Owens Corning (OC) Sets New 12-Month High at $54.86
Owens Corning (NYSE:OC) hit a new 52-week high on Friday . The company traded as high as $54.86 and last traded at $54.49, with a volume of 467,413 shares traded. The stock had previously closed at $54.15.
A number of brokerages recently weighed in on OC. Zacks Investment Research upgraded Owens Corning from a “hold” rating to a “buy” rating and set a $58.00 price objective on the stock in a research report on Thursday, April 28th. Wedbush restated a “neutral” rating and set a $52.00 price objective on shares of Owens Corning in a research report on Wednesday, April 27th. Jefferies Group restated a “buy” rating on shares of Owens Corning in a research report on Thursday, April 28th. Goldman Sachs Group Inc. upgraded Owens Corning from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $51.00 to $58.00 in a research report on Monday. Finally, MKM Partners boosted their price objective on Owens Corning from $38.00 to $42.00 and gave the stock a “sell” rating in a research report on Thursday, April 28th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company. Owens Corning currently has an average rating of “Hold” and a consensus price target of $53.25.
The stock has a market capitalization of $6.29 billion and a price-to-earnings ratio of 17.35. The company’s 50 day moving average price is $51.23 and its 200 day moving average price is $47.60.
Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, April 27th. The company reported $0.53 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.19. During the same period last year, the business posted $0.19 earnings per share. The company had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.24 billion. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. On average, equities research analysts anticipate that Owens Corning will post $3.08 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 2nd. Stockholders of record on Monday, July 18th will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, July 14th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.33%.
Several hedge funds and institutional investors recently made changes to their positions in the stock. Telemark Asset Management LLC bought a new position in shares of Owens Corning during the fourth quarter worth about $7,055,000. Principal Financial Group Inc. raised its stake in Owens Corning by 38.5% in the fourth quarter. Principal Financial Group Inc. now owns 949,654 shares of the company’s stock worth $44,662,000 after buying an additional 264,148 shares in the last quarter. Cornerstone Capital Management Holdings LLC. raised 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 worth $16,190,000 after buying an additional 17,513 shares in the last quarter. 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 in the last quarter. Finally, Vanguard Group Inc. raised its stake in Owens Corning by 14.5% in the fourth quarter. Vanguard Group Inc. now owns 8,652,856 shares of the company’s stock worth $406,943,000 after buying an additional 1,096,410 shares in 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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