Owens Corning (NYSE:OC) Upgraded to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Owens Corning (NYSE:OC) from a hold rating to a buy rating in a research note published on Saturday morning.

A number of other research analysts also recently issued reports on the stock. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Owens Corning from $136.00 to $165.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. Wells Fargo & Company lifted their price objective on Owens Corning from $150.00 to $165.00 and gave the company an “overweight” rating in a research note on Tuesday, July 14th. Barclays boosted their price objective on Owens Corning from $170.00 to $177.00 and gave the company an “overweight” rating in a report on Thursday. Evercore restated an “outperform” rating and issued a $193.00 target price on shares of Owens Corning in a research note on Thursday, July 23rd. Finally, Royal Bank Of Canada raised their target price on Owens Corning from $148.00 to $172.00 and gave the stock an “outperform” rating in a report on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Owens Corning presently has a consensus rating of “Moderate Buy” and a consensus price target of $163.25.

Owens Corning Price Performance

Shares of NYSE OC opened at $157.22 on Friday. Owens Corning has a 52 week low of $97.53 and a 52 week high of $159.91. The business’s 50 day moving average price is $136.74 and its 200 day moving average price is $125.16. The company has a quick ratio of 0.74, a current ratio of 1.16 and a debt-to-equity ratio of 1.10. The firm has a market cap of $12.43 billion, a P/E ratio of -19.51, a P/E/G ratio of 3.02 and a beta of 1.32.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, August 5th. The construction company reported $3.93 EPS for the quarter, beating the consensus estimate of $3.09 by $0.84. The business had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.66 billion. Owens Corning had a negative net margin of 6.81% and a positive return on equity of 20.52%. The business’s quarterly revenue was up .3% compared to the same quarter last year. During the same period in the previous year, the business posted $4.21 EPS. On average, sell-side analysts expect that Owens Corning will post 9.65 earnings per share for the current year.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 6th. Stockholders of record on Monday, July 20th were paid a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend was Monday, July 20th. Owens Corning’s dividend payout ratio is presently -47.81%.

Insider Activity at Owens Corning

In related news, insider Rachel Barthelemy Marcon sold 700 shares of Owens Corning stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $120.71, for a total value of $84,497.00. Following the completion of the transaction, the insider owned 15,848 shares in the company, valued at $1,913,012.08. The trade was a 4.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by company insiders.

Hedge Funds Weigh In On Owens Corning

Hedge funds have recently bought and sold shares of the business. HM Payson & Co. increased its position in shares of Owens Corning by 203.6% in the second quarter. HM Payson & Co. now owns 167 shares of the construction company’s stock valued at $27,000 after buying an additional 112 shares in the last quarter. Itau Unibanco Holding S.A. purchased a new position in shares of Owens Corning during the 4th quarter valued at approximately $29,000. Cassaday & Co Wealth Management LLC acquired a new stake in Owens Corning in the 1st quarter valued at $30,000. Measured Wealth Private Client Group LLC acquired a new stake in Owens Corning in the 3rd quarter valued at $42,000. Finally, Harbour Investments Inc. increased its holdings in Owens Corning by 66.5% in 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 in the last quarter. Hedge funds and other 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.