Owens Corning (OC) Given Average Recommendation of “Buy” by Brokerages
Shares of Owens Corning (NYSE:OC) have been given a consensus rating of “Buy” by the twenty-five ratings firms that are presently covering the stock, MarketBeat reports. Nine research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $72.10.
OC has been the topic of a number of analyst reports. Jefferies Group LLC reaffirmed a “buy” rating and issued a $77.00 price objective on shares of Owens Corning in a research report on Wednesday, July 19th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $71.00 price objective on shares of Owens Corning in a research report on Monday, June 19th. Instinet reaffirmed a “buy” rating and issued a $74.00 price objective on shares of Owens Corning in a research report on Thursday, June 1st. BidaskClub raised shares of Owens Corning from a “hold” rating to a “buy” rating in a research report on Saturday, June 24th. Finally, Zacks Investment Research raised shares of Owens Corning from a “hold” rating to a “buy” rating and set a $75.00 price objective on the stock in a research report on Wednesday, June 28th.
In other news, Chairman Michael H. Thaman sold 130,700 shares of the company’s stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $74.95, for a total value of $9,795,965.00. Following the sale, the chairman now directly owns 847,992 shares of the company’s stock, valued at approximately $63,557,000.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Brian Chambers sold 16,600 shares of the company’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $67.18, for a total transaction of $1,115,188.00. Following the completion of the sale, the insider now directly owns 39,957 shares in the company, valued at $2,684,311.26. The disclosure for this sale can be found here. Insiders sold a total of 212,866 shares of company stock worth $15,644,970 over the last ninety days. Insiders own 1.80% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of OC. Creative Planning lifted its stake 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 valued at $137,000 after purchasing an additional 1,043 shares during the period. Point72 Asia Hong Kong Ltd lifted its stake 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 valued at $141,000 after purchasing an additional 1,888 shares during the period. Penserra Capital Management LLC lifted its stake 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 valued at $163,000 after purchasing an additional 232 shares during the period. First Bank & Trust lifted its stake 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 valued at $202,000 after purchasing an additional 104 shares during the period. Finally, American Trust Investment Advisors LLC acquired a new position in shares of Owens Corning in the 1st quarter valued at $212,000. Hedge funds and other institutional investors own 96.78% of the company’s stock.
Owens Corning (NYSE:OC) traded up 0.37% during midday trading on Friday, hitting $75.50. 1,211,189 shares of the stock were exchanged. Owens Corning has a 12 month low of $46.45 and a 12 month high of $76.84. The firm’s 50 day moving average price is $70.31 and its 200 day moving average price is $64.69. The company has a market cap of $8.40 billion, a PE ratio of 21.69 and a beta of 1.04.
Owens Corning (NYSE:OC) last issued its quarterly earnings data on Wednesday, July 26th. The construction company reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.12. Owens Corning had a net margin of 6.01% and a return on equity of 9.77%. The firm had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter in the previous year, the firm earned $1.29 EPS. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. On average, equities research analysts forecast that Owens Corning will post $4.30 earnings per share for the current fiscal year.
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About Owens Corning
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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