Nomura Reiterates “Neutral” Rating for Owens Corning Inc (OC)
Owens Corning Inc (NYSE:OC)‘s stock had its “neutral” rating reissued by investment analysts at Nomura in a report released on Monday. They presently have a $79.00 price objective on the construction company’s stock. Nomura’s price objective would suggest a potential upside of 5.42% from the company’s current price.
A number of other research firms also recently commented on OC. BidaskClub upgraded Owens Corning from a “sell” rating to a “hold” rating in a report on Friday, August 25th. Jefferies Group LLC restated a “buy” rating and issued a $72.00 price objective on shares of Owens Corning in a report on Sunday, July 9th. Stifel Nicolaus restated a “buy” rating and issued a $83.00 price objective on shares of Owens Corning in a report on Friday, September 1st. Instinet restated a “buy” rating and issued a $74.00 price objective on shares of Owens Corning in a report on Thursday, June 1st. Finally, KeyCorp restated an “overweight” rating and issued a $75.00 price objective (up from $70.00) on shares of Owens Corning in a report on Monday, June 26th. Nine investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $72.10.
Owens Corning (NYSE OC) opened at 74.94 on Monday. The firm has a market capitalization of $8.33 billion, a P/E ratio of 21.53 and a beta of 1.04. Owens Corning has a 52-week low of $46.45 and a 52-week high of $76.84. The firm has a 50-day moving average price of $69.28 and a 200 day moving average price of $64.29.
Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, July 26th. The construction company reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.12. The company had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.48 billion. Owens Corning had a return on equity of 11.12% and a net margin of 6.61%. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same period last year, the business posted $1.29 EPS. Analysts forecast that Owens Corning will post $4.29 EPS for the current year.
In other Owens Corning news, VP Kelly Schmidt sold 1,462 shares of the firm’s stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $70.35, for a total transaction of $102,851.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Daniel T. Smith sold 41,425 shares of the firm’s stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $70.89, for a total value of $2,936,618.25. Following the sale, the vice president now owns 60,708 shares of the company’s stock, valued at approximately $4,303,590.12. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 84,166 shares of company stock valued at $5,978,205. 1.80% of the stock is owned by insiders.
Institutional investors and hedge funds have recently modified their holdings of the company. Vantage Financial Partners Ltd. Inc. acquired a new position in shares of Owens Corning in the 2nd quarter worth approximately $228,000. Creative Planning grew its position in shares of Owens Corning by 104.3% in the 2nd quarter. Creative Planning now owns 2,043 shares of the construction company’s stock worth $137,000 after acquiring an additional 1,043 shares in the last quarter. Point72 Asia Hong Kong Ltd grew its position in shares of Owens Corning by 457.1% in the 1st quarter. Point72 Asia Hong Kong Ltd now owns 2,301 shares of the construction company’s stock worth $141,000 after acquiring an additional 1,888 shares in the last quarter. Penserra Capital Management LLC grew its position in shares of Owens Corning by 9.5% in the 1st quarter. Penserra Capital Management LLC now owns 2,668 shares of the construction company’s stock worth $163,000 after acquiring an additional 232 shares in the last quarter. Finally, First Bank & Trust grew its position in shares of Owens Corning by 3.6% in the 2nd quarter. First Bank & Trust now owns 3,024 shares of the construction company’s stock worth $202,000 after acquiring an additional 104 shares in the last quarter. Institutional investors own 96.78% of the company’s stock.
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.
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