Owens Corning (NYSE:OC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “Owens Corning is a world leader in building materials systems and composite solutions. Owens Corning people redefine what is possible each day to deliver high-quality products and services ranging from insulation, roofing, siding and stone, to glass composite materials used in transportation, electronics, telecommunications and other high-performance applications. Owens Corning has become a market-leading innovator of glass-fiber technology with sales. “
A number of other research firms have also weighed in on OC. SunTrust Banks reaffirmed a “hold” rating on shares of Owens Corning in a report on Tuesday, September 12th. BidaskClub raised shares of Owens Corning from a “sell” rating to a “hold” rating in a report on Friday, August 25th. Credit Suisse Group raised their price target on shares of Owens Corning from $90.00 to $95.00 and gave the company an “outperform” rating in a report on Friday, November 17th. Stifel Nicolaus reaffirmed a “buy” rating and set a $83.00 price target on shares of Owens Corning in a report on Friday, September 1st. Finally, Barclays set a $75.00 price target on shares of Owens Corning and gave the company a “hold” rating in a report on Thursday, October 26th. Nine research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Owens Corning currently has a consensus rating of “Buy” and a consensus price target of $81.10.
Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, October 25th. The construction company reported $1.25 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.26 by ($0.01). The firm had revenue of $1.70 billion for 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%. Owens Corning’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.09 earnings per share. equities analysts anticipate that Owens Corning will post 4.33 earnings per share for the current year.
In other news, Chairman Michael H. Thaman sold 130,700 shares of Owens Corning 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 transaction, the chairman now directly owns 847,992 shares of the company’s stock, valued at approximately $63,557,000.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Michael C. Mcmurray sold 18,000 shares of Owens Corning stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $90.78, for a total transaction of $1,634,040.00. Following the completion of the transaction, the chief financial officer now directly owns 52,228 shares of the company’s stock, valued at $4,741,257.84. The disclosure for this sale can be found here. Insiders sold a total of 260,633 shares of company stock valued at $20,992,687 over the last ninety days. Company insiders own 1.80% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Investec Asset Management LTD bought a new stake in Owens Corning in the 3rd quarter valued at $75,591,000. Boston Partners acquired a new position in Owens Corning in the second quarter valued at approximately $26,195,000. Allianz Asset Management GmbH lifted its stake in Owens Corning by 22.4% in the third quarter. Allianz Asset Management GmbH now owns 1,798,466 shares of the construction company’s stock valued at $139,112,000 after buying an additional 328,726 shares during the period. FMR LLC lifted its stake in Owens Corning by 118.4% in the second quarter. FMR LLC now owns 572,911 shares of the construction company’s stock valued at $38,339,000 after buying an additional 310,559 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in Owens Corning by 213.0% in the third quarter. Principal Financial Group Inc. now owns 436,865 shares of the construction company’s stock valued at $33,792,000 after buying an additional 297,311 shares during the period. 94.55% of the stock is owned by institutional investors and hedge funds.
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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.
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