Owens Corning (NYSE:OC) Upgraded to “Buy” by StockNews.com

StockNews.com upgraded shares of Owens Corning (NYSE:OC) from a hold rating to a buy rating in a research report sent to investors on Thursday morning.

A number of other equities research analysts have also issued reports on OC. UBS Group upped their target price on Owens Corning from $192.00 to $197.00 and gave the company a “buy” rating in a research note on Wednesday, August 7th. Evercore ISI upped their target price on Owens Corning from $175.00 to $189.00 and gave the company an “in-line” rating in a research note on Wednesday, October 16th. Royal Bank of Canada increased their price target on Owens Corning from $211.00 to $213.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Citigroup raised Owens Corning from a “neutral” rating to a “buy” rating and increased their price target for the stock from $178.00 to $191.00 in a research note on Thursday, July 11th. Finally, Wells Fargo & Company increased their price target on Owens Corning from $165.00 to $175.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, Owens Corning presently has a consensus rating of “Moderate Buy” and an average target price of $187.77.

Owens Corning Stock Down 0.8 %

Shares of NYSE:OC opened at $181.90 on Thursday. The company has a market cap of $15.76 billion, a price-to-earnings ratio of 14.73, a PEG ratio of 2.24 and a beta of 1.41. The firm’s 50-day simple moving average is $172.47 and its 200-day simple moving average is $172.36. The company has a quick ratio of 0.79, a current ratio of 1.37 and a debt-to-equity ratio of 0.91. Owens Corning has a fifty-two week low of $110.96 and a fifty-two week high of $191.44.

Owens Corning (NYSE:OC) last announced 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. Owens Corning had a net margin of 10.66% and a return on equity of 26.33%. The firm had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.92 billion. During the same quarter last year, the business earned $4.22 earnings per share. The business’s revenue for the quarter was up 8.8% compared to the same quarter last year. As a group, equities research analysts predict that Owens Corning will post 15.34 earnings per share for the current year.

Owens Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 4th. Investors of record on Friday, October 18th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Friday, October 18th. This represents a $2.40 annualized dividend and a yield of 1.32%. Owens Corning’s dividend payout ratio is currently 19.43%.

Insider Activity at Owens Corning

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

Hedge Funds Weigh In On Owens Corning

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC boosted its position in Owens Corning by 102.0% in the 2nd quarter. SG Americas Securities LLC now owns 41,525 shares of the construction company’s stock valued at $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% during the first 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 purchasing an additional 14,011 shares during the last quarter. Ontario Teachers Pension Plan Board bought a new position in shares of Owens Corning during the first quarter worth about $997,000. Twin Tree Management LP lifted its position in shares of Owens Corning by 61.8% during the first quarter. Twin Tree Management LP now owns 8,997 shares of the construction company’s stock worth $1,501,000 after purchasing an additional 3,436 shares during the last quarter. Finally, Verus Capital Partners LLC bought a new position in shares of Owens Corning during the first quarter worth about $539,000. 88.40% of the stock is owned by hedge funds and other institutional investors.

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.