Owens Corning Inc (OC) Stock Rating Upgraded by Citigroup Inc.
Owens Corning Inc (NYSE:OC) was upgraded by equities research analysts at Citigroup Inc. from a “sell” rating to a “neutral” rating in a research report issued on Friday, MarketBeat reports. The firm presently has a $80.00 price objective on the construction company’s stock. Citigroup Inc.’s price target points to a potential upside of 0.96% from the stock’s previous close.
Several other research firms have also recently issued reports on OC. Credit Suisse Group set a $90.00 price objective on Owens Corning and gave the stock an “outperform” rating in a research report on Tuesday. Evercore ISI restated an “outperform” rating and issued a $80.00 price target (down previously from $88.00) on shares of Owens Corning in a research report on Wednesday, October 11th. Jefferies Group LLC restated a “buy” rating and issued a $82.00 price target on shares of Owens Corning in a research report on Friday, October 6th. Royal Bank Of Canada restated a “buy” rating on shares of Owens Corning in a research report on Tuesday, October 3rd. Finally, Nomura restated a “neutral” rating and issued a $79.00 price target on shares of Owens Corning in a research report on Monday, September 11th. Nine analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Owens Corning currently has a consensus rating of “Buy” and a consensus target price of $74.32.
Owens Corning (NYSE OC) traded up 1.33% during midday trading on Friday, reaching $80.29. 217,634 shares of the company were exchanged. The company has a 50 day moving average of $76.97 and a 200-day moving average of $67.61. The company has a market capitalization of $8.93 billion, a price-to-earnings ratio of 23.07 and a beta of 1.05. Owens Corning has a 52-week low of $46.45 and a 52-week high of $80.36.
Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, July 26th. The construction company reported $1.20 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.12. The firm had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.48 billion. Owens Corning had a return on equity of 11.12% and a net margin of 6.61%. Owens Corning’s revenue was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.29 earnings per share. On average, equities research analysts anticipate that Owens Corning will post $4.32 earnings per share for the current fiscal year.
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In other Owens Corning news, Chairman Michael H. Thaman sold 130,700 shares of the firm’s stock in a transaction dated 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 sale, the chairman now directly owns 847,992 shares of the company’s stock, valued at approximately $63,557,000.40. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Michael C. Mcmurray sold 14,000 shares of the firm’s 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 212,866 shares of company stock worth $15,644,970. Corporate insiders own 1.80% of the company’s stock.
Large investors have recently modified their holdings of the business. Vantage Financial Partners Ltd. Inc. acquired a new stake in Owens Corning in the 2nd quarter worth about $228,000. Creative Planning boosted its stake in Owens Corning by 104.3% in the 2nd quarter. Creative Planning now owns 2,043 shares of the construction company’s stock worth $137,000 after buying an additional 1,043 shares during the last quarter. Penserra Capital Management LLC boosted its stake in Owens Corning by 11.1% in 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 last quarter. First Bank & Trust boosted its stake in Owens Corning by 3.6% in 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 last quarter. Finally, Meridian Wealth Management LLC acquired a new stake in Owens Corning in the 2nd quarter worth about $227,000. 96.76% of the stock is currently owned by hedge funds and other institutional investors.
About Owens Corning
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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