Owens Corning (OC) Stock Rating Lowered by Zacks Investment Research
Owens Corning (NYSE:OC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.
According to Zacks, “Owens Corning is a world leader in building materials systems and composite solutions. Owens Corning people redefine what is possible each day to deliver high-quality products and services ranging from insulation, roofing, siding and stone, to glass composite materials used in transportation, electronics, telecommunications and other high-performance applications. Owens Corning has become a market-leading innovator of glass-fiber technology with sales. “
OC has been the subject of several other reports. Citigroup reiterated a “sell” rating and set a $69.00 target price (up from $49.00) on shares of Owens Corning in a report on Tuesday, October 3rd. BidaskClub upgraded shares of Owens Corning from a “sell” rating to a “hold” rating in a report on Friday, August 25th. Credit Suisse Group set a $90.00 target price on shares of Owens Corning and gave the company an “outperform” rating in a report on Tuesday, October 17th. Royal Bank Of Canada reiterated a “buy” rating on shares of Owens Corning in a report on Tuesday, October 3rd. Finally, Jefferies Group restated a “buy” rating and issued a $82.00 price objective on shares of Owens Corning in a report on Friday, October 6th. Nine equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. Owens Corning presently has an average rating of “Buy” and a consensus target price of $81.10.
Shares of Owens Corning (OC) traded up $1.20 during mid-day trading on Wednesday, hitting $87.85. The company had a trading volume of 1,067,600 shares, compared to its average volume of 1,060,383. The company has a quick ratio of 0.99, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. Owens Corning has a one year low of $50.77 and a one year high of $91.40. The stock has a market capitalization of $9,639.03, a P/E ratio of 21.56, a PEG ratio of 1.31 and a beta of 1.09.
Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, October 25th. The construction company reported $1.25 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.26 by ($0.01). Owens Corning had a net margin of 5.64% and a return on equity of 9.57%. The firm had revenue of $1.70 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter in the previous year, the business earned $1.09 EPS. The company’s revenue for the quarter was up 12.2% on a year-over-year basis. sell-side analysts predict that Owens Corning will post 4.33 earnings per share for the current fiscal year.
In related news, Chairman Michael H. Thaman sold 130,700 shares of the firm’s stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $74.95, for a total transaction of $9,795,965.00. Following the sale, the chairman now owns 847,992 shares in the company, valued at $63,557,000.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Ava Harter sold 487 shares of the firm’s stock in a transaction on Friday, November 10th. The shares were sold at an average price of $81.96, for a total transaction of $39,914.52. The disclosure for this sale can be found here. In the last three months, insiders have sold 260,633 shares of company stock valued at $20,992,687. 1.80% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in OC. Investec Asset Management LTD acquired a new stake in shares of Owens Corning in the third quarter valued at about $75,591,000. Boston Partners purchased a new position in Owens Corning during the second quarter worth about $26,195,000. Allianz Asset Management GmbH raised its stake in Owens Corning by 22.4% during the third quarter. Allianz Asset Management GmbH now owns 1,798,466 shares of the construction company’s stock worth $139,112,000 after purchasing an additional 328,726 shares during the period. FMR LLC raised its stake in Owens Corning by 118.4% during the second quarter. FMR LLC now owns 572,911 shares of the construction company’s stock worth $38,339,000 after purchasing an additional 310,559 shares during the period. Finally, Principal Financial Group Inc. raised its stake in Owens Corning by 213.0% during the third quarter. Principal Financial Group Inc. now owns 436,865 shares of the construction company’s stock worth $33,792,000 after purchasing an additional 297,311 shares during the period. Institutional investors and hedge funds own 94.55% of the company’s stock.
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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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