Analysts at Deutsche Bank initiated coverage on shares of Owens Corning (NYSE:OC) in a research report issued to clients and investors on Wednesday, The Fly reports. The brokerage set a “buy” rating on the construction company’s stock.
A number of other research analysts have also weighed in on OC. ValuEngine lowered shares of Owens Corning from a “sell” rating to a “strong sell” rating in a research report on Thursday, October 24th. Barclays upped their price objective on shares of Owens Corning from $65.00 to $68.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Wells Fargo & Co upgraded shares of Owens Corning from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $65.15 to $77.00 in a research note on Monday. Buckingham Research raised shares of Owens Corning from a “neutral” rating to a “buy” rating in a research report on Tuesday, October 22nd. Finally, Argus raised shares of Owens Corning from a “hold” rating to a “buy” rating and set a $72.00 target price on the stock in a research report on Tuesday, October 29th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and ten have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $61.12.
OC stock traded up $0.73 during mid-day trading on Wednesday, reaching $67.20. 1,211,887 shares of the company traded hands, compared to its average volume of 1,623,341. The company has a quick ratio of 0.87, a current ratio of 1.69 and a debt-to-equity ratio of 0.73. The firm’s 50 day moving average price is $62.61 and its 200 day moving average price is $56.61. The stock has a market cap of $7.30 billion, a price-to-earnings ratio of 13.60, a P/E/G ratio of 1.76 and a beta of 1.24. Owens Corning has a fifty-two week low of $40.64 and a fifty-two week high of $67.61.
In other Owens Corning news, Chairman Michael H. Thaman sold 50,000 shares of the firm’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $62.00, for a total value of $3,100,000.00. Following the completion of the sale, the chairman now directly owns 777,513 shares of the company’s stock, valued at $48,205,806. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director W Howard Morris sold 1,000 shares of the firm’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $65.16, for a total value of $65,160.00. Following the completion of the sale, the director now directly owns 37,766 shares of the company’s stock, valued at $2,460,832.56. The disclosure for this sale can be found here. Insiders have sold 65,558 shares of company stock valued at $4,093,346 in the last 90 days. 1.70% of the stock is currently owned by corporate insiders.
Hedge funds have recently bought and sold shares of the company. Quantamental Technologies LLC purchased a new stake in Owens Corning in the 2nd quarter worth about $33,000. Private Capital Group LLC lifted its holdings in Owens Corning by 95.8% during the second quarter. Private Capital Group LLC now owns 793 shares of the construction company’s stock valued at $50,000 after purchasing an additional 388 shares during the last quarter. Quadrant Capital Group LLC lifted its holdings in Owens Corning by 103.9% during the third quarter. Quadrant Capital Group LLC now owns 1,052 shares of the construction company’s stock valued at $65,000 after purchasing an additional 536 shares during the last quarter. MUFG Americas Holdings Corp bought a new position in Owens Corning during the second quarter worth about $76,000. Finally, NEXT Financial Group Inc boosted its position in Owens Corning by 105.1% during the second quarter. NEXT Financial Group Inc now owns 1,641 shares of the construction company’s stock worth $96,000 after purchasing an additional 841 shares during the period. Institutional investors own 97.83% of the company’s stock.
Owens Corning Company Profile
Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential, commercial, and industrial 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.
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