Owens Corning Inc (OC) Upgraded by BidaskClub to “Buy”
Owens Corning Inc (NYSE:OC) was upgraded by research analysts at BidaskClub from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.
OC has been the subject of a number of other research reports. FBR & Co boosted their price target on Owens Corning from $61.00 to $63.00 and gave the company a “mkt perform” rating in a research report on Friday, April 28th. Royal Bank Of Canada reissued a “buy” rating and set a $67.00 price target on shares of Owens Corning in a research report on Friday, April 21st. KeyCorp boosted their price target on Owens Corning from $60.00 to $70.00 and gave the company an “overweight” rating in a research report on Wednesday, March 22nd. Jefferies Group LLC reaffirmed a “buy” rating and issued a $71.00 target price on shares of Owens Corning in a research report on Thursday, March 23rd. Finally, Macquarie raised Owens Corning from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $54.00 to $68.00 in a research report on Tuesday. Two analysts have rated the stock with a sell rating, six have issued a hold rating and fifteen have issued a buy rating to the company’s stock. Owens Corning has an average rating of “Buy” and an average price target of $64.47.
Shares of Owens Corning (NYSE OC) traded up 0.42% during trading on Friday, reaching $66.70. The company had a trading volume of 1,196,307 shares. The firm has a 50-day moving average of $62.73 and a 200 day moving average of $58.70. The firm has a market capitalization of $7.46 billion, a price-to-earnings ratio of 17.48 and a beta of 1.04. Owens Corning has a 52 week low of $46.45 and a 52 week high of $67.31.
Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, April 26th. The construction company reported $0.85 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.24. Owens Corning had a return on equity of 11.56% and a net margin of 7.38%. The firm had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter in the previous year, the business earned $0.53 earnings per share. The firm’s quarterly revenue was up 20.1% compared to the same quarter last year. On average, equities research analysts forecast that Owens Corning will post $4.03 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 2nd. Investors of record on Monday, July 17th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.20%. The ex-dividend date is Thursday, July 13th. Owens Corning’s dividend payout ratio (DPR) is 21.00%.
In other Owens Corning news, Director James J. Mcmonagle sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $64.60, for a total transaction of $129,200.00. Following the sale, the director now owns 50,906 shares in the company, valued at $3,288,527.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Arnaud Genis sold 21,544 shares of the company’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $65.44, for a total value of $1,409,839.36. Following the sale, the insider now owns 80,143 shares in the company, valued at approximately $5,244,557.92. The disclosure for this sale can be found here. Insiders own 1.80% of the company’s stock.
A number of hedge funds have recently made changes to their positions in OC. BlackRock Inc. boosted its stake in shares of Owens Corning by 4,010.8% in the first quarter. BlackRock Inc. now owns 6,496,203 shares of the construction company’s stock valued at $398,669,000 after buying an additional 6,338,177 shares during the last quarter. Norges Bank purchased a new stake in shares of Owens Corning during the fourth quarter valued at about $56,841,000. LSV Asset Management boosted its stake in shares of Owens Corning by 59.4% in the first quarter. LSV Asset Management now owns 1,385,700 shares of the construction company’s stock valued at $85,040,000 after buying an additional 516,500 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of Owens Corning by 71.7% in the first quarter. Renaissance Technologies LLC now owns 1,169,800 shares of the construction company’s stock valued at $71,791,000 after buying an additional 488,500 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its stake in shares of Owens Corning by 36.0% in the first quarter. Schwab Charles Investment Management Inc. now owns 1,383,533 shares of the construction company’s stock valued at $84,908,000 after buying an additional 366,192 shares during the last quarter.
Owens Corning Company Profile
Owens Corning is engaged in the business of composite and building materials systems, delivering a range of products and services. The Company’s products range from glass fiber used to reinforce composite materials for transportation, electronics, marine, infrastructure, wind-energy and other markets to insulation and roofing for residential, commercial and industrial applications.
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