Owens Corning Inc (OC) Hits New 1-Year High at $74.54
Owens Corning Inc (NYSE:OC) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $74.54 and last traded at $74.50, with a volume of 539,132 shares. The stock had previously closed at $74.00.
Several equities research analysts recently issued reports on the stock. Royal Bank Of Canada reissued a “buy” rating and issued a $71.00 target price on shares of Owens Corning in a report on Monday, June 19th. FBR & Co increased their target price on shares of Owens Corning from $63.00 to $70.00 and gave the stock a “mkt perform” rating in a report on Thursday, July 27th. KeyCorp reissued an “overweight” rating and issued a $75.00 target price (up from $70.00) on shares of Owens Corning in a report on Monday, June 26th. Credit Suisse Group assumed coverage on shares of Owens Corning in a report on Thursday, June 22nd. They issued an “outperform” rating and a $75.00 target price for the company. Finally, Macquarie raised shares of Owens Corning from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $54.00 to $68.00 in a report on Tuesday, June 20th. Six research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $71.15.
The stock has a market capitalization of $8.29 billion, a PE ratio of 21.43 and a beta of 1.04. The company’s 50-day moving average price is $67.83 and its 200-day moving average price is $63.58.
Owens Corning (NYSE:OC) last issued its quarterly earnings results on Wednesday, July 26th. The construction company reported $1.20 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.12. Owens Corning had a return on equity of 11.12% and a net margin of 6.61%. The firm had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same period in the previous year, the business earned $1.29 earnings per share. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. Analysts predict that Owens Corning Inc will post $4.28 earnings per share for the current fiscal year.
In other Owens Corning news, Director James J. Mcmonagle sold 2,000 shares of the business’s stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $64.60, for a total transaction of $129,200.00. Following the transaction, the director now owns 50,906 shares of the company’s stock, valued at $3,288,527.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Arnaud Genis sold 21,544 shares of the business’s stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $65.44, for a total value of $1,409,839.36. Following the transaction, the insider now directly owns 80,143 shares in the company, valued at approximately $5,244,557.92. The disclosure for this sale can be found here. Insiders have sold 89,031 shares of company stock valued at $6,118,197 over the last quarter. 1.80% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vantage Financial Partners Ltd. Inc. acquired a new position in Owens Corning during the second quarter worth $228,000. Creative Planning boosted its stake in Owens Corning by 104.3% during the second quarter. Creative Planning now owns 2,043 shares of the construction company’s stock worth $137,000 after buying an additional 1,043 shares during the last quarter. Point72 Asia Hong Kong Ltd boosted its stake in Owens Corning by 457.1% during the first quarter. Point72 Asia Hong Kong Ltd now owns 2,301 shares of the construction company’s stock worth $141,000 after buying an additional 1,888 shares during the last quarter. IFP Advisors Inc boosted its stake in Owens Corning by 45.3% during the first quarter. IFP Advisors Inc now owns 2,558 shares of the construction company’s stock worth $157,000 after buying an additional 798 shares during the last quarter. Finally, Penserra Capital Management LLC boosted its stake in Owens Corning by 9.5% during the first quarter. Penserra Capital Management LLC now owns 2,668 shares of the construction company’s stock worth $163,000 after buying an additional 232 shares during the last quarter. 96.78% of the stock is currently owned by institutional investors.
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Owens Corning Company Profile
Owens Corning is engaged in the business of composite and building materials systems, delivering a range of products and services. 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.