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.

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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.

The Fly

Analyst Recommendations for Owens Corning (NYSE:OC)

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