Owens Corning (NYSE:OC) Hits New 12-Month High – Still a Buy?

Owens Corning (NYSE:OC)’s stock price reached a new 52-week high during trading on Friday . The company traded as high as $200.12 and last traded at $199.21, with a volume of 31175 shares trading hands. The stock had previously closed at $197.58.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. The Goldman Sachs Group raised their price objective on shares of Owens Corning from $178.00 to $198.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. StockNews.com raised Owens Corning from a “hold” rating to a “buy” rating in a report on Saturday, November 9th. UBS Group boosted their price objective on Owens Corning from $197.00 to $218.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Royal Bank of Canada raised their target price on Owens Corning from $213.00 to $217.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Finally, Benchmark reiterated a “hold” rating on shares of Owens Corning in a research report on Wednesday, August 7th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $192.62.

Owens Corning Stock Up 2.6 %

The business’s fifty day simple moving average is $182.76 and its 200 day simple moving average is $175.40. The stock has a market cap of $17.39 billion, a price-to-earnings ratio of 17.26, a price-to-earnings-growth ratio of 2.22 and a beta of 1.41. The company has a current ratio of 1.44, a quick ratio of 0.85 and a debt-to-equity ratio of 0.89.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, November 6th. The construction company reported $4.38 EPS for the quarter, topping analysts’ consensus estimates of $4.05 by $0.33. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The business had revenue of $3.05 billion during the quarter, compared to analysts’ expectations of $3.04 billion. During the same period in the previous year, the firm earned $4.15 earnings per share. The firm’s quarterly revenue was up 22.9% compared to the same quarter last year. Equities analysts forecast that Owens Corning will post 15.39 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, November 4th. Investors of record on Friday, October 18th were given a $0.60 dividend. The ex-dividend date of this dividend was Friday, October 18th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.18%. Owens Corning’s dividend payout ratio is 20.43%.

Insider Buying and Selling

In related 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 completion of the sale, the insider now owns 57,079 shares in the company, valued at $10,074,443.50. This represents a 5.07 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.89% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. UniSuper Management Pty Ltd boosted its holdings in shares of Owens Corning by 85.7% in the first quarter. UniSuper Management Pty Ltd now owns 1,300 shares of the construction company’s stock valued at $217,000 after buying an additional 600 shares during the period. Bessemer Group Inc. boosted its stake 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 purchasing an additional 78 shares during the period. Quadrature Capital Ltd bought a new position in Owens Corning during the 1st quarter worth about $416,000. 1832 Asset Management L.P. raised its stake in shares of Owens Corning by 10.3% in the 1st quarter. 1832 Asset Management L.P. now owns 11,622 shares of the construction company’s stock valued at $1,939,000 after purchasing an additional 1,085 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of Owens Corning by 14.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 74,470 shares of the construction company’s stock valued at $12,422,000 after purchasing an additional 9,584 shares in the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

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.