Owens Corning (OC) Reaches New 12-Month High at $54.86
Owens Corning (NYSE:OC)’s share price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $54.86 and last traded at $54.49, with a volume of 467,413 shares traded. The stock had previously closed at $54.15.
Several equities analysts recently issued reports on the company. Goldman Sachs Group Inc. upgraded Owens Corning from a “sell” rating to a “neutral” rating and raised their price target for the stock from $51.00 to $58.00 in a research report on Monday, July 11th. Jefferies Group restated a “buy” rating on shares of Owens Corning in a research report on Wednesday, July 6th. Wedbush raised their price target on Owens Corning from $52.00 to $58.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 6th. Royal Bank Of Canada lifted their price objective on Owens Corning from $53.00 to $57.00 in a research report on Tuesday, April 12th. Finally, Zacks Investment Research upgraded 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. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company. Owens Corning presently has an average rating of “Hold” and a consensus target price of $53.25.
The company has a market capitalization of $6.34 billion and a price-to-earnings ratio of 17.50. The stock’s 50-day moving average price is $51.34 and its 200 day moving average price is $47.66.
Owens Corning (NYSE:OC) last issued its quarterly earnings data on Wednesday, April 27th. The company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.19. The company had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $1.24 billion. The company’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter last year, the company earned $0.19 earnings per share. On average, equities analysts forecast that Owens Corning will post $3.08 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 given a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, July 14th. This represents a $0.72 dividend on an annualized basis and a yield of 1.31%.
Other hedge funds and institutional investors have added to or reduced their stakes in the company. D L Carlson Investment Group Inc. boosted its position 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 in the last quarter. Rhumbline Advisers boosted its position in Owens Corning by 1.7% in the fourth quarter. Rhumbline Advisers now owns 93,069 shares of the company’s stock worth $4,377,000 after buying an additional 1,513 shares in the last quarter. Brown Advisory Inc. boosted its position in Owens Corning by 0.4% in the fourth quarter. Brown Advisory Inc. now owns 953,144 shares of the company’s stock worth $44,826,000 after buying an additional 3,596 shares in the last quarter. Hodges Capital Management Inc. boosted its position 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 in the last quarter. Finally, First Trust Advisors LP boosted its position 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 in the last quarter.
Owens Corning is a holding company, which is engaged in the business of 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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