Owens Corning (NYSE:OC) Stock Rating Lowered by Zacks Research

Owens Corning (NYSE:OC) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “strong sell” rating in a report released on Monday, Zacks reports.

OC has been the topic of several other research reports. Weiss Ratings restated a “sell (d+)” rating on shares of Owens Corning in a report on Monday, September 21st. Wells Fargo & Company cut their price target on Owens Corning from $172.00 to $150.00 and set an “overweight” rating for the company in a report on Friday, September 11th. The Goldman Sachs Group reduced their price target on shares of Owens Corning from $169.00 to $128.00 and set a “neutral” rating on the stock in a research report on Monday. Melius Research started coverage on shares of Owens Corning in a report on Tuesday, October 6th. They set a “sell” rating and a $118.00 price objective on the stock. Finally, Benchmark reissued a “hold” rating on shares of Owens Corning in a report on Wednesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have given a Hold rating and four have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $143.36.

Owens Corning Stock Up 0.3%

NYSE OC opened at $112.92 on Monday. The stock’s 50 day simple moving average is $134.08 and its 200 day simple moving average is $129.20. Owens Corning has a one year low of $97.53 and a one year high of $159.91. The firm has a market cap of $8.93 billion, a PE ratio of -14.01, a price-to-earnings-growth ratio of 2.64 and a beta of 1.32. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.16 and a quick ratio of 0.67.

Owens Corning (NYSE:OC) last issued its quarterly earnings data on Wednesday, August 5th. The construction company reported $3.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.09 by $0.84. The firm had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.66 billion. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%. The business’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.21 EPS. As a group, sell-side analysts forecast that Owens Corning will post 9.45 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Rachel Barthelemy Marcon sold 900 shares of Owens Corning stock in a transaction on Friday, August 28th. The stock was sold at an average price of $144.07, for a total value of $129,663.00. Following the completion of the sale, the insider directly owned 21,449 shares of the company’s stock, valued at approximately $3,090,157.43. This trade represents a 4.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.92% of the company’s stock.

Hedge Funds Weigh In On Owens Corning

Several large investors have recently made changes to their positions in the company. First Pacific Financial increased its position in Owens Corning by 2.3% during the first quarter. First Pacific Financial now owns 3,749 shares of the construction company’s stock valued at $406,000 after acquiring an additional 85 shares during the last quarter. Fifth Third Wealth Advisors LLC boosted its position in Owens Corning by 2.9% in the first quarter. Fifth Third Wealth Advisors LLC now owns 3,170 shares of the construction company’s stock worth $343,000 after purchasing an additional 90 shares during the last quarter. Basecamp Wealth Advisors LLC boosted its position in Owens Corning by 3.0% in the first quarter. Basecamp Wealth Advisors LLC now owns 3,317 shares of the construction company’s stock worth $359,000 after purchasing an additional 97 shares during the last quarter. Groupama Asset Managment grew its stake in shares of Owens Corning by 1.8% during the 4th quarter. Groupama Asset Managment now owns 6,153 shares of the construction company’s stock valued at $689,000 after purchasing an additional 106 shares during the period. Finally, HM Payson & Co. grew its stake in shares of Owens Corning by 203.6% during the 2nd quarter. HM Payson & Co. now owns 167 shares of the construction company’s stock valued at $27,000 after purchasing an additional 112 shares during the period. Institutional investors and hedge funds own 88.40% of the company’s stock.

Owens Corning Company Profile

Owens Corning (NYSE:OC) is a global building materials company that develops and manufactures products used in residential, commercial and industrial construction. Its portfolio includes insulation, roofing and composite materials designed to improve energy efficiency, weather protection, durability and structural performance.

The company’s insulation business offers products such as fiberglass and mineral wool insulation, along with related air-sealing and acoustic solutions. Its roofing operations produce shingles, underlayment and other components for residential and commercial roofing systems.