Owens Corning (NYSE:OC) Stock Rating Lowered by StockNews.com

by · The Markets Daily

StockNews.com cut shares of Owens Corning (NYSE:OC – Free Report) from a buy rating to a hold rating in a report published on Tuesday morning.

A number of other brokerages have also weighed in on OC. Barclays dropped their price target on Owens Corning from $190.00 to $189.00 and set an equal weight rating on the stock in a research note on Friday, July 12th. Loop Capital upped their price target on shares of Owens Corning from $188.00 to $215.00 and gave the company a buy rating in a research note on Friday, June 21st. Royal Bank of Canada lifted their price objective on shares of Owens Corning from $211.00 to $213.00 and gave the stock an outperform rating in a research note on Wednesday, August 7th. 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 report on Wednesday, August 7th. Finally, Benchmark reaffirmed a hold rating on shares of Owens Corning in a research report on Wednesday, August 7th. Eight research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus price target of $184.23.

Get Our Latest Analysis on Owens Corning

Owens Corning Trading Down 0.3 %

NYSE OC opened at $172.01 on Tuesday. Owens Corning has a 52 week low of $109.95 and a 52 week high of $191.13. The company has a 50 day moving average price of $167.21 and a 200 day moving average price of $170.47. The company has a quick ratio of 0.79, a current ratio of 1.37 and a debt-to-equity ratio of 0.91. The firm has a market cap of $14.91 billion, a PE ratio of 13.93, a price-to-earnings-growth ratio of 3.47 and a beta of 1.41.

Owens Corning (NYSE:OC – Get Free Report) last issued its quarterly earnings results on Tuesday, August 6th. The construction company reported $4.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.37 by $0.27. The business had revenue of $2.79 billion for 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 business’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period in the prior year, the firm posted $4.22 earnings per share. As a group, sell-side analysts forecast that Owens Corning will post 15.38 EPS for the current fiscal year.

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 4th. Stockholders of record on Friday, October 18th will be paid a dividend of $0.60 per share. The ex-dividend date is Friday, October 18th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.40%. Owens Corning’s payout ratio is 19.43%.

Insider Activity at Owens Corning

In other 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 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Marcio A. Sandri sold 3,051 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $176.50, for a total transaction 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 sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Marcio A. Sandri sold 3,050 shares of the 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 transaction, the insider now owns 60,130 shares in the company, valued at $10,222,100. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.89% of the company’s stock.

Institutional Trading of Owens Corning

A number of institutional investors and hedge funds have recently modified their holdings of OC. Sanctuary Advisors LLC purchased a new stake in shares of Owens Corning during the second quarter worth approximately $3,598,000. Kestra Investment Management LLC purchased a new stake in shares of Owens Corning during the second quarter worth $328,000. Cetera Investment Advisers raised its position in shares of Owens Corning by 18.8% in the second quarter. Cetera Investment Advisers now owns 15,170 shares of the construction company’s stock valued at $2,635,000 after buying an additional 2,405 shares during the last quarter. 3Chopt Investment Partners LLC purchased a new position in shares of Owens Corning in the second quarter worth about $753,000. Finally, Truist Financial Corp boosted its position in Owens Corning by 17.3% during the second quarter. Truist Financial Corp now owns 25,937 shares of the construction company’s stock worth $4,506,000 after acquiring an additional 3,816 shares during the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

About Owens Corning

(Get Free Report)

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.

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