Owens Corning (OC) Shares Down 6.9%
Shares of Owens Corning (NYSE:OC) traded down 6.9% during mid-day trading on Wednesday . The company traded as low as $50.88 and last traded at $51.20, with a volume of 2,922,611 shares traded. The stock had previously closed at $55.00.
A number of analysts have issued reports on the company. Jefferies Group reissued a “buy” rating and issued a $61.00 price target (up 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. FBR & Co lowered Owens Corning from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $56.00 to $53.00 in a research note on Thursday, April 28th. Goldman Sachs Group Inc. raised 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 note on Monday, July 11th. Finally, Wedbush reissued a “neutral” rating and issued a $52.00 price target on shares of Owens Corning in a research note on Wednesday, April 27th. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $53.25.
The firm has a market cap of $6.08 billion and a P/E ratio of 16.80. The stock has a 50 day moving average of $52.06 and a 200-day moving average of $48.11.
Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $1.29 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.44. The business had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.46 billion. During the same period in the previous year, the firm posted $0.76 earnings per share. The firm’s quarterly revenue was up 10.1% on a year-over-year basis. Analysts anticipate that Owens Corning will post $3.09 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 given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.37%. The ex-dividend date of this dividend is Thursday, July 14th.
A number of hedge funds and institutional investors have bought and sold shares of OC. Shell Asset Management Co. acquired a new position in Owens Corning during the fourth quarter valued at $1,106,000. Robeco Institutional Asset Management B.V. acquired a new position in Owens Corning during the fourth quarter valued at $1,792,000. Hodges Capital Management Inc. raised 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 valued at $2,166,000 after buying an additional 3,900 shares during the last quarter. First Trust Advisors LP raised 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 valued at $2,236,000 after buying an additional 7,907 shares during the last quarter. Finally, Rhumbline Advisers raised its position 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 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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