Owens Corning (OC) Raised to “Top Pick” at Royal Bank Of Canada

Owens Corning (NYSE:OC) was upgraded by analysts at Royal Bank Of Canada from an “outperform” rating to a “top pick” rating in a research note issued on Monday, The Fly reports.

Several other equities analysts have also recently issued reports on the company. Stifel Nicolaus restated a “buy” rating and issued a $83.00 price target on shares of Owens Corning in a research report on Friday, September 1st. Wells Fargo & Company upgraded Owens Corning from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $68.00 to $83.00 in a research report on Wednesday, August 30th. SunTrust Banks boosted their price target on Owens Corning from $66.00 to $75.00 and gave the company a “hold” rating in a research report on Thursday, October 26th. Instinet cut Owens Corning from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $74.00 to $79.00 in a research report on Monday, September 11th. Finally, KeyCorp reiterated a “buy” rating and set a $84.00 target price on shares of Owens Corning in a research report on Wednesday, September 13th. Eight investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. Owens Corning currently has a consensus rating of “Buy” and a consensus target price of $78.70.

Owens Corning (NYSE:OC) opened at $87.66 on Monday. The stock has a market capitalization of $9,751.39, a PE ratio of 21.81, a P/E/G ratio of 1.32 and a beta of 1.09. Owens Corning has a 52-week low of $50.77 and a 52-week high of $90.15. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 0.99.

Owens Corning (NYSE:OC) last issued its quarterly earnings results on Wednesday, October 25th. The construction company reported $1.25 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.26 by ($0.01). The company had revenue of $1.70 billion during the quarter, compared to analyst estimates of $1.63 billion. Owens Corning had a net margin of 6.15% and a return on equity of 11.40%. The business’s revenue was up 12.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.09 EPS. equities analysts expect that Owens Corning will post 4.33 earnings per share for the current fiscal year.

In related news, CFO Michael C. Mcmurray sold 14,000 shares of the company’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 sale, the chief financial officer now owns 40,903 shares of the company’s stock, valued at approximately $3,129,897.56. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Ava Harter sold 487 shares of the company’s stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $81.96, for a total value of $39,914.52. The disclosure for this sale can be found here. Insiders have sold a total of 252,497 shares of company stock worth $20,069,268 in the last three months. Corporate insiders own 1.80% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. Acrospire Investment Management LLC acquired a new stake in shares of Owens Corning during the 1st quarter worth $109,000. Grove Bank & Trust increased its holdings in Owens Corning by 213.5% in the 3rd quarter. Grove Bank & Trust now owns 1,630 shares of the construction company’s stock valued at $126,000 after purchasing an additional 1,110 shares in the last quarter. Creative Planning increased its holdings in Owens Corning by 104.3% in the 2nd quarter. Creative Planning now owns 2,043 shares of the construction company’s stock valued at $137,000 after purchasing an additional 1,043 shares in the last quarter. Point72 Asia Hong Kong Ltd increased its holdings in Owens Corning by 457.1% in the 1st quarter. Point72 Asia Hong Kong Ltd now owns 2,301 shares of the construction company’s stock valued at $141,000 after purchasing an additional 1,888 shares in the last quarter. Finally, First Bank & Trust acquired a new stake in Owens Corning in the 4th quarter valued at $157,000. 94.55% of the stock is currently owned by hedge funds and other institutional investors.

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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.

The Fly

Analyst Recommendations for Owens Corning (NYSE:OC)

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