Owens Corning Downgraded to “Neutral” at CL King (OC)
Owens Corning (NYSE:OC) was downgraded by research analysts at CL King from a “buy” rating to a “neutral” rating in a report released on Monday, TheFlyOnTheWall.com reports.
Shares of Owens Corning (NYSE:OC) traded up 1.16% on Monday, hitting $39.26. The stock had a trading volume of 2,248,083 shares. Owens Corning has a 1-year low of $34.41 and a 1-year high of $46.64. The stock has a 50-day moving average of $41.02 and a 200-day moving average of $41.35. The company has a market cap of $4.623 billion and a P/E ratio of 15.27.
Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, April 23rd. The company reported $0.29 earnings per share (EPS) for the quarter, missing the 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 previous year, the company posted $0.29 earnings per share. The company’s revenue for the quarter was down 5.3% on a year-over-year basis. On average, analysts predict that Owens Corning will post $2.24 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, July 29th. Stockholders of record on Monday, July 14th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 1.65%. The ex-dividend date is Thursday, July 10th.
Other equities research analysts have also recently issued reports about the stock. Analysts at RBC Capital cut their price target on shares of Owens Corning from $45.00 to $42.00 in a research note on Monday. They now have a “sector perform” rating on the stock. Separately, analysts at Longbow Research downgraded shares of Owens Corning from a “buy” rating to a “neutral” rating in a research note on Monday. They now have a $50.00 price target on the stock. Finally, analysts at Jefferies Group cut their price target on shares of Owens Corning from $51.00 to $49.00 in a research note on Friday. They now have a “buy” rating on the stock. Thirteen equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $41.02.
Owens Corning is engaged in composite and building materials systems, delivering a range of products and services.
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