Owens Corning (NYSE:OC) Upgraded by StockNews.com to “Strong-Buy”

StockNews.com upgraded shares of Owens Corning (NYSE:OC) from a buy rating to a strong-buy rating in a research note issued to investors on Thursday morning.

Other equities analysts also recently issued research reports about the stock. Royal Bank of Canada increased their price target on shares of Owens Corning from $192.00 to $201.00 and gave the company an outperform rating in a report on Tuesday, May 21st. Citigroup lifted their price target on shares of Owens Corning from $150.00 to $169.00 and gave the company a neutral rating in a research report on Friday, April 5th. Barclays raised their price objective on Owens Corning from $160.00 to $190.00 and gave the company an equal weight rating in a research note on Monday, June 3rd. Jefferies Financial Group began coverage on Owens Corning in a research report on Wednesday, May 22nd. They set a buy rating and a $215.00 target price on the stock. Finally, Evercore ISI raised their price target on Owens Corning from $154.00 to $172.00 and gave the company an in-line rating in a research report on Thursday, April 25th. Eight equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $179.00.

Owens Corning Trading Down 0.8 %

NYSE OC opened at $171.87 on Thursday. The company has a quick ratio of 1.22, a current ratio of 1.76 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $14.89 billion, a P/E ratio of 13.92, a P/E/G ratio of 5.18 and a beta of 1.46. Owens Corning has a 52-week low of $109.95 and a 52-week high of $184.00. The firm has a 50-day moving average price of $175.21 and a 200 day moving average price of $161.33.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, April 24th. The construction company reported $3.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.04 by $0.55. Owens Corning had a return on equity of 26.52% and a net margin of 11.53%. The business had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.28 billion. During the same period in the prior year, the business posted $2.77 EPS. The company’s revenue for the quarter was down 1.3% on a year-over-year basis. Equities research analysts expect that Owens Corning will post 15.48 EPS for the current year.

Owens Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 2nd. Stockholders of record on Monday, July 15th will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.40%. The ex-dividend date of this dividend is Monday, July 15th. Owens Corning’s dividend payout ratio is currently 19.43%.

Insider Activity at Owens Corning

In other Owens Corning news, VP Mari Doerfler sold 240 shares of Owens Corning stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $182.05, for a total value of $43,692.00. Following the completion of the sale, the vice president now owns 4,954 shares in the company, valued at approximately $901,875.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Monaco Nicolas Del sold 3,423 shares of Owens Corning stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $176.47, for a total value of $604,056.81. Following the transaction, the insider now owns 11,381 shares in the company, valued at $2,008,405.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Mari Doerfler sold 240 shares of the company’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $182.05, for a total value of $43,692.00. Following the sale, the vice president now owns 4,954 shares of the company’s stock, valued at $901,875.70. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,360 shares of company stock worth $2,916,365. 0.89% of the stock is currently owned by insiders.

Institutional Trading of Owens Corning

A number of institutional investors have recently modified their holdings of OC. MV Capital Management Inc. grew its stake in Owens Corning by 112.9% during the first quarter. MV Capital Management Inc. now owns 149 shares of the construction company’s stock worth $25,000 after buying an additional 79 shares during the period. NBC Securities Inc. acquired a new stake in Owens Corning in the 1st quarter valued at $26,000. Contravisory Investment Management Inc. purchased a new position in Owens Corning in the fourth quarter valued at about $27,000. Bruce G. Allen Investments LLC acquired a new position in shares of Owens Corning during the fourth quarter worth about $27,000. Finally, Riverview Trust Co purchased a new stake in shares of Owens Corning in the first quarter worth about $28,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

About Owens Corning

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.