Owens Corning (NYSE:OC) Cut to Hold at StockNews.com

StockNews.com lowered shares of Owens Corning (NYSE:OC) from a buy rating to a hold rating in a research note published on Friday.

A number of other analysts also recently issued reports on OC. Citigroup raised Owens Corning from a “neutral” rating to a “buy” rating and raised their target price for the stock from $178.00 to $191.00 in a research note on Thursday, July 11th. Royal Bank of Canada upped their price target on Owens Corning from $211.00 to $213.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Wells Fargo & Company boosted their price target on shares of Owens Corning from $165.00 to $175.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. UBS Group lifted their price objective on Owens Corning from $192.00 to $197.00 and gave the company a “buy” rating in a research note on Wednesday, August 7th. Finally, Benchmark reissued a “hold” rating on shares of Owens Corning in a research note on Wednesday, August 7th. Eight equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Owens Corning presently has an average rating of “Hold” and a consensus price target of $187.77.

Owens Corning Trading Up 2.0 %

Shares of NYSE:OC opened at $180.34 on Friday. The business’s 50 day moving average price is $174.13 and its 200-day moving average price is $172.92. Owens Corning has a 1 year low of $117.32 and a 1 year high of $191.44. The firm has a market capitalization of $15.68 billion, a price-to-earnings ratio of 15.27, a price-to-earnings-growth ratio of 2.17 and a beta of 1.41. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.37 and a quick ratio of 0.79.

Owens Corning (NYSE:OC) last posted its quarterly earnings data on Tuesday, August 6th. The construction company reported $4.64 EPS for the quarter, beating the consensus estimate of $4.37 by $0.27. The firm had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.92 billion. Owens Corning had a return on equity of 26.33% and a net margin of 10.66%. The firm’s revenue was up 8.8% compared to the same quarter last year. During the same period in the prior year, the company earned $4.22 EPS. On average, equities research analysts forecast that Owens Corning will post 15.34 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 4th. Stockholders of record on Friday, October 18th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 1.33%. The ex-dividend date of this dividend is Friday, October 18th. Owens Corning’s dividend payout ratio (DPR) is presently 20.32%.

Insider Activity at Owens Corning

In other Owens Corning news, insider Marcio A. Sandri sold 3,051 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $176.50, for a total value of $538,501.50. Following the completion of the transaction, the insider now directly owns 57,079 shares of the company’s stock, valued at approximately $10,074,443.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Marcio A. Sandri sold 3,050 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $170.00, for a total value of $518,500.00. Following the completion of the sale, the insider now directly owns 60,130 shares in the company, valued at approximately $10,222,100. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Marcio A. Sandri sold 3,051 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $176.50, for a total transaction of $538,501.50. Following the sale, the insider now directly owns 57,079 shares of the company’s stock, valued at $10,074,443.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.89% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in OC. SG Americas Securities LLC lifted its holdings in Owens Corning by 102.0% during the 2nd quarter. SG Americas Securities LLC now owns 41,525 shares of the construction company’s stock worth $7,214,000 after buying an additional 20,971 shares during the last quarter. State Board of Administration of Florida Retirement System lifted its position in shares of Owens Corning by 14.2% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 112,356 shares of the construction company’s stock worth $18,741,000 after buying an additional 14,011 shares during the last quarter. Ontario Teachers Pension Plan Board acquired a new position in Owens Corning in the first quarter valued at approximately $997,000. Twin Tree Management LP boosted its position in Owens Corning by 61.8% during the 1st quarter. Twin Tree Management LP now owns 8,997 shares of the construction company’s stock valued at $1,501,000 after purchasing an additional 3,436 shares during the period. Finally, Verus Capital Partners LLC bought a new stake in Owens Corning in the first quarter valued at $539,000. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

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.