Owens Corning (NYSE:OC)‘s stock had its “neutral” rating reaffirmed by investment analysts at Credit Suisse Group in a note issued to investors on Wednesday, October 17th, MarketBeat Ratings reports. They currently have a $57.00 target price on the construction company’s stock. Credit Suisse Group’s price target indicates a potential upside of 20.33% from the company’s current price.
OC has been the topic of several other reports. Longbow Research restated a “buy” rating on shares of Owens Corning in a research note on Monday, September 24th. Zelman & Associates upgraded shares of Owens Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, June 19th. Goldman Sachs Group initiated coverage on shares of Owens Corning in a research note on Tuesday, October 2nd. They set a “buy” rating and a $75.00 price objective on the stock. Seaport Global Securities set a $72.00 price objective on shares of Owens Corning and gave the stock a “buy” rating in a research note on Wednesday, July 25th. Finally, Citigroup increased their price objective on shares of Owens Corning from $72.00 to $73.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 20th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company’s stock. Owens Corning has a consensus rating of “Hold” and a consensus price target of $74.94.
NYSE OC traded down $0.78 on Wednesday, hitting $47.37. 931,168 shares of the stock were exchanged, compared to its average volume of 2,331,340. The company has a current ratio of 1.62, a quick ratio of 0.87 and a debt-to-equity ratio of 0.87. Owens Corning has a 52 week low of $42.88 and a 52 week high of $96.52. The firm has a market capitalization of $5.40 billion, a P/E ratio of 10.77, a price-to-earnings-growth ratio of 0.77 and a beta of 1.14.
Owens Corning (NYSE:OC) last issued its quarterly earnings data on Wednesday, October 24th. The construction company reported $1.54 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.65 by ($0.11). The company had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.89 billion. Owens Corning had a net margin of 5.33% and a return on equity of 12.37%. Owens Corning’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.25 earnings per share. On average, research analysts anticipate that Owens Corning will post 4.74 EPS for the current fiscal year.
In other news, Director W Howard Morris sold 1,514 shares of the firm’s stock in a transaction that occurred on Thursday, August 23rd. The shares were sold at an average price of $58.47, for a total value of $88,523.58. Following the sale, the director now directly owns 36,332 shares in the company, valued at approximately $2,124,332.04. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 1.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. DekaBank Deutsche Girozentrale raised its holdings in Owens Corning by 2.3% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 248,094 shares of the construction company’s stock valued at $14,081,000 after buying an additional 5,682 shares during the last quarter. Sarasin & Partners LLP bought a new position in Owens Corning in the 3rd quarter valued at approximately $3,965,000. FMR LLC raised its holdings in Owens Corning by 1.3% in the 3rd quarter. FMR LLC now owns 118,978 shares of the construction company’s stock valued at $6,457,000 after buying an additional 1,565 shares during the last quarter. AMG Funds LLC bought a new position in Owens Corning in the 3rd quarter valued at approximately $753,000. Finally, Prudential Financial Inc. raised its holdings in Owens Corning by 370.9% in the 3rd quarter. Prudential Financial Inc. now owns 86,685 shares of the construction company’s stock valued at $4,704,000 after buying an additional 68,277 shares during the last quarter. Institutional investors and hedge funds own 94.89% of the company’s stock.
Owens Corning Company Profile
Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential and commercial building materials worldwide. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and manufactures and sells glass fiber products in the form of fabrics, non-wovens, and other specialized products.
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