Owens Corning Inc (OC) Receives Average Rating of “Buy” from Brokerages
Shares of Owens Corning Inc (NYSE:OC) have received a consensus recommendation of “Buy” from the twenty-four research firms that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and fourteen have issued a buy rating on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $73.22.
OC has been the topic of a number of recent research reports. Royal Bank Of Canada reissued a “buy” rating and set a $71.00 price target on shares of Owens Corning in a research report on Monday, June 19th. Macquarie raised Owens Corning from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $54.00 to $68.00 in a research report on Tuesday, June 20th. Credit Suisse Group initiated coverage on Owens Corning in a research report on Thursday, June 22nd. They set an “outperform” rating and a $75.00 price target on the stock. BidaskClub raised Owens Corning from a “hold” rating to a “buy” rating in a research report on Saturday, June 24th. Finally, KeyCorp reissued an “overweight” rating and set a $75.00 price target (up previously from $70.00) on shares of Owens Corning in a research report on Monday, June 26th.
Shares of Owens Corning (OC) traded up 0.47% during mid-day trading on Wednesday, reaching $79.85. Owens Corning has a 12-month low of $46.45 and a 12-month high of $80.12. The company has a 50-day moving average price of $75.37 and a 200-day moving average price of $66.87. The firm has a market capitalization of $8.88 billion, a PE ratio of 22.94 and a beta of 1.05.
Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, July 26th. The construction company reported $1.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.12. The company had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.48 billion. Owens Corning had a return on equity of 11.12% and a net margin of 6.61%. Owens Corning’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.29 EPS. Equities analysts forecast that Owens Corning will post $4.32 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 2nd. Shareholders of record on Monday, October 16th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date of this dividend is Friday, October 13th. Owens Corning’s dividend payout ratio (DPR) is presently 23.05%.
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In other Owens Corning news, CFO Michael C. Mcmurray sold 14,000 shares of the stock in a transaction dated 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 $3,129,897.56. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Chairman Michael H. Thaman sold 130,700 shares of the stock in a transaction dated Thursday, September 14th. The shares were 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. Over the last quarter, insiders sold 212,866 shares of company stock valued at $15,644,970. 1.80% of the stock is currently owned by company insiders.
Several large investors have recently made changes to their positions in OC. BlackRock Inc. raised 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 worth $398,669,000 after purchasing an additional 6,338,177 shares during the last quarter. Renaissance Technologies LLC raised 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 worth $71,791,000 after purchasing an additional 488,500 shares during the last quarter. PGGM Investments purchased a new position in shares of Owens Corning in the second quarter worth about $26,366,000. Boston Partners purchased a new position in shares of Owens Corning in the second quarter worth about $26,195,000. Finally, Schwab Charles Investment Management Inc. raised 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 worth $84,908,000 after purchasing an additional 366,192 shares during the last quarter. Hedge funds and other 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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