Owens Corning (NYSE:OC) Reaches New 1-Year High on Analyst Upgrade

Owens Corning (NYSE:OC) hit a new 52-week high during trading on Friday after StockNews.com upgraded the stock from a hold rating to a buy rating. The stock traded as high as $192.12 and last traded at $192.11, with a volume of 128789 shares trading hands. The stock had previously closed at $187.42.

OC has been the subject of a number of other reports. UBS Group upped their price objective on shares of Owens Corning from $197.00 to $218.00 and gave the company a “buy” rating in a research note on Thursday. Wells Fargo & Company raised their price objective on shares of Owens Corning from $175.00 to $195.00 and gave the stock an “equal weight” rating in a research note on Thursday. Benchmark reissued a “hold” rating on shares of Owens Corning in a research note on Wednesday, August 7th. Evercore ISI raised their target price on Owens Corning from $189.00 to $196.00 and gave the stock an “in-line” rating in a research report on Thursday. Finally, Royal Bank of Canada lifted their price target on Owens Corning from $213.00 to $217.00 and gave the company an “outperform” rating in a report on Thursday. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $192.62.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Owens Corning

A number of institutional investors have recently modified their holdings of the company. ST Germain D J Co. Inc. boosted its holdings in shares of Owens Corning by 794.1% during the 2nd quarter. ST Germain D J Co. Inc. now owns 152 shares of the construction company’s stock worth $26,000 after buying an additional 135 shares during the period. Innealta Capital LLC bought a new position in Owens Corning in the 2nd quarter worth $32,000. Tobam grew its position in shares of Owens Corning by 115.7% in the second quarter. Tobam now owns 192 shares of the construction company’s stock valued at $33,000 after purchasing an additional 103 shares during the last quarter. Quarry LP increased its stake in shares of Owens Corning by 165.5% in the second quarter. Quarry LP now owns 231 shares of the construction company’s stock worth $40,000 after purchasing an additional 144 shares during the period. Finally, Friedenthal Financial acquired a new position in shares of Owens Corning during the 2nd quarter worth about $48,000. Institutional investors own 88.40% of the company’s stock.

Owens Corning Stock Performance

The stock has a market cap of $16.56 billion, a P/E ratio of 16.21, a P/E/G ratio of 2.27 and a beta of 1.41. The firm has a 50 day moving average of $175.83 and a two-hundred day moving average of $173.68. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.79 and a current ratio of 1.44.

Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, November 6th. The construction company reported $4.38 earnings per share for the quarter, beating the consensus estimate of $4.05 by $0.33. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The company had revenue of $3.05 billion during the quarter, compared to analysts’ expectations of $3.04 billion. During the same period in the prior year, the business earned $4.15 earnings per share. Owens Corning’s revenue for the quarter was up 22.9% compared to the same quarter last year. On average, research analysts predict that Owens Corning will post 15.34 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Stockholders of record on Friday, October 18th were issued a dividend of $0.60 per share. The ex-dividend date was Friday, October 18th. This represents a $2.40 annualized dividend and a dividend yield of 1.26%. Owens Corning’s payout ratio is 20.43%.

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.