Owens Corning (NYSE:OC) Downgraded to “Hold” Rating by StockNews.com

StockNews.com cut shares of Owens Corning (NYSE:OC) from a buy rating to a hold rating in a research report released on Friday.

Other equities research analysts have also recently issued reports about the company. Royal Bank of Canada upped their price target on Owens Corning from $211.00 to $213.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. Citigroup raised shares of Owens Corning from a “neutral” rating to a “buy” rating and raised their price target for the company from $178.00 to $191.00 in a report on Thursday, July 11th. UBS Group upped their price target on shares of Owens Corning from $192.00 to $197.00 and gave the stock a “buy” rating in a report on Wednesday, August 7th. Benchmark restated a “hold” rating on shares of Owens Corning in a research report on Wednesday, August 7th. Finally, Evercore ISI raised their price target on Owens Corning from $175.00 to $189.00 and gave the company an “in-line” rating in a report on Wednesday, October 16th. Eight analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Owens Corning has a consensus rating of “Hold” and an average price target of $187.77.

Owens Corning Stock Performance

NYSE OC opened at $179.40 on Friday. The firm has a market cap of $15.60 billion, a P/E ratio of 15.19, a price-to-earnings-growth ratio of 2.17 and a beta of 1.41. 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’s 50 day moving average is $174.13 and its 200-day moving average is $172.99. Owens Corning has a 12-month low of $120.17 and a 12-month high of $191.44.

Owens Corning (NYSE:OC) last posted its quarterly earnings results on Tuesday, August 6th. The construction company reported $4.64 EPS for the quarter, topping analysts’ consensus estimates of $4.37 by $0.27. The firm had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.92 billion. Owens Corning had a return on equity of 26.33% and a net margin of 10.66%. The business’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same period last year, the company earned $4.22 earnings per share. Sell-side analysts predict that Owens Corning will post 15.34 earnings per share for the current year.

Owens Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Shareholders of record on Friday, October 18th were issued a $0.60 dividend. The ex-dividend date was Friday, October 18th. This represents a $2.40 annualized dividend and a yield of 1.34%. Owens Corning’s dividend payout ratio (DPR) is presently 20.32%.

Insider Transactions at Owens Corning

In other Owens Corning news, insider Marcio A. Sandri sold 3,051 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $176.50, for a total transaction of $538,501.50. Following the transaction, the insider now owns 57,079 shares in the company, valued at approximately $10,074,443.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Marcio A. Sandri sold 3,051 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $176.50, for a total transaction of $538,501.50. Following the sale, the insider now owns 57,079 shares in the company, valued at approximately $10,074,443.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Marcio A. Sandri sold 3,050 shares of the stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $170.00, for a total transaction of $518,500.00. Following the completion of the transaction, the insider now owns 60,130 shares of the company’s stock, valued at approximately $10,222,100. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.89% of the company’s stock.

Hedge Funds Weigh In On Owens Corning

Large investors have recently made changes to their positions in the business. Wealth Enhancement Advisory Services LLC raised its position in shares of Owens Corning by 10.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 6,632 shares of the construction company’s stock worth $1,106,000 after purchasing an additional 608 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Owens Corning by 9.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 160,899 shares of the construction company’s stock worth $26,838,000 after buying an additional 14,175 shares in the last quarter. Norden Group LLC purchased a new stake in shares of Owens Corning during the first quarter valued at approximately $2,511,000. Diversify Advisory Services LLC bought a new stake in shares of Owens Corning during the first quarter valued at approximately $707,000. Finally, Sequoia Financial Advisors LLC purchased a new position in Owens Corning in the 1st quarter worth approximately $223,000. 88.40% of the stock is currently 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.