Owens Corning (NYSE:OC) Cut to Hold at Wall Street Zen

Wall Street Zen downgraded shares of Owens Corning (NYSE:OC) from a buy rating to a hold rating in a research note released on Saturday,Wall Street Zen reports.

Other research analysts have also issued reports about the company. Vertical Research lowered Owens Corning from a “hold” rating to a “sell” rating and set a $106.00 price objective on the stock. in a research report on Wednesday, October 7th. Evercore set a $185.00 target price on Owens Corning in a research report on Thursday, October 1st. Citigroup increased their target price on Owens Corning from $149.00 to $177.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Royal Bank Of Canada lowered Owens Corning from an “outperform” rating to a “sector perform” rating and lowered their target price for the company from $172.00 to $127.00 in a research note on Wednesday, October 7th. Finally, Truist Financial dropped their target price on Owens Corning from $140.00 to $115.00 and set a “hold” rating on the stock in a report on Thursday. Three analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Owens Corning has a consensus rating of “Moderate Buy” and an average target price of $143.36.

Owens Corning Stock Performance

Shares of OC stock opened at $112.56 on Friday. The company’s fifty day simple moving average is $134.73 and its 200-day simple moving average is $129.16. Owens Corning has a 52 week low of $97.53 and a 52 week high of $159.91. The company has a current ratio of 1.16, a quick ratio of 0.67 and a debt-to-equity ratio of 1.10. The company has a market cap of $8.90 billion, a PE ratio of -13.96, a P/E/G ratio of 2.68 and a beta of 1.32.

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

Owens Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 5th. Stockholders of record on Monday, October 19th will be paid a dividend of $0.79 per share. The ex-dividend date is Monday, October 19th. This represents a $3.16 annualized dividend and a dividend yield of 2.8%. Owens Corning’s dividend payout ratio (DPR) is currently -39.21%.

Insider Activity

In related news, insider Rachel Barthelemy Marcon sold 900 shares of the stock in a transaction dated 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 transaction, the insider owned 21,449 shares of the company’s stock, valued at approximately $3,090,157.43. This represents a 4.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 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

A number of institutional investors have recently made changes to their positions in OC. BlackRock Inc. acquired a new stake in shares of Owens Corning during the second quarter worth approximately $1,401,161,000. Dimensional Fund Advisors LP raised its holdings in 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 valued at $299,167,000 after acquiring an additional 188,211 shares in the last quarter. First Trust Advisors LP boosted its stake in Owens Corning by 22.7% during the 1st quarter. First Trust Advisors LP now owns 2,179,214 shares of the construction company’s stock valued at $235,835,000 after acquiring an additional 403,803 shares during the last quarter. Nykredit A S bought a new position in Owens Corning during the 2nd quarter valued at $166,083,000. Finally, Arrowstreet Capital Limited Partnership boosted its stake in Owens Corning by 460.8% during the 4th 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 during the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

About Owens Corning

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.