Owens Corning (NYSE:OC) Sets New 12-Month High – Here’s What Happened

Shares of Owens Corning Inc (NYSE:OC) reached a new 52-week high during trading on Tuesday . The stock traded as high as $159.91 and last traded at $158.2830, with a volume of 549950 shares traded. The stock had previously closed at $156.05.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on OC shares. Barclays lifted their target price on Owens Corning from $135.00 to $144.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. Zacks Research raised Owens Corning from a “strong sell” rating to a “hold” rating in a research note on Monday, April 27th. Wells Fargo & Company raised their price target on Owens Corning from $135.00 to $150.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft upped their price objective on Owens Corning from $136.00 to $165.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, The Goldman Sachs Group increased their target price on Owens Corning from $125.00 to $141.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $150.58.

Owens Corning Trading Down 5.0%

The stock has a market cap of $12.16 billion, a PE ratio of -22.85, a PEG ratio of 2.88 and a beta of 1.30. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.74 and a current ratio of 1.24. The stock has a fifty day moving average price of $124.11 and a 200 day moving average price of $119.97.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.21. The company had revenue of $2.27 billion for the quarter, compared to analyst estimates of $2.18 billion. Owens Corning had a positive return on equity of 19.86% and a negative net margin of 5.43%.Owens Corning’s quarterly revenue was down 10.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.97 EPS. Equities analysts expect that Owens Corning Inc will post 9.53 EPS for the current year.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 6th. Stockholders of record on Monday, July 20th will be issued a $0.79 dividend. This represents a $3.16 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Monday, July 20th. Owens Corning’s dividend payout ratio (DPR) is -47.81%.

Insider Transactions at Owens Corning

In related news, VP Mari Doerfler sold 1,926 shares of Owens Corning stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $120.92, for a total transaction of $232,891.92. Following the completion of the transaction, the vice president directly owned 3,093 shares of the company’s stock, valued at approximately $374,005.56. The trade was a 38.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Rachel Barthelemy Marcon sold 700 shares of the stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $120.71, for a total transaction of $84,497.00. Following the completion of the sale, the insider directly owned 15,848 shares in the company, valued at $1,913,012.08. This trade represents a 4.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Owens Corning

Several large investors have recently added to or reduced their stakes in the stock. Arrowstreet Capital Limited Partnership raised its stake in shares of Owens Corning by 460.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,313,019 shares of the construction company’s stock valued at $146,940,000 after acquiring an additional 1,078,877 shares in the last quarter. Norges Bank purchased a new position in Owens Corning during the 4th quarter worth $119,748,000. Allspring Global Investments Holdings LLC increased its holdings in Owens Corning by 721.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,170,179 shares of the construction company’s stock worth $125,513,000 after purchasing an additional 1,027,800 shares during the period. Gendell Jeffrey L raised its position in Owens Corning by 349.3% during the 4th quarter. Gendell Jeffrey L now owns 922,063 shares of the construction company’s stock valued at $103,188,000 after purchasing an additional 716,839 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Owens Corning by 33.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,576,405 shares of the construction company’s stock worth $288,332,000 after buying an additional 645,773 shares during the period. 88.40% of the stock is owned by hedge funds and other institutional investors.

About Owens Corning

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company’s core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.