Owens Corning (OC) Shares Up 1.8%

Owens Corning (NYSE:OC)’s share price shot up 1.8% during trading on Friday . The stock traded as high as $45.87 and last traded at $46.20. 93,030 shares were traded during mid-day trading, a decline of 94% from the average session volume of 1,600,271 shares. The stock had previously closed at $45.37.

Several brokerages recently commented on OC. Zacks Investment Research lowered shares of Owens Corning from a “buy” rating to a “sell” rating in a research report on Monday, July 9th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $75.00 price objective on shares of Owens Corning in a research report on Thursday, July 26th. Northcoast Research reissued a “buy” rating and set a $81.00 price target on shares of Owens Corning in a research report on Friday, July 27th. ValuEngine lowered shares of Owens Corning from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 26th. Finally, Credit Suisse Group reduced their price target on shares of Owens Corning from $84.00 to $72.00 and set an “outperform” rating for the company in a research report on Thursday, July 26th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $74.94.

The company has a market cap of $4.94 billion, a PE ratio of 9.79, a price-to-earnings-growth ratio of 0.54 and a beta of 0.98. The company has a current ratio of 1.62, a quick ratio of 0.88 and a debt-to-equity ratio of 0.87.



Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, October 24th. The construction company reported $1.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.65 by ($0.11). Owens Corning had a net margin of 5.33% and a return on equity of 12.37%. The company had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.89 billion. During the same period in the prior year, the business posted $1.25 EPS. Owens Corning’s revenue was up 6.8% compared to the same quarter last year. As a group, research analysts anticipate that Owens Corning will post 4.74 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 2nd. Shareholders of record on Tuesday, October 16th will be paid a dividend of $0.21 per share. The ex-dividend date of this dividend is Monday, October 15th. This represents a $0.84 annualized dividend and a yield of 1.86%. Owens Corning’s dividend payout ratio (DPR) is presently 19.09%.

In other Owens Corning news, Director W Howard Morris sold 1,514 shares of Owens Corning stock in a transaction on Thursday, August 23rd. The shares were sold at an average price of $58.47, for a total transaction of $88,523.58. Following the sale, the director now owns 36,332 shares of the company’s stock, valued at approximately $2,124,332.04. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 1.60% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. raised its holdings in shares of Owens Corning by 2.5% during the 2nd quarter. BlackRock Inc. now owns 7,547,845 shares of the construction company’s stock worth $478,305,000 after acquiring an additional 181,922 shares during the period. Boston Partners raised its holdings in shares of Owens Corning by 3,089.6% during the 2nd quarter. Boston Partners now owns 5,655,318 shares of the construction company’s stock worth $358,378,000 after acquiring an additional 5,478,011 shares during the period. Iridian Asset Management LLC CT raised its holdings in shares of Owens Corning by 44.2% during the 2nd quarter. Iridian Asset Management LLC CT now owns 4,220,826 shares of the construction company’s stock worth $267,474,000 after acquiring an additional 1,293,828 shares during the period. Victory Capital Management Inc. raised its holdings in shares of Owens Corning by 47.8% during the 2nd quarter. Victory Capital Management Inc. now owns 2,931,929 shares of the construction company’s stock worth $185,795,000 after acquiring an additional 947,917 shares during the period. Finally, Wells Fargo & Company MN raised its holdings in shares of Owens Corning by 22.9% during the 2nd quarter. Wells Fargo & Company MN now owns 2,033,976 shares of the construction company’s stock worth $128,892,000 after acquiring an additional 378,414 shares during the period. 94.42% of the stock is currently owned by institutional investors.

About Owens Corning (NYSE:OC)

Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential and commercial building materials worldwide. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and manufactures and sells glass fiber products in the form of fabrics, non-wovens, and other specialized products.

Featured Article: Call Option

Receive News & Ratings for Owens Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Owens Corning and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply