Zelman & Associates Lowers Owens Corning (OC) to Hold
Owens Corning (NYSE:OC) was downgraded by equities researchers at Zelman & Associates from a “buy” rating to a “hold” rating in a research note issued to investors on Friday, The Fly reports.
A number of other brokerages have also recently weighed in on OC. Jefferies Group 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. KeyCorp restated a “buy” rating and issued a $84.00 price target on shares of Owens Corning in a research report on Wednesday, September 13th. Stifel Nicolaus restated a “buy” rating and issued a $83.00 price target on shares of Owens Corning in a research report on Thursday, October 26th. Finally, Bank of America raised their price target on Owens Corning from $84.00 to $97.00 and gave the company a “buy” rating in a research report on Friday, November 17th. Ten investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $82.10.
Owens Corning (NYSE OC) traded down $0.41 during trading hours on Friday, reaching $93.65. The company’s stock had a trading volume of 806,900 shares, compared to its average volume of 724,433. The stock has a market capitalization of $10,450.00, a PE ratio of 27.96, a price-to-earnings-growth ratio of 1.20 and a beta of 1.09. 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 has a 1 year low of $50.77 and a 1 year high of $94.99.
Owens Corning (NYSE:OC) last released its quarterly earnings data 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 business had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Owens Corning had a return on equity of 11.40% and a net margin of 6.15%. The company’s revenue was up 12.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.09 EPS. sell-side analysts anticipate that Owens Corning will post 4.34 EPS for the current fiscal year.
In other news, VP Ava Harter sold 487 shares of Owens Corning stock in a transaction dated Friday, November 10th. The stock was sold at an average price of $81.96, for a total value of $39,914.52. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director W Howard Morris sold 2,026 shares of Owens Corning stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $81.95, for a total value of $166,030.70. The disclosure for this sale can be found here. Insiders sold a total of 129,933 shares of company stock worth $11,196,722 over the last ninety days. Corporate insiders own 1.80% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Grove Bank & Trust raised its holdings in shares of Owens Corning by 213.5% during the 3rd quarter. Grove Bank & Trust now owns 1,630 shares of the construction company’s stock valued at $126,000 after buying an additional 1,110 shares during the period. Crossmark Global Holdings Inc. bought a new stake in shares of Owens Corning in the 3rd quarter worth $202,000. Worth Venture Partners LLC bought a new stake in shares of Owens Corning in the 3rd quarter worth $213,000. Advisors Asset Management Inc. raised its stake in shares of Owens Corning by 214.4% in the 3rd quarter. Advisors Asset Management Inc. now owns 2,764 shares of the construction company’s stock worth $214,000 after buying an additional 1,885 shares in the last quarter. Finally, Vantage Financial Partners Ltd. Inc. bought a new stake in shares of Owens Corning in the 2nd quarter worth $228,000. 94.50% of the stock is currently owned by institutional investors and hedge funds.
TRADEMARK VIOLATION NOTICE: “Zelman & Associates Lowers Owens Corning (OC) to Hold” was originally posted by American Banking News and is the sole property of of American Banking News. If you are reading this piece on another publication, it was illegally copied and republished in violation of US and international copyright & trademark law. The original version of this piece can be accessed at https://www.americanbankingnews.com/2018/01/05/zelman-associates-lowers-owens-corning-oc-to-hold.html.
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.
Receive News & Ratings for Owens Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Owens Corning and related companies with MarketBeat.com's FREE daily email newsletter.