Traders Buy Shares of Owens Corning (OC) on Weakness
Traders bought shares of Owens Corning (NYSE:OC) on weakness during trading hours on Friday. $16.82 million flowed into the stock on the tick-up and $12.56 million flowed out of the stock on the tick-down, for a money net flow of $4.26 million into the stock. Of all stocks tracked, Owens Corning had the 11th highest net in-flow for the day. Owens Corning traded down ($0.17) for the day and closed at $53.76
OC has been the topic of several recent analyst reports. Wedbush boosted their price target on Owens Corning from $50.00 to $52.00 in a research note on Wednesday, April 6th. Royal Bank Of Canada boosted their price target on Owens Corning from $53.00 to $57.00 in a research note on Tuesday, April 12th. Jefferies Group reaffirmed a “buy” rating and issued a $61.00 price target (up previously from $60.00) on shares of Owens Corning in a research note on Tuesday, April 19th. Zacks Investment Research raised Owens Corning from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a research note on Thursday, April 28th. Finally, FBR & Co lowered Owens Corning from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $56.00 to $53.00 in a research note on Thursday, April 28th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the stock. Owens Corning has an average rating of “Hold” and an average target price of $51.75.
The company’s 50 day moving average price is $50.93 and its 200-day moving average price is $47.40. The company has a market capitalization of $6.21 billion and a price-to-earnings ratio of 17.14.
Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, April 27th. The company reported $0.53 EPS for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.19. The company had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter last year, the business earned $0.19 EPS. Owens Corning’s revenue was up 2.3% on a year-over-year basis. Analysts expect that Owens Corning will post $3.07 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 2nd. Shareholders of record on Monday, July 18th will be paid a dividend of $0.18 per share. The ex-dividend date is Thursday, July 14th. This represents a $0.72 dividend on an annualized basis and a yield of 1.34%.
In other Owens Corning news, VP Kelly Schmidt sold 2,000 shares of the firm’s stock in a transaction on Monday, April 11th. The stock was sold at an average price of $50.00, for a total transaction of $100,000.00. Following the transaction, the vice president now owns 8,996 shares in the company, valued at approximately $449,800. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.
Several institutional investors have modified their holdings of OC. Shell Asset Management Co. acquired a new position in shares of Owens Corning during the fourth quarter valued at about $1,106,000. Robeco Institutional Asset Management B.V. acquired a new position in shares of Owens Corning during the fourth quarter valued at about $1,792,000. Hodges Capital Management Inc. raised its position in shares of Owens Corning by 9.3% in the fourth quarter. Hodges Capital Management Inc. now owns 46,050 shares of the company’s stock valued at $2,166,000 after buying an additional 3,900 shares during the last quarter. First Trust Advisors LP raised its position in shares of Owens Corning by 19.9% in the fourth quarter. First Trust Advisors LP now owns 47,545 shares of the company’s stock valued at $2,236,000 after buying an additional 7,907 shares during the last quarter. Finally, D L Carlson Investment Group Inc. raised its position in shares of Owens Corning by 1.4% in the fourth quarter. D L Carlson Investment Group Inc. now owns 52,065 shares of the company’s stock valued at $2,449,000 after buying an additional 725 shares during the last quarter.
Owens Corning is a holding company. The Company is engaged in composite and building materials systems. The Company’s products range from glass fiber used to reinforce composite materials for transportation, electronics, marine, infrastructure, wind energy and other markets to insulation and roofing for residential, commercial and industrial applications.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.