Owens Corning (OC) Earns Buy Rating from Analysts at Argus
Equities research analysts at Argus assumed coverage on shares of Owens Corning (NYSE:OC) in a research note issued on Wednesday, The Fly reports. The firm set a “buy” rating on the construction company’s stock.
OC has been the topic of a number of other research reports. Wells Fargo & Company upgraded shares of Owens Corning from a “market perform” rating to an “outperform” rating and raised their price target for the company from $68.00 to $83.00 in a report on Wednesday, August 30th. Royal Bank Of Canada restated a “buy” rating on shares of Owens Corning in a report on Tuesday, October 3rd. Evercore ISI restated an “outperform” rating and set a $80.00 price target (down previously from $88.00) on shares of Owens Corning in a report on Wednesday, October 11th. Instinet downgraded shares of Owens Corning from a “buy” rating to a “neutral” rating and raised their price target for the company from $74.00 to $79.00 in a report on Monday, September 11th. Finally, SunTrust Banks raised their price target on shares of Owens Corning from $66.00 to $75.00 and gave the company a “hold” rating in a report on Thursday, October 26th. Nine investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Owens Corning currently has an average rating of “Buy” and an average target price of $78.70.
Owens Corning (OC) opened at $88.90 on Wednesday. The firm has a market cap of $10,035.05, a price-to-earnings ratio of 22.44, a PEG ratio of 1.36 and a beta of 1.09. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.99 and a current ratio of 1.66. Owens Corning has a twelve month low of $50.77 and a twelve month high of $91.40.
In other Owens Corning news, CFO Michael C. Mcmurray sold 14,000 shares of the firm’s stock in a transaction on Friday, September 8th. The shares were 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 directly owns 40,903 shares in the company, valued at approximately $3,129,897.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director W Howard Morris sold 2,026 shares of the firm’s stock in a transaction on Monday, November 13th. The stock was sold at an average price of $81.95, for a total transaction of $166,030.70. The disclosure for this sale can be found here. Insiders sold a total of 274,633 shares of company stock worth $22,063,967 over the last 90 days. Company insiders own 1.80% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of OC. Vanguard Group Inc. boosted its position in shares of Owens Corning by 1.8% during the 2nd quarter. Vanguard Group Inc. now owns 10,562,420 shares of the construction company’s stock valued at $706,837,000 after acquiring an additional 190,866 shares in the last quarter. BlackRock Inc. boosted its position in shares of Owens Corning by 4,010.8% during the 1st quarter. BlackRock Inc. now owns 6,496,203 shares of the construction company’s stock valued at $398,669,000 after acquiring an additional 6,338,177 shares in the last quarter. Iridian Asset Management LLC CT acquired a new stake in shares of Owens Corning during the 2nd quarter valued at about $242,405,000. TIAA CREF Investment Management LLC boosted its position in shares of Owens Corning by 3.5% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 3,758,392 shares of the construction company’s stock valued at $200,661,000 after acquiring an additional 127,866 shares in the last quarter. Finally, American Century Companies Inc. boosted its position in shares of Owens Corning by 1.5% during the 4th quarter. American Century Companies Inc. now owns 3,745,100 shares of the construction company’s stock valued at $176,132,000 after acquiring an additional 55,700 shares in the last quarter. Institutional investors own 94.55% of the company’s stock.
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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