Owens Corning’s (OC) “Outperform” Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada restated their outperform rating on shares of Owens Corning (NYSE:OC) in a report published on Monday morning,Benzinga reports. They currently have a $212.00 price target on the construction company’s stock.

Several other research firms have also commented on OC. Benchmark reiterated a “hold” rating on shares of Owens Corning in a research note on Monday, March 3rd. JPMorgan Chase & Co. lowered their price target on Owens Corning from $200.00 to $176.00 and set a “neutral” rating for the company in a research report on Tuesday, March 4th. Loop Capital lowered their price target on Owens Corning from $215.00 to $210.00 and set a “buy” rating for the company in a research report on Friday, January 10th. Citigroup lowered their price target on Owens Corning from $212.00 to $207.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Finally, StockNews.com downgraded Owens Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $204.18.

Owens Corning Stock Performance

NYSE OC opened at $145.11 on Monday. Owens Corning has a fifty-two week low of $137.50 and a fifty-two week high of $214.53. The stock has a market cap of $12.41 billion, a price-to-earnings ratio of 12.35, a price-to-earnings-growth ratio of 1.88 and a beta of 1.52. The business has a fifty day moving average of $169.45 and a 200-day moving average of $177.28. The company has a quick ratio of 0.85, a current ratio of 1.44 and a debt-to-equity ratio of 0.89.

Owens Corning (NYSE:OC) last released its earnings results on Monday, February 24th. The construction company reported $3.22 EPS for the quarter, beating the consensus estimate of $2.87 by $0.35. The firm had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.88 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The business’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.21 earnings per share. As a group, analysts predict that Owens Corning will post 15.49 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 10th will be given a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 1.90%. The ex-dividend date is Monday, March 10th. Owens Corning’s payout ratio is 37.70%.

Insider Activity at Owens Corning

In related news, insider Monaco Nicolas Del sold 1,750 shares of the stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $183.97, for a total value of $321,947.50. Following the completion of the transaction, the insider now owns 11,635 shares of the company’s stock, valued at approximately $2,140,490.95. This represents a 13.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.89% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank acquired a new stake in Owens Corning during the fourth quarter valued at approximately $208,519,000. JPMorgan Chase & Co. raised its stake in Owens Corning by 113.9% during the third quarter. JPMorgan Chase & Co. now owns 797,743 shares of the construction company’s stock valued at $140,818,000 after buying an additional 424,786 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in Owens Corning by 41.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,422,828 shares of the construction company’s stock valued at $242,337,000 after buying an additional 414,770 shares in the last quarter. Raiffeisen Bank International AG acquired a new stake in Owens Corning during the fourth quarter valued at approximately $51,400,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Owens Corning during the 4th quarter worth approximately $51,220,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

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.