of 20.52%. The firm’s quarterly revenue was up .3% on a year-over-year basis. During the same period in the previous year, the business earned $4.21 earnings per share. Equities research analysts predict that Owens Corning will post 9.94 earnings per share for the current year.

Insiders Place Their Bets

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 900 shares of the firm’s stock in a transaction on Friday, August 28th. The stock was sold at an average price of $144.07, for a total value of $129,663.00. Following the sale, the insider 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by insiders.

Hedge Funds Weigh In On Owens Corning

Institutional investors have recently modified their holdings of the business. Sequoia Financial Advisors LLC lifted its holdings in shares of Owens Corning by 42.8% in the second quarter. Sequoia Financial Advisors LLC now owns 3,339 shares of the construction company’s stock worth $531,000 after acquiring an additional 1,001 shares during the last quarter. Cidel Asset Management Inc. bought a new stake in shares of Owens Corning during the 2nd quarter valued at approximately $271,000. Integrated Wealth Concepts LLC increased its position in Owens Corning by 39.3% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 10,344 shares of the construction company’s stock worth $1,644,000 after purchasing an additional 2,917 shares in the last quarter. NewEdge Advisors LLC increased its position in Owens Corning by 117.3% during the 2nd quarter. NewEdge Advisors LLC now owns 11,739 shares of the construction company’s stock worth $1,866,000 after purchasing an additional 6,338 shares in the last quarter. Finally, IFP Advisors Inc lifted its stake in Owens Corning by 277.0% in the 2nd quarter. IFP Advisors Inc now owns 1,493 shares of the construction company’s stock valued at $237,000 after purchasing an additional 1,097 shares during the last quarter. Institutional investors and hedge funds own 88.40% of the company’s stock.

Owens Corning Company Profile

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 materials and glass-fiber composites designed to improve energy efficiency, durability and structural performance.

The company’s insulation products include fiberglass, mineral wool and foam insulation, as well as related air-sealing and weatherization products. Its roofing business provides asphalt shingles, roofing components and other solutions for residential and commercial applications.