A number of other research firms also recently issued reports on OC. Zacks Investment Research downgraded shares of Owens Corning from a hold rating to a sell rating in a research note on Monday, April 29th. Barclays reissued a buy rating and issued a $65.00 price target on shares of Owens Corning in a research note on Monday, July 1st. Bank of America raised shares of Owens Corning from a neutral rating to a buy rating and increased their price target for the stock from $58.00 to $72.00 in a research note on Thursday, June 27th. Seaport Global Securities raised shares of Owens Corning from a sell rating to a neutral rating in a research note on Thursday, June 27th. Finally, Nomura reissued a neutral rating and issued a $48.00 price target (down from $70.00) on shares of Owens Corning in a research note on Thursday, May 16th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus target price of $58.29.
Shares of Owens Corning stock traded down $1.11 during trading on Thursday, reaching $55.00. 52,203 shares of the stock were exchanged, compared to its average volume of 1,352,087. The company has a current ratio of 1.69, a quick ratio of 0.89 and a debt-to-equity ratio of 0.80. The stock’s fifty day moving average is $55.22. The firm has a market cap of $6.10 billion, a price-to-earnings ratio of 11.13, a price-to-earnings-growth ratio of 1.46 and a beta of 1.27. Owens Corning has a 1 year low of $40.64 and a 1 year high of $62.42.
Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, July 24th. The construction company reported $1.31 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.13 by $0.18. The company had revenue of $1.92 billion during the quarter, compared to analyst estimates of $1.83 billion. Owens Corning had a net margin of 7.21% and a return on equity of 12.18%. Owens Corning’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.17 earnings per share. On average, analysts predict that Owens Corning will post 4.68 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Tuesday, July 16th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date was Monday, July 15th. Owens Corning’s payout ratio is currently 17.81%.
In other Owens Corning news, insider Michael H. Thaman sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $51.49, for a total transaction of $1,544,700.00. Following the completion of the transaction, the insider now owns 856,240 shares of the company’s stock, valued at $44,087,797.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Gunner Smith sold 7,900 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $51.79, for a total transaction of $409,141.00. Following the transaction, the insider now directly owns 21,189 shares of the company’s stock, valued at approximately $1,097,378.31. The disclosure for this sale can be found here. Insiders have sold 40,338 shares of company stock valued at $2,083,128 in the last ninety days. Insiders own 1.70% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the business. Victory Capital Management Inc. increased its position in shares of Owens Corning by 14.1% during the first quarter. Victory Capital Management Inc. now owns 3,561,054 shares of the construction company’s stock valued at $167,797,000 after acquiring an additional 439,337 shares in the last quarter. Long Pond Capital LP bought a new stake in shares of Owens Corning during the first quarter valued at approximately $151,179,000. Dimensional Fund Advisors LP increased its position in shares of Owens Corning by 3.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,164,180 shares of the construction company’s stock valued at $139,161,000 after acquiring an additional 92,537 shares in the last quarter. Clearbridge Investments LLC increased its position in shares of Owens Corning by 6.5% during the first quarter. Clearbridge Investments LLC now owns 1,312,881 shares of the construction company’s stock valued at $61,863,000 after acquiring an additional 79,653 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Owens Corning during the fourth quarter valued at approximately $52,991,000. 96.27% of the stock is owned by institutional investors and hedge funds.
About Owens Corning
Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential, commercial, and industrial 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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