Owens Corning (NYSE:OC) Stock Rated “Hold” in New Coverage at Northcoast Research

Northcoast Research assumed coverage on shares of Owens Corning (NYSE:OC) in a research report released on Thursday,Zacks reports. The firm issued a hold rating on the construction company’s stock.

OC has been the subject of several other reports. Wells Fargo & Company raised their price objective on shares of Owens Corning from $125.00 to $133.00 and gave the stock an “overweight” rating in a report on Thursday, November 5th. Melius Research began coverage on shares of Owens Corning in a research note on Tuesday, October 6th. They issued a “sell” rating and a $118.00 price objective for the company. Evercore set a $185.00 target price on Owens Corning in a research report on Thursday, October 1st. Weiss Ratings lowered Owens Corning from a “sell (d+)” rating to a “sell (d-)” rating in a report on Monday, November 9th. Finally, Barclays reduced their price target on Owens Corning from $177.00 to $162.00 and set an “overweight” rating for the company in a research report on Tuesday, October 6th. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, six have assigned a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Owens Corning presently has a consensus rating of “Hold” and an average target price of $140.93.

Owens Corning Stock Performance

NYSE:OC traded down $1.85 on Thursday, reaching $115.68. 955,248 shares of the company’s stock were exchanged, compared to its average volume of 1,231,648. The company has a debt-to-equity ratio of 1.33, a current ratio of 1.13 and a quick ratio of 0.58. The firm has a market cap of $8.92 billion, a price-to-earnings ratio of -21.74, a P/E/G ratio of 2.83 and a beta of 1.31. Owens Corning has a 52 week low of $97.53 and a 52 week high of $159.91. The stock has a fifty day simple moving average of $120.38 and a 200-day simple moving average of $126.06.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, November 4th. The construction company reported $2.44 earnings per share for the quarter, missing the consensus estimate of $3.07 by ($0.63). Owens Corning had a positive return on equity of 19.14% and a negative net margin of 4.42%. The business had revenue of $2.49 billion during the quarter, compared to analysts’ expectations of $2.62 billion. During the same quarter in the previous year, the business earned $3.67 EPS. Owens Corning’s revenue for the quarter was down 7.3% on a year-over-year basis. As a group, sell-side analysts predict that Owens Corning will post 8.47 earnings per share for the current year.

Owens Corning Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, November 5th. Stockholders of record on Monday, October 19th were issued a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend was Monday, October 19th. Owens Corning’s dividend payout ratio is presently -59.40%.

Insider Activity at Owens Corning

In other news, insider Rachel Barthelemy Marcon sold 900 shares of the firm’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $144.07, for a total value of $129,663.00. Following the completion of the transaction, the insider directly owned 21,449 shares in the company, valued at approximately $3,090,157.43. This trade represents a 4.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.92% of the company’s stock.

Institutional Trading of Owens Corning

Several institutional investors and hedge funds have recently bought and sold shares of OC. BlackRock Inc. bought a new position in Owens Corning in the 2nd quarter valued at $1,401,161,000. Dimensional Fund Advisors LP increased its holdings in shares of Owens Corning by 7.3% in the first quarter. Dimensional Fund Advisors LP now owns 2,764,616 shares of the construction company’s stock worth $299,167,000 after purchasing an additional 188,211 shares during the period. First Trust Advisors LP increased its holdings in shares of Owens Corning by 22.7% in the first quarter. First Trust Advisors LP now owns 2,179,214 shares of the construction company’s stock worth $235,835,000 after purchasing an additional 403,803 shares during the period. Nykredit A S bought a new position in shares of Owens Corning in the second quarter worth $166,083,000. Finally, Bank of America Corp DE purchased a new stake in shares of Owens Corning in the second quarter worth $133,685,000. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Company Profile

Owens Corning is a building-products company that develops and manufactures materials for residential and commercial construction. Its products include roofing shingles and components, insulation for buildings and industrial applications, and interior and exterior doors. Founded in 1938 through the combination of Owens-Illinois Glass Company and Corning Glass Works’ fiberglass operations, the company has a long history of developing glass-fiber-based materials. It is headquartered in Toledo, Ohio, and serves customers in North America and international markets.