Owens Corning (OC) Receives Buy Rating from KeyCorp
KeyCorp reaffirmed their buy rating on shares of Owens Corning (NYSE:OC) in a report published on Friday. KeyCorp currently has a $115.00 price target on the construction company’s stock. KeyCorp also issued estimates for Owens Corning’s FY2018 earnings at $5.07 EPS.
A number of other research analysts have also recently commented on OC. Citigroup restated a sell rating and issued a $69.00 price target (up previously from $49.00) on shares of Owens Corning in a research report on Tuesday, October 3rd. Zelman & Associates cut Owens Corning from a buy rating to a hold rating in a research report on Friday, January 5th. Zacks Investment Research cut Owens Corning from a buy rating to a hold rating in a research report on Friday, January 5th. Credit Suisse Group set a $90.00 price target on Owens Corning and gave the stock an outperform rating in a research report on Tuesday, October 17th. Finally, Royal Bank of Canada restated a buy rating on shares of Owens Corning in a research report on Tuesday, October 3rd. Nine analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Owens Corning currently has a consensus rating of Buy and an average price target of $84.77.
Shares of Owens Corning (NYSE OC) traded up $0.43 during midday trading on Friday, hitting $95.92. The company had a trading volume of 701,900 shares, compared to its average volume of 758,778. 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 52 week low of $52.48 and a 52 week high of $95.99. The company has a market capitalization of $10,670.00, a PE ratio of 28.63, a P/E/G ratio of 1.18 and a beta of 1.09.
Owens Corning (NYSE:OC) last issued its quarterly earnings results on Wednesday, October 25th. The construction company reported $1.25 EPS for the quarter, missing the Zacks’ consensus estimate of $1.26 by ($0.01). Owens Corning had a return on equity of 11.40% and a net margin of 6.15%. The company had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the previous year, the business posted $1.09 EPS. The firm’s revenue for the quarter was up 12.2% on a year-over-year basis. research analysts anticipate that Owens Corning will post 4.34 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 17th. Shareholders of record on Tuesday, January 2nd will be given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 0.88%. The ex-dividend date is Friday, December 29th. This is a boost from Owens Corning’s previous quarterly dividend of $0.20. Owens Corning’s payout ratio is currently 25.07%.
In other news, Director James J. Mcmonagle sold 4,136 shares of the business’s stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $87.20, for a total transaction of $360,659.20. Following the sale, the director now directly owns 47,925 shares in the company, valued at $4,179,060. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Michael C. Mcmurray sold 18,000 shares of the business’s stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $90.78, for a total value of $1,634,040.00. Following the sale, the chief financial officer now owns 52,228 shares in the company, valued at $4,741,257.84. The disclosure for this sale can be found here. In the last quarter, insiders sold 129,933 shares of company stock worth $11,196,722. Company insiders own 1.80% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Grove Bank & Trust grew its holdings in shares of Owens Corning by 213.5% during the third quarter. Grove Bank & Trust now owns 1,630 shares of the construction company’s stock worth $126,000 after purchasing an additional 1,110 shares during the last quarter. Crossmark Global Holdings Inc. bought a new stake in shares of Owens Corning during the third quarter worth about $202,000. Worth Venture Partners LLC bought a new stake in shares of Owens Corning during the third quarter worth about $213,000. Advisors Asset Management Inc. grew its holdings in shares of Owens Corning by 214.4% during the third quarter. Advisors Asset Management Inc. now owns 2,764 shares of the construction company’s stock worth $214,000 after purchasing an additional 1,885 shares during the last quarter. Finally, Csenge Advisory Group bought a new stake in shares of Owens Corning during the third quarter worth about $245,000. Institutional investors own 94.55% of the company’s stock.
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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.
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