Owens Corning Inc (OC) Given “Sell” Rating at Citigroup Inc.
Owens Corning Inc (NYSE:OC)‘s stock had its “sell” rating reaffirmed by equities researchers at Citigroup Inc. in a report released on Tuesday. They presently have a $69.00 price objective on the construction company’s stock, up from their previous price objective of $49.00. Citigroup Inc.’s price objective suggests a potential downside of 12.22% from the stock’s current price.
Several other analysts have also recently commented on OC. SunTrust Banks, Inc. reaffirmed a “hold” rating on shares of Owens Corning in a research report on Tuesday, September 12th. BidaskClub raised Owens Corning from a “sell” rating to a “hold” rating in a research report on Friday, August 25th. Jefferies Group LLC reissued a “buy” rating and set a $72.00 price target on shares of Owens Corning in a research report on Sunday, July 9th. Stifel Nicolaus reissued a “buy” rating and issued a $83.00 price objective on shares of Owens Corning in a research note on Friday, September 1st. Finally, KeyCorp reissued an “overweight” rating and issued a $75.00 price objective (up from $70.00) on shares of Owens Corning in a research note on Monday, June 26th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and fifteen have assigned a buy rating to the company. Owens Corning currently has a consensus rating of “Buy” and an average price target of $72.60.
Owens Corning (NYSE:OC) traded up 0.43% on Tuesday, hitting $78.61. 910,650 shares of the company were exchanged. The firm has a 50 day moving average of $73.01 and a 200-day moving average of $66.01. Owens Corning has a 52-week low of $46.45 and a 52-week high of $78.97. The stock has a market cap of $8.74 billion, a PE ratio of 22.58 and a beta of 1.05.
Owens Corning (NYSE:OC) last released its earnings results on Wednesday, July 26th. The construction company reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.12. The business had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.48 billion. Owens Corning had a net margin of 6.61% and a return on equity of 11.12%. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same period last year, the firm posted $1.29 earnings per share. On average, equities analysts expect that Owens Corning will post $4.30 earnings per share for the current fiscal year.
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In related news, CFO Michael C. Mcmurray sold 14,000 shares of the business’s stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $76.52, for a total value of $1,071,280.00. Following the completion of the sale, the chief financial officer now directly owns 40,903 shares in the company, valued at approximately $3,129,897.56. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Michael H. Thaman sold 130,700 shares of the business’s stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $74.95, for a total value of $9,795,965.00. Following the completion of the sale, the chairman now owns 847,992 shares of the company’s stock, valued at $63,557,000.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 212,866 shares of company stock worth $15,644,970. 1.80% of the stock is currently owned by insiders.
A number of hedge funds have recently made changes to their positions in OC. Raymond James Trust N.A. raised its position in shares of Owens Corning by 0.4% in the second quarter. Raymond James Trust N.A. now owns 7,114 shares of the construction company’s stock valued at $476,000 after purchasing an additional 26 shares during the period. Laurion Capital Management LP boosted its holdings in shares of Owens Corning by 1.8% during the 1st quarter. Laurion Capital Management LP now owns 5,700 shares of the construction company’s stock worth $350,000 after buying an additional 103 shares during the period. First Bank & Trust boosted its holdings in shares of Owens Corning by 3.6% during the 2nd quarter. First Bank & Trust now owns 3,024 shares of the construction company’s stock worth $202,000 after buying an additional 104 shares during the period. Vantage Financial Partners Ltd. Inc. bought a new stake in shares of Owens Corning during the 2nd quarter worth $228,000. Finally, Penserra Capital Management LLC boosted its holdings in shares of Owens Corning by 11.1% during the 2nd quarter. Penserra Capital Management LLC now owns 2,964 shares of the construction company’s stock worth $198,000 after buying an additional 296 shares during the period. Institutional investors own 96.84% of the company’s stock.
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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