Owens Corning (NYSE:OC) Stock Price Up 13% – Still a Buy?

Owens Corning Inc (NYSE:OC)’s stock price was up 13% during mid-day trading on Monday . The company traded as high as $149.26 and last traded at $152.9880. Approximately 1,644,973 shares traded hands during mid-day trading, an increase of 25% from the average daily volume of 1,311,576 shares. The stock had previously closed at $135.39.

Wall Street Analysts Forecast Growth

OC has been the subject of several recent analyst reports. Royal Bank Of Canada upped their price target on Owens Corning from $134.00 to $148.00 and gave the stock an “outperform” rating in a research note on Thursday, May 7th. Wells Fargo & Company raised their price objective on Owens Corning from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Evercore raised Owens Corning from an “in-line” rating to an “outperform” rating and set a $188.00 target price for the company in a research report on Tuesday. Zacks Research upgraded Owens Corning from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Finally, Barclays lifted their price target on shares of Owens Corning from $135.00 to $144.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. 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 issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Owens Corning has an average rating of “Moderate Buy” and an average price target of $150.58.

Owens Corning Stock Down 3.1%

The company has a debt-to-equity ratio of 1.27, a current ratio of 1.24 and a quick ratio of 0.74. The firm has a market capitalization of $12.40 billion, a P/E ratio of -23.21, a price-to-earnings-growth ratio of 2.83 and a beta of 1.34. The business has a 50 day moving average price of $123.57 and a 200 day moving average price of $119.73.

Owens Corning (NYSE:OC) last announced its 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. Owens Corning had a positive return on equity of 19.86% and a negative net margin of 5.43%.The firm had revenue of $2.27 billion during the quarter, compared to the consensus estimate of $2.18 billion. During the same quarter in the prior year, the company earned $2.97 EPS. The firm’s revenue for the quarter was down 10.5% compared to the same quarter last year. On average, analysts predict that Owens Corning Inc will post 9.53 earnings per share for the current year.

Owens Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 6th. Investors of record on Monday, July 20th will be given a dividend of $0.79 per share. The ex-dividend date of this dividend is Monday, July 20th. This represents a $3.16 dividend on an annualized basis and a yield of 2.1%. Owens Corning’s payout ratio is -47.81%.

Insider Buying and Selling at Owens Corning

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

Hedge Funds Weigh In On Owens Corning

Large investors have recently added to or reduced their stakes in the company. Itau Unibanco Holding S.A. bought a new stake in shares of Owens Corning during the fourth quarter valued at approximately $29,000. Cassaday & Co Wealth Management LLC bought a new position in shares of Owens Corning during the 1st quarter worth about $30,000. Harbour Investments Inc. lifted its holdings in shares of Owens Corning by 66.5% during the 4th quarter. Harbour Investments Inc. now owns 323 shares of the construction company’s stock worth $36,000 after acquiring an additional 129 shares during the period. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Owens Corning during the 4th quarter valued at about $37,000. Finally, Measured Wealth Private Client Group LLC acquired a new stake in shares of Owens Corning during the 3rd quarter valued at about $42,000. Institutional investors and hedge funds 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.