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

Owens Corning (NYSE:OC) reached a new 52-week high during trading on Wednesday after Evercore ISI raised their price target on the stock from $175.00 to $189.00. Evercore ISI currently has an in-line rating on the stock. Owens Corning traded as high as $191.17 and last traded at $189.64, with a volume of 114597 shares. The stock had previously closed at $187.00.

Several other analysts have also recently issued reports on OC. Citigroup raised Owens Corning from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $178.00 to $191.00 in a report on Thursday, July 11th. Loop Capital upped their price objective on Owens Corning from $188.00 to $215.00 and gave the stock a “buy” rating in a report on Friday, June 21st. Barclays decreased their price objective on Owens Corning from $190.00 to $189.00 and set an “equal weight” rating on the stock in a report on Friday, July 12th. StockNews.com cut Owens Corning from a “buy” rating to a “hold” rating in a report on Tuesday, October 1st. Finally, Wells Fargo & Company increased their price target on Owens Corning from $165.00 to $175.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Eight investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $187.77.

Insider Activity

In related news, insider Marcio A. Sandri sold 3,051 shares of Owens Corning 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 completion of the sale, the insider now owns 57,079 shares of the company’s stock, valued at $10,074,443.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Owens Corning news, insider Marcio A. Sandri sold 3,050 shares of Owens Corning stock in a transaction dated 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 approximately $10,222,100. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Marcio A. Sandri sold 3,051 shares of the company’s stock in a transaction dated 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 owns 57,079 shares in the company, valued at $10,074,443.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.89% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Virtu Financial LLC purchased a new position in Owens Corning in the fourth quarter valued at $242,000. Goldman Sachs Group Inc. increased its position in shares of Owens Corning by 25.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 258,998 shares of the construction company’s stock valued at $38,391,000 after buying an additional 52,116 shares in the last quarter. HighPoint Advisor Group LLC acquired a new position in shares of Owens Corning during the 4th quarter worth approximately $572,000. NBC Securities Inc. purchased a new position in shares of Owens Corning during the 1st quarter valued at approximately $26,000. Finally, Los Angeles Capital Management LLC increased its stake in Owens Corning by 21.0% during the 1st quarter. Los Angeles Capital Management LLC now owns 7,265 shares of the construction company’s stock worth $1,212,000 after buying an additional 1,262 shares in the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Owens Corning Trading Down 0.3 %

The stock has a market capitalization of $16.24 billion, a price-to-earnings ratio of 15.18, a P/E/G ratio of 3.62 and a beta of 1.41. The company has a 50 day moving average of $169.40 and a 200 day moving average of $171.75. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.79 and a current ratio of 1.37.

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

Owens Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 4th. Stockholders of record on Friday, October 18th will be issued a dividend of $0.60 per share. The ex-dividend date is Friday, October 18th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.28%. Owens Corning’s dividend payout ratio is currently 19.43%.

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.