Owens Corning (NYSE:OC) Receives $200.83 Average PT from Brokerages

Shares of Owens Corning (NYSE:OC) have been given a consensus recommendation of “Moderate Buy” by the thirteen ratings firms that are covering the firm, MarketBeat reports. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $200.83.

A number of analysts have recently weighed in on OC shares. The Goldman Sachs Group upped their target price on Owens Corning from $178.00 to $198.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Wells Fargo & Company raised shares of Owens Corning from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $195.00 to $225.00 in a research report on Tuesday, December 17th. UBS Group raised their target price on shares of Owens Corning from $197.00 to $218.00 and gave the company a “buy” rating in a report on Thursday, November 7th. StockNews.com raised shares of Owens Corning from a “hold” rating to a “buy” rating in a report on Saturday, November 9th. Finally, Evercore ISI lifted their price objective on shares of Owens Corning from $189.00 to $196.00 and gave the company an “in-line” rating in a research note on Thursday, November 7th.

Insider Activity at Owens Corning

In other Owens Corning news, insider Gunner Smith sold 17,450 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $191.19, for a total transaction of $3,336,265.50. Following the sale, the insider now directly owns 18,866 shares of the company’s stock, valued at $3,606,990.54. The trade was a 48.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.89% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Owens Corning

A number of hedge funds have recently modified their holdings of OC. Innealta Capital LLC bought a new position in shares of Owens Corning during the second quarter worth about $32,000. Tobam increased its position in Owens Corning by 115.7% during the 2nd quarter. Tobam now owns 192 shares of the construction company’s stock valued at $33,000 after purchasing an additional 103 shares during the period. Brooklyn Investment Group bought a new position in Owens Corning during the 3rd quarter worth approximately $38,000. Quarry LP lifted its position in shares of Owens Corning by 165.5% in the 2nd 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, Blue Trust Inc. boosted its stake in shares of Owens Corning by 46.2% in the 2nd quarter. Blue Trust Inc. now owns 367 shares of the construction company’s stock valued at $61,000 after purchasing an additional 116 shares during the last quarter. Institutional investors and hedge funds own 88.40% of the company’s stock.

Owens Corning Price Performance

NYSE:OC opened at $169.41 on Thursday. Owens Corning has a 52 week low of $138.70 and a 52 week high of $214.53. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44. The firm’s 50-day simple moving average is $190.93 and its 200 day simple moving average is $177.88. The firm has a market cap of $14.53 billion, a price-to-earnings ratio of 14.42, a P/E/G ratio of 2.14 and a beta of 1.42.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share for the quarter, beating analysts’ consensus estimates of $4.05 by $0.33. The company had revenue of $3.05 billion during the quarter, compared to the consensus estimate of $3.04 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The firm’s quarterly revenue was up 22.9% on a year-over-year basis. During the same period in the previous year, the business earned $4.15 earnings per share. As a group, sell-side analysts predict that Owens Corning will post 15.46 earnings per share for the current year.

Owens Corning Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Monday, January 6th will be paid a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.63%. This is a boost from Owens Corning’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Monday, January 6th. Owens Corning’s dividend payout ratio is presently 23.49%.

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.