Owens Corning (NYSE:OC) Upgraded to “Overweight” at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Owens Corning (NYSE:OC) from an equal weight rating to an overweight rating in a report released on Tuesday morning, Marketbeat.com reports. They currently have $225.00 price objective on the construction company’s stock, up from their prior price objective of $195.00.

Other research analysts have also issued reports about the stock. The Goldman Sachs Group upped their target price on shares of Owens Corning from $178.00 to $198.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Barclays raised Owens Corning from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $192.00 to $245.00 in a research report on Wednesday, December 11th. StockNews.com upgraded Owens Corning from a “hold” rating to a “buy” rating in a research note on Saturday, November 9th. Evercore ISI increased their price objective on shares of Owens Corning from $189.00 to $196.00 and gave the stock an “in-line” rating in a report on Thursday, November 7th. Finally, Royal Bank of Canada increased their price target on shares of Owens Corning from $213.00 to $217.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $200.83.

Owens Corning Stock Performance

Shares of OC opened at $183.31 on Tuesday. Owens Corning has a 12-month low of $138.70 and a 12-month high of $214.53. The stock has a market cap of $15.73 billion, a P/E ratio of 15.60, a PEG ratio of 2.14 and a beta of 1.42. The company has a current ratio of 1.44, a quick ratio of 0.85 and a debt-to-equity ratio of 0.89. The company has a 50-day moving average of $191.43 and a two-hundred day moving average of $178.04.

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

Owens Corning Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Monday, January 6th will be given a $0.69 dividend. This is an increase from Owens Corning’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Monday, January 6th. This represents a $2.76 annualized dividend and a dividend yield of 1.51%. Owens Corning’s dividend payout ratio is presently 23.49%.

Insider Activity

In other news, insider Marcio A. Sandri sold 3,051 shares of the stock in a transaction that occurred on 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 transaction, the insider now directly owns 57,079 shares in the company, valued at approximately $10,074,443.50. This represents a 5.07 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Gunner Smith sold 17,450 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The stock was 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 disclosure for this sale can be found here. Insiders own 0.90% of the company’s stock.

Institutional Investors Weigh In On Owens Corning

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Innealta Capital LLC acquired a new stake in Owens Corning during the second quarter valued at approximately $32,000. Tobam increased its stake in Owens Corning by 115.7% during the second quarter. Tobam now owns 192 shares of the construction company’s stock valued at $33,000 after purchasing an additional 103 shares during the last quarter. Brooklyn Investment Group bought a new stake in shares of Owens Corning during the 3rd quarter valued at about $38,000. Quarry LP raised its stake in Owens Corning by 165.5% during the second quarter. Quarry LP now owns 231 shares of the construction company’s stock worth $40,000 after acquiring an additional 144 shares during the period. Finally, Blue Trust Inc. lifted its holdings in Owens Corning by 46.2% in the second quarter. Blue Trust Inc. now owns 367 shares of the construction company’s stock worth $61,000 after acquiring an additional 116 shares during the last quarter. Institutional investors own 88.40% of the company’s stock.

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.