Investors Buy Owens Corning (OC) on Weakness
Investors purchased 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 equities 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
Several analysts have recently weighed in on the stock. Jefferies Group restated a “buy” rating on shares of Owens Corning in a research report on Wednesday. Wedbush raised their price objective on shares of Owens Corning from $52.00 to $58.00 and gave the company a “neutral” rating in a research report on Wednesday. Royal Bank Of Canada raised their price objective on shares of Owens Corning from $53.00 to $57.00 in a research report on Tuesday, April 12th. Zacks Investment Research upgraded shares of Owens Corning from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a research report on Wednesday, June 29th. Finally, Zelman & Associates cut shares of Owens Corning from a “buy” rating to a “hold” rating in a research report on Thursday, April 28th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company’s stock. Owens Corning has a consensus rating of “Hold” and a consensus target price of $51.75.
The firm’s 50 day moving average price is $50.93 and its 200 day moving average price is $47.40. The company has a market cap of $6.21 billion and a PE ratio of 17.14.
Owens Corning (NYSE:OC) last released its earnings results on Wednesday, April 27th. The company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.34 by $0.19. During the same period last year, the firm posted $0.19 EPS. The company earned $1.23 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Owens Corning’s quarterly revenue was up 2.3% compared to the same quarter last year. On average, equities research analysts forecast that Owens Corning will post $3.07 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 2nd. Investors of record on Monday, July 18th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.34%. The ex-dividend date of this dividend is Thursday, July 14th.
In related news, VP Kelly Schmidt sold 2,000 shares of the company’s stock in a transaction on Monday, April 11th. The shares were sold at an average price of $50.00, for a total transaction of $100,000.00. Following the sale, the vice president now owns 8,996 shares of the company’s stock, valued at $449,800. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.
A number of large investors have added to or reduced their stakes in the stock. Shell Asset Management Co. acquired a new stake in Owens Corning during the fourth quarter worth about $1,106,000. Robeco Institutional Asset Management B.V. acquired a new stake in Owens Corning during the fourth quarter worth about $1,792,000. Hodges Capital Management Inc. increased its stake in Owens Corning by 9.3% in the fourth quarter. Hodges Capital Management Inc. now owns 46,050 shares of the company’s stock worth $2,166,000 after buying an additional 3,900 shares during the last quarter. First Trust Advisors LP increased its stake in Owens Corning by 19.9% in the fourth quarter. First Trust Advisors LP now owns 47,545 shares of the company’s stock worth $2,236,000 after buying an additional 7,907 shares during the last quarter. Finally, D L Carlson Investment Group Inc. increased its stake in 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 worth $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.
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