Owens Corning (NYSE:OC) Reaches New 12-Month High – Should You Buy?

Owens Corning (NYSE:OC)’s share price reached a new 52-week high on Thursday . The stock traded as high as $198.99 and last traded at $198.68, with a volume of 57263 shares. The stock had previously closed at $195.77.

Wall Street Analysts Forecast Growth

OC has been the subject of a number of recent analyst reports. Benchmark restated a “hold” rating on shares of Owens Corning in a research report on Wednesday, August 7th. UBS Group boosted their price objective on Owens Corning from $197.00 to $218.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Royal Bank of Canada increased their price objective on shares of Owens Corning from $213.00 to $217.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Wells Fargo & Company upped their target price on shares of Owens Corning from $175.00 to $195.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 7th. Finally, Evercore ISI upped their price objective on Owens Corning from $189.00 to $196.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Owens Corning currently has a consensus rating of “Moderate Buy” and an average price target of $192.62.

Owens Corning Price Performance

The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85. The company’s 50-day simple moving average is $177.66 and its 200-day simple moving average is $174.25. The stock has a market capitalization of $17.05 billion, a P/E ratio of 16.66, a price-to-earnings-growth ratio of 2.14 and a beta of 1.41.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, November 6th. The construction company reported $4.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.05 by $0.33. The company had revenue of $3.05 billion during the quarter, compared to analysts’ expectations of $3.04 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The business’s revenue was up 22.9% on a year-over-year basis. During the same period last year, the firm posted $4.15 earnings per share. As a group, sell-side analysts expect that Owens Corning will post 15.39 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, November 4th. Investors of record on Friday, October 18th were paid a $0.60 dividend. The ex-dividend date was Friday, October 18th. This represents a $2.40 dividend on an annualized basis and a yield of 1.21%. Owens Corning’s dividend payout ratio (DPR) is currently 20.43%.

Insiders Place Their Bets

In related news, insider Marcio A. Sandri sold 3,050 shares of Owens Corning stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $170.00, for a total transaction of $518,500.00. Following the completion of the sale, the insider now directly owns 60,130 shares of the company’s stock, valued at approximately $10,222,100. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, insider Marcio A. Sandri sold 3,050 shares of the firm’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 transaction of $518,500.00. Following the transaction, the insider now directly owns 60,130 shares of the company’s stock, valued at approximately $10,222,100. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Marcio A. Sandri sold 3,051 shares of the business’s stock in a transaction that occurred on 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 sale, the insider now 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 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 have recently added to or reduced their stakes in the company. ST Germain D J Co. Inc. increased its stake in shares of Owens Corning by 794.1% in the 2nd quarter. ST Germain D J Co. Inc. now owns 152 shares of the construction company’s stock valued at $26,000 after purchasing an additional 135 shares during the last quarter. Innealta Capital LLC acquired a new position in Owens Corning during the second quarter worth about $32,000. Tobam lifted its holdings in shares of Owens Corning by 115.7% in the second quarter. Tobam now owns 192 shares of the construction company’s stock worth $33,000 after acquiring an additional 103 shares during the last quarter. Brooklyn Investment Group acquired a new stake in shares of Owens Corning in the 3rd quarter valued at approximately $38,000. Finally, Quarry LP lifted its stake in shares of Owens Corning by 165.5% in the 2nd quarter. Quarry LP now owns 231 shares of the construction company’s stock valued at $40,000 after acquiring an additional 144 shares during the last quarter. 88.40% of the stock is currently owned by institutional investors and hedge funds.

About Owens Corning

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.