Owens Corning (NYSE:OC) Stock Price Up 4.4% After Analyst Upgrade

Owens Corning (NYSE:OC)’s stock price rose 4.4% during mid-day trading on Monday after Wells Fargo & Company raised their price target on the stock from $165.00 to $175.00. Wells Fargo & Company currently has an equal weight rating on the stock. Owens Corning traded as high as $180.48 and last traded at $179.60. Approximately 368,195 shares traded hands during mid-day trading, a decline of 45% from the average daily volume of 674,584 shares. The stock had previously closed at $172.01.

A number of other analysts have also recently commented on OC. Citigroup upgraded Owens Corning from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $178.00 to $191.00 in a research report on Thursday, July 11th. StockNews.com cut Owens Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, October 1st. Evercore ISI dropped their price objective on Owens Corning from $188.00 to $175.00 and set an “in-line” rating for the company in a research report on Wednesday, August 7th. The Goldman Sachs Group reissued a “neutral” rating and issued a $187.00 price target on shares of Owens Corning in a research note on Monday, June 17th. Finally, UBS Group raised their price target on Owens Corning from $192.00 to $197.00 and gave the stock a “buy” rating in a research note on Wednesday, August 7th. Eight equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $186.69.

Insiders Place Their Bets

In other news, insider Marcio A. Sandri sold 3,051 shares of the business’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 value of $538,501.50. Following the completion of the sale, the insider now directly 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, 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 transaction of $518,500.00. Following the completion of the transaction, the insider now owns 60,130 shares in the company, valued at $10,222,100. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Marcio A. Sandri sold 3,051 shares of the business’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $176.50, for a total value of $538,501.50. Following the transaction, the insider now owns 57,079 shares of the company’s stock, valued at $10,074,443.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.89% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in OC. MV Capital Management Inc. raised its position in shares of Owens Corning by 112.9% during the first quarter. MV Capital Management Inc. now owns 149 shares of the construction company’s stock worth $25,000 after purchasing an additional 79 shares during the period. NBC Securities Inc. acquired a new position in Owens Corning in the 1st quarter valued at approximately $26,000. ST Germain D J Co. Inc. raised its holdings in shares of Owens Corning by 794.1% in 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 in the last quarter. Riverview Trust Co acquired a new position in shares of Owens Corning in the 1st quarter worth approximately $28,000. Finally, ORG Partners LLC acquired a new stake in Owens Corning during the 1st quarter valued at $31,000. Institutional investors and hedge funds own 88.40% of the company’s stock.

Owens Corning Price Performance

The stock has a market capitalization of $15.77 billion, a P/E ratio of 14.74, a price-to-earnings-growth ratio of 3.47 and a beta of 1.41. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.79 and a current ratio of 1.37. The stock has a 50-day simple moving average of $167.03 and a 200 day simple moving average of $170.94.

Owens Corning (NYSE:OC) last posted its earnings results on Tuesday, August 6th. The construction company reported $4.64 earnings per share for the quarter, topping the consensus estimate of $4.37 by $0.27. Owens Corning had a return on equity of 26.33% and a net margin of 10.66%. The firm had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.92 billion. During the same period in the previous year, the company posted $4.22 earnings per share. The company’s revenue for the quarter was up 8.8% on a year-over-year basis. On average, equities analysts forecast that Owens Corning will post 15.38 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 4th. Stockholders of record on Friday, October 18th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 1.32%. The ex-dividend date of this dividend is Friday, October 18th. Owens Corning’s payout ratio is 19.43%.

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.