Owens Corning Inc (NYSE:OC) Given Average Rating of “Hold” by Brokerages

Owens Corning Inc (NYSE:OC) has been assigned an average rating of “Hold” from the seventeen research firms that are covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation and ten have issued a buy recommendation on the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $157.6667.

A number of equities analysts have issued reports on OC shares. JPMorgan Chase & Co. cut their target price on shares of Owens Corning from $157.00 to $113.00 and set a “neutral” rating for the company in a research report on Tuesday, November 11th. Barclays dropped their price objective on shares of Owens Corning from $173.00 to $131.00 and set an “overweight” rating for the company in a research note on Thursday, November 6th. Truist Financial reduced their target price on Owens Corning from $165.00 to $135.00 and set a “hold” rating on the stock in a research note on Thursday, October 9th. Royal Bank Of Canada lowered their target price on Owens Corning from $174.00 to $145.00 and set an “outperform” rating on the stock in a report on Thursday, November 6th. Finally, Wells Fargo & Company cut their price target on Owens Corning from $175.00 to $150.00 and set an “overweight” rating for the company in a report on Thursday, November 6th.

Institutional Investors Weigh In On Owens Corning

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank purchased a new stake in Owens Corning in the 2nd quarter worth approximately $163,719,000. Vanguard Group Inc. lifted its stake in shares of Owens Corning by 12.0% during the 1st quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company’s stock worth $1,401,876,000 after purchasing an additional 1,053,855 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Owens Corning by 67.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,380,123 shares of the construction company’s stock worth $339,930,000 after purchasing an additional 957,295 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Owens Corning in the first quarter valued at $91,698,000. Finally, First Trust Advisors LP increased its stake in Owens Corning by 164.6% in the second quarter. First Trust Advisors LP now owns 920,726 shares of the construction company’s stock valued at $126,618,000 after purchasing an additional 572,770 shares during the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Stock Up 1.5%

OC opened at $114.20 on Thursday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.86 and a current ratio of 1.40. The company has a market cap of $9.39 billion, a price-to-earnings ratio of -19.97, a PEG ratio of 9.15 and a beta of 1.34. Owens Corning has a one year low of $97.53 and a one year high of $203.71. The business’s fifty day moving average is $120.49 and its two-hundred day moving average is $135.36.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, November 5th. The construction company reported $3.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.64 by $0.03. Owens Corning had a positive return on equity of 24.42% and a negative net margin of 4.46%.The business had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.71 billion. During the same quarter in the previous year, the company posted $4.38 EPS. The business’s revenue was down 2.9% on a year-over-year basis. Analysts anticipate that Owens Corning will post 15.49 EPS for the current fiscal year.

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 6th. Shareholders of record on Monday, October 20th were issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date was Monday, October 20th. Owens Corning’s dividend payout ratio is -48.25%.

Owens Corning Company Profile

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.