StockNews.com Downgrades Owens Corning (NYSE:OC) to Hold

Owens Corning (NYSE:OC) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Tuesday.

OC has been the subject of several other reports. Royal Bank of Canada upped their target price on Owens Corning from $211.00 to $213.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. Barclays decreased their target price on Owens Corning from $190.00 to $189.00 and set an “equal weight” rating for the company in a research report on Friday, July 12th. Citigroup raised shares of Owens Corning from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $178.00 to $191.00 in a report on Thursday, July 11th. The Goldman Sachs Group restated a “neutral” rating and set a $187.00 price objective on shares of Owens Corning in a report on Monday, June 17th. Finally, Loop Capital boosted their target price on shares of Owens Corning from $188.00 to $215.00 and gave the company a “buy” rating in a research note on Friday, June 21st. Eight equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $184.23.

Owens Corning Stock Down 1.1 %

NYSE:OC traded down $1.98 during trading hours on Tuesday, hitting $174.54. 541,663 shares of the company traded hands, compared to its average volume of 677,886. Owens Corning has a one year low of $109.95 and a one year high of $191.13. The company has a quick ratio of 0.79, a current ratio of 1.37 and a debt-to-equity ratio of 0.91. The company has a market cap of $15.13 billion, a PE ratio of 14.13, a PEG ratio of 3.47 and a beta of 1.41. The firm’s 50-day simple moving average is $167.32 and its 200-day simple moving average is $170.44.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Tuesday, August 6th. The construction company reported $4.64 earnings per share for the quarter, topping the consensus estimate of $4.37 by $0.27. Owens Corning had a net margin of 10.66% and a return on equity of 26.33%. The business had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.92 billion. During the same period in the previous year, the company earned $4.22 earnings per share. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. Equities analysts predict that Owens Corning will post 15.38 earnings per share for the current year.

Insider Activity at Owens Corning

In other news, insider Marcio A. Sandri sold 3,051 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $176.50, for a total value of $538,501.50. Following the sale, the insider now directly owns 57,079 shares of the company’s stock, valued at $10,074,443.50. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Marcio A. Sandri sold 3,051 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $176.50, for a total value of $538,501.50. Following the transaction, the insider now owns 57,079 shares of the company’s stock, valued at $10,074,443.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Marcio A. Sandri sold 3,050 shares of Owens Corning stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $170.00, for a total value of $518,500.00. Following the sale, the insider now directly owns 60,130 shares of the company’s stock, valued at approximately $10,222,100. The disclosure for this sale can be found here. 0.89% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Owens Corning

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC lifted its stake in Owens Corning by 7.5% during the first quarter. GAMMA Investing LLC now owns 1,104 shares of the construction company’s stock worth $184,000 after purchasing an additional 77 shares during the last quarter. Bessemer Group Inc. lifted its position in Owens Corning by 24.9% in the 1st quarter. Bessemer Group Inc. now owns 391 shares of the construction company’s stock worth $65,000 after buying an additional 78 shares during the last quarter. MV Capital Management Inc. boosted its stake in Owens Corning by 112.9% in 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 in the last quarter. Tobam grew its position in Owens Corning by 115.7% during the second quarter. Tobam now owns 192 shares of the construction company’s stock valued at $33,000 after acquiring an additional 103 shares during the last quarter. Finally, Atlas Capital Advisors LLC raised its stake in shares of Owens Corning by 2.5% during the second quarter. Atlas Capital Advisors LLC now owns 4,508 shares of the construction company’s stock worth $783,000 after acquiring an additional 112 shares in the last quarter. 88.40% of the stock is owned by hedge funds and other institutional investors.

Owens Corning Company Profile

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.