Owens Corning (OC) Hits New 1-Year High at $55.48
Owens Corning (NYSE:OC) reached a new 52-week high during trading on Tuesday . The company traded as high as $55.48 and last traded at $54.90, with a volume of 995,213 shares changing hands. The stock had previously closed at $54.99.
A number of equities research analysts have commented on OC shares. Royal Bank Of Canada raised their target price on Owens Corning from $53.00 to $57.00 in a report on Tuesday, April 12th. Wedbush raised their target price on Owens Corning from $50.00 to $52.00 in a report on Wednesday, April 6th. Zacks Investment Research raised Owens Corning from a “hold” rating to a “buy” rating and set a $58.00 target price for the company in a report on Thursday, April 28th. Jefferies Group reissued a “buy” rating and issued a $61.00 target price (up previously from $60.00) on shares of Owens Corning in a report on Tuesday, April 19th. Finally, Zelman & Associates downgraded Owens Corning from a “buy” rating to a “hold” rating in a report on Thursday, April 28th. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $53.25.
The stock has a market capitalization of $6.34 billion and a price-to-earnings ratio of 17.50. The firm’s 50-day moving average price is $51.93 and its 200 day moving average price is $48.04.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 2nd. Stockholders of record on Monday, July 18th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Thursday, July 14th. This represents a $0.72 annualized dividend and a dividend yield of 1.31%.
Other large investors have recently added to or reduced their stakes in the company. Rhumbline Advisers boosted its stake in Owens Corning by 1.7% in the fourth quarter. Rhumbline Advisers now owns 93,069 shares of the company’s stock valued at $4,377,000 after buying an additional 1,513 shares during the period. Hodges Capital Management Inc. boosted 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 valued at $2,166,000 after buying an additional 3,900 shares during the period. First Trust Advisors LP boosted 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 valued at $2,236,000 after buying an additional 7,907 shares during the period. Cornerstone Capital Management Holdings LLC. boosted its stake in Owens Corning by 5.4% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 344,250 shares of the company’s stock valued at $16,190,000 after buying an additional 17,513 shares during the period. Finally, Shell Asset Management Co. purchased a new stake in Owens Corning during the fourth quarter valued at approximately $1,106,000.
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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