Owens Corning (OC) Downgraded by Zacks Investment Research to Hold
Owens Corning (NYSE:OC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “Owens Corning is a world leader in building materials systems and composite solutions. Owens Corning people redefine what is possible each day to deliver high-quality products and services ranging from insulation, roofing, siding and stone, to glass composite materials used in transportation, electronics, telecommunications and other high-performance applications. Owens Corning has become a market-leading innovator of glass-fiber technology with sales. “
A number of other research analysts also recently weighed in on the company. Wells Fargo & Co. began coverage on Owens Corning in a report on Thursday, September 29th. They issued a “market perform” rating on the stock. Bank of America Corp. began coverage on Owens Corning in a report on Friday, September 23rd. They issued a “neutral” rating and a $59.00 target price on the stock. Credit Suisse Group AG began coverage on Owens Corning in a report on Thursday, August 11th. They issued an “underperform” rating and a $51.00 target price on the stock. Citigroup Inc. increased their target price on Owens Corning from $41.00 to $43.00 and gave the company a “sell” rating in a report on Friday, July 29th. Finally, FBR & Co increased their target price on Owens Corning from $53.00 to $57.00 and gave the company a “market perform” rating in a report on Friday, July 29th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $54.75.
Shares of Owens Corning (NYSE:OC) opened at 53.11 on Wednesday. The company has a market cap of $6.09 billion, a P/E ratio of 14.99 and a beta of 1.41. The company has a 50-day moving average price of $53.42 and a 200-day moving average price of $51.51. Owens Corning has a 52-week low of $38.96 and a 52-week high of $58.69.
Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, July 27th. The company reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.43. Owens Corning had a return on equity of 10.57% and a net margin of 7.52%. The company had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter in the prior year, the company earned $0.76 earnings per share. Owens Corning’s revenue was up 10.1% on a year-over-year basis. On average, equities analysts predict that Owens Corning will post $3.45 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 2nd. Shareholders of record on Monday, October 17th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.36%. The ex-dividend date of this dividend is Thursday, October 13th. Owens Corning’s dividend payout ratio is presently 20.28%.
In other Owens Corning news, Chairman Michael H. Thaman sold 150,000 shares of the firm’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $53.19, for a total transaction of $7,978,500.00. Following the completion of the transaction, the chairman now owns 835,189 shares in the company, valued at approximately $44,423,702.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Arnaud Genis sold 66,619 shares of the firm’s stock in a transaction that occurred on Tuesday, August 30th. The shares were sold at an average price of $54.68, for a total value of $3,642,726.92. Following the transaction, the insider now owns 101,538 shares of the company’s stock, valued at approximately $5,552,097.84. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in OC. NN Investment Partners Holdings N.V. purchased a new position in Owens Corning during the first quarter valued at $179,000. Acrospire Investment Management LLC bought a new position in shares of Owens Corning during the first quarter worth approximately $109,000. JPMorgan Chase & Co. boosted its position in shares of Owens Corning by 22.1% in the first quarter. JPMorgan Chase & Co. now owns 928,052 shares of the company’s stock worth $43,878,000 after buying an additional 168,241 shares during the period. Columbia Partners L L C Investment Management boosted its position in shares of Owens Corning by 1.5% in the first quarter. Columbia Partners L L C Investment Management now owns 18,025 shares of the company’s stock worth $852,000 after buying an additional 266 shares during the period. Finally, Massmutual Trust Co. FSB ADV boosted its position in shares of Owens Corning by 5.7% in the first quarter. Massmutual Trust Co. FSB ADV now owns 8,179 shares of the company’s stock worth $387,000 after buying an additional 440 shares during the period.
Owens Corning Company Profile
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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