Owens Corning (OC) Raised to Buy at Zacks Investment Research

Owens Corning (NYSE:OC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday. The firm presently has a $105.00 target price on the construction company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 9.34% from the company’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. “

A number of other equities research analysts have also recently commented on OC. KeyCorp reissued a “buy” rating and set a $115.00 price target on shares of Owens Corning in a report on Friday, January 12th. Citigroup reissued a “sell” rating and set a $69.00 price target (up from $49.00) on shares of Owens Corning in a report on Tuesday, October 3rd. Credit Suisse Group set a $90.00 price target on Owens Corning and gave the company an “outperform” rating in a report on Tuesday, October 17th. Zelman & Associates cut Owens Corning from a “buy” rating to a “hold” rating in a report on Friday, January 5th. Finally, Royal Bank of Canada reissued a “buy” rating on shares of Owens Corning in a report on Tuesday, October 3rd. Nine equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Owens Corning has an average rating of “Buy” and an average price target of $84.77.

Owens Corning (NYSE:OC) traded up $0.41 during midday trading on Thursday, reaching $96.03. The company had a trading volume of 518,349 shares, compared to its average volume of 846,069. The stock has a market capitalization of $10,680.00, a P/E ratio of 28.67, a PEG ratio of 1.17 and a beta of 1.09. The company has a quick ratio of 0.99, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. Owens Corning has a 12 month low of $53.04 and a 12 month high of $96.40.

Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, October 25th. The construction company reported $1.25 EPS for the quarter, missing the Zacks’ consensus estimate of $1.26 by ($0.01). The business had revenue of $1.70 billion for the quarter, compared to the consensus estimate 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 was up 12.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.09 earnings per share. sell-side analysts anticipate that Owens Corning will post 4.34 earnings per share for the current fiscal year.

In other Owens Corning news, VP Ava Harter sold 487 shares of the business’s stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $81.96, for a total transaction of $39,914.52. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director W Howard Morris sold 2,026 shares of the business’s stock in a transaction that occurred on Monday, November 13th. The stock was 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 129,933 shares of company stock worth $11,196,722 over the last ninety days. Insiders own 1.80% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of OC. Grove Bank & Trust boosted its position in shares of Owens Corning by 213.5% during the third 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. purchased a new position in shares of Owens Corning during the third quarter valued at approximately $202,000. Worth Venture Partners LLC purchased a new position in shares of Owens Corning during the third quarter valued at approximately $213,000. Advisors Asset Management Inc. boosted its position in shares of Owens Corning by 214.4% during the third quarter. Advisors Asset Management Inc. now owns 2,764 shares of the construction company’s stock valued at $214,000 after buying an additional 1,885 shares during the period. Finally, Csenge Advisory Group purchased a new position in shares of Owens Corning during the third quarter valued at approximately $245,000. 94.55% of the stock is currently owned by institutional investors.

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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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