Owens Corning (OC) Stock Price Down 0.7%
Owens Corning (NYSE:OC)’s share price fell 0.7% during mid-day trading on Friday . The company traded as low as $53.10 and last traded at $53.54, with a volume of 605,110 shares. The stock had previously closed at $53.93.
A number of brokerages have issued reports on OC. Jefferies Group restated a “buy” rating on shares of Owens Corning in a research report on Wednesday. Wedbush boosted their price objective on shares of Owens Corning from $52.00 to $58.00 and gave the company a “neutral” rating in a research report on Wednesday. Zacks Investment Research raised shares of Owens Corning from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a research report on Wednesday, June 29th. Zelman & Associates lowered shares of Owens Corning from a “buy” rating to a “hold” rating in a research report on Thursday, April 28th. Finally, MKM Partners boosted their price objective on shares of Owens Corning from $38.00 to $42.00 and gave the company a “sell” rating in a research report on Thursday, April 28th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. Owens Corning has a consensus rating of “Hold” and a consensus price target of $51.75.
The stock has a 50 day moving average of $50.93 and a 200-day moving average of $47.40. The firm has a market capitalization of $6.21 billion and a P/E ratio of 17.14.
Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, April 27th. The company reported $0.53 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.19. The business had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.24 billion. The business’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter last year, the business posted $0.19 EPS. Analysts predict that Owens Corning will post $3.07 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 2nd. Shareholders of record on Monday, July 18th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.34%. The ex-dividend date is Thursday, July 14th.
In other Owens Corning news, VP Kelly Schmidt sold 2,000 shares of the firm’s stock in a transaction dated Monday, April 11th. The shares were sold at an average price of $50.00, for a total value of $100,000.00. Following the completion of the transaction, the vice president now directly owns 8,996 shares in the company, valued at $449,800. The sale was disclosed in a filing with the SEC, which is accessible through this link.
Several hedge funds recently bought and sold shares of the company. Shell Asset Management Co. bought a new stake in Owens Corning during the fourth quarter worth about $1,106,000. Robeco Institutional Asset Management B.V. bought a new stake in Owens Corning during the fourth quarter worth about $1,792,000. Hodges Capital Management Inc. raised 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 worth $2,166,000 after buying an additional 3,900 shares during the period. First Trust Advisors LP raised 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 worth $2,236,000 after buying an additional 7,907 shares during the period. Finally, D L Carlson Investment Group Inc. raised its stake 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 during the period.
Owens Corning is a holding company. The Company is engaged in 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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