Owens Corning (NYSE:OC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Saturday. The brokerage currently has a $105.00 price objective on the construction company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 11.21% from the stock’s current price.
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. “
OC has been the topic of a number of other reports. Credit Suisse Group set a $90.00 target price on shares of Owens Corning and gave the company an “outperform” rating in a report on Tuesday, October 17th. Evercore ISI reaffirmed an “outperform” rating and issued a $80.00 target price (down from $88.00) on shares of Owens Corning in a report on Wednesday, October 11th. Bank of America lifted their target price on shares of Owens Corning from $84.00 to $97.00 and gave the company a “buy” rating in a report on Friday, November 17th. Nomura reaffirmed a “neutral” rating and issued a $79.00 target price on shares of Owens Corning in a report on Monday, September 11th. Finally, SunTrust Banks reaffirmed a “hold” rating on shares of Owens Corning in a report on Tuesday, September 12th. Nine equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. Owens Corning currently has a consensus rating of “Buy” and a consensus target price of $82.24.
Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, October 25th. The construction company reported $1.25 EPS for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.01). The business 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% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.09 earnings per share. analysts predict that Owens Corning will post 4.34 earnings per share for the current fiscal year.
In other news, CFO Michael C. Mcmurray sold 18,000 shares of the company’s stock in a transaction on 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 transaction, the chief financial officer now directly owns 52,228 shares of the company’s stock, valued at approximately $4,741,257.84. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Ava Harter sold 487 shares of the company’s stock in a transaction on Friday, November 10th. The stock was sold at an average price of $81.96, for a total transaction of $39,914.52. 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 three months. 1.80% of the stock is currently owned by corporate insiders.
Large investors have recently bought and sold shares of the company. Vantage Financial Partners Ltd. Inc. acquired a new position in shares of Owens Corning during the 2nd quarter worth $228,000. Grove Bank & Trust grew its stake 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 worth $126,000 after purchasing an additional 1,110 shares during the period. Crossmark Global Holdings Inc. acquired a new position in shares of Owens Corning during the 3rd quarter worth $202,000. Worth Venture Partners LLC acquired a new position in shares of Owens Corning during the 3rd quarter worth $213,000. Finally, Advisors Asset Management Inc. grew its stake in shares of Owens Corning by 214.4% during the 3rd quarter. Advisors Asset Management Inc. now owns 2,764 shares of the construction company’s stock worth $214,000 after purchasing an additional 1,885 shares during the period. 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.
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