Owens Corning (OC) Hits New 1-Year High at $55.48
Owens Corning (NYSE:OC) reached a new 52-week high on Tuesday . The company traded as high as $55.48 and last traded at $54.90, with a volume of 995,213 shares traded. The stock had previously closed at $54.99.
A number of research firms recently weighed in on OC. Royal Bank Of Canada upped their target price on shares of Owens Corning from $57.00 to $62.00 and gave the stock an “outperform” rating in a report on Thursday. Stifel Nicolaus upped their target price on shares of Owens Corning from $55.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday. MKM Partners upped their target price on shares of Owens Corning from $38.00 to $42.00 and gave the stock a “sell” rating in a report on Thursday, April 28th. Jefferies Group restated a “buy” rating and issued a $61.00 target price on shares of Owens Corning in a report on Sunday, May 22nd. Finally, Zacks Investment Research lowered shares of Owens Corning from a “buy” rating to a “hold” rating in a report on Wednesday, May 4th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $54.33.
The company has a market capitalization of $6.29 billion and a P/E ratio of 17.36. The stock has a 50 day moving average of $52.12 and a 200 day moving average of $48.14.
Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, July 27th. The company reported $1.29 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.86 by $0.43. The firm earned $1.55 billion during the quarter, compared to analysts’ expectations of $1.46 billion. The company’s revenue was up 10.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.76 EPS. Equities research analysts expect that Owens Corning will post $3.09 earnings per share for the current year.
The business 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 $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.37%. The ex-dividend date is Thursday, July 14th.
Other hedge funds and institutional investors recently bought and sold shares of the company. Shell Asset Management Co. bought a new position in Owens Corning during the fourth quarter valued at approximately $1,106,000. Robeco Institutional Asset Management B.V. acquired a new position in Owens Corning during the fourth quarter worth approximately $1,792,000. Hodges Capital Management Inc. increased 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 during the period. First Trust Advisors LP increased 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 during the period. Finally, Rhumbline Advisers increased 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 during the period.
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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