Owens Corning Shares Down 5.4% Following Analyst Downgrade (OC)
Owens Corning (NYSE:OC) was down 5.4% during trading on Friday after FBR Capital Markets lowered their price target on the stock from $50.00 to $46.00, AmericanBankingNews.com reports. FBR Capital Markets currently has an outperform rating on the stock. Owens Corning traded as low as $38.64 and last traded at $39.06, with a volume of 3,758,835 shares changing hands. The stock had previously closed at $41.30.
OC has been the subject of a number of other recent research reports. Analysts at Goldman Sachs initiated coverage on shares of Owens Corning in a research note on Tuesday. They set a “neutral” rating on the stock. Separately, analysts at Barclays reiterated an “equal weight” rating on shares of Owens Corning in a research note on Thursday, April 24th. They now have a $46.00 price target on the stock. Finally, analysts at Bank of America reiterated a “neutral” rating on shares of Owens Corning in a research note on Thursday, April 24th. They now have a $44.00 price target on the stock, down previously from $46.00. Ten investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $41.09.
The stock has a 50-day moving average of $41.0 and a 200-day moving average of $41.35. The company has a market cap of $4.593 billion and a price-to-earnings ratio of 16.25.
Owens Corning (NYSE:OC) last released its earnings data on Wednesday, April 23rd. The company reported $0.29 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.35 by $0.06. The company had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the prior year, the company posted $0.29 earnings per share. The company’s quarterly revenue was down 5.3% on a year-over-year basis. Analysts expect that Owens Corning will post $2.37 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, July 29th. Investors of record on Monday, July 14th will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.55%. The ex-dividend date of this dividend is Thursday, July 10th.
Owens Corning is engaged in composite and building materials systems, delivering a range of products and services.
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