Owens Corning (NYSE:OC) Rating Increased to Strong-Buy at DA Davidson

DA Davidson upgraded shares of Owens Corning (NYSE:OC) to a strong-buy rating in a report published on Monday,Zacks.com reports.

Other equities analysts also recently issued reports about the stock. The Goldman Sachs Group raised their target price on shares of Owens Corning from $141.00 to $159.00 and gave the company a “neutral” rating in a report on Friday, July 10th. Truist Financial set a $198.00 price target on Owens Corning in a research note on Thursday, August 6th. Benchmark reiterated a “hold” rating on shares of Owens Corning in a research note on Wednesday, July 15th. Royal Bank Of Canada increased their target price on Owens Corning from $148.00 to $172.00 and gave the stock an “outperform” rating in a research report on Friday, July 10th. Finally, Barclays upped their price target on shares of Owens Corning from $170.00 to $177.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, six have issued a Hold rating and one has issued 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 price target of $165.31.

Owens Corning Price Performance

Owens Corning stock opened at $146.57 on Monday. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.16 and a quick ratio of 0.67. The stock has a market capitalization of $11.59 billion, a PE ratio of -18.19, a price-to-earnings-growth ratio of 2.21 and a beta of 1.32. Owens Corning has a 12 month low of $97.53 and a 12 month high of $159.91. The business has a 50 day simple moving average of $144.10 and a 200-day simple moving average of $127.58.

Owens Corning (NYSE:OC) last released its earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.09 by $0.84. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%.The company had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.66 billion. During the same quarter in the previous year, the firm posted $4.21 EPS. The firm’s quarterly revenue was up .3% on a year-over-year basis. Equities analysts predict that Owens Corning will post 9.9 earnings per share for the current year.

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 6th. Investors of record on Monday, July 20th were issued a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Monday, July 20th. Owens Corning’s dividend payout ratio (DPR) is -39.21%.

Insider Activity

In related news, insider Rachel Barthelemy Marcon sold 700 shares of the company’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $120.71, for a total value of $84,497.00. Following the completion of the sale, the insider owned 15,848 shares of the company’s stock, valued at $1,913,012.08. This represents a 4.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.92% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of OC. California State Teachers Retirement System grew its stake in shares of Owens Corning by 15,428.9% in the 2nd quarter. California State Teachers Retirement System now owns 14,771,676 shares of the construction company’s stock worth $2,348,106,000 after purchasing an additional 14,676,552 shares during the last quarter. BlackRock Inc. bought a new stake in shares of Owens Corning during the 2nd quarter worth $1,401,161,000. Arrowstreet Capital Limited Partnership raised its position 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 worth $146,940,000 after purchasing an additional 1,078,877 shares during the period. Norges Bank purchased a new stake in shares of Owens Corning during the fourth quarter valued at $119,748,000. Finally, Allspring Global Investments Holdings LLC increased its stake in Owens Corning by 721.9% in 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 in the last quarter. Institutional investors own 88.40% of the company’s stock.

Owens Corning Company Profile

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.