Owens Corning (NYSE:OC) Stock Dropped to “Hold” by Wall Street Zen

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

Several other brokerages have also recently issued reports on OC. Evercore set a $185.00 price target on Owens Corning in a research report on Thursday, October 1st. DA Davidson set a $143.00 target price on Owens Corning in a research note on Friday. Wells Fargo & Company lowered their target price on Owens Corning from $172.00 to $150.00 and set an “overweight” rating on the stock in a report on Friday, September 11th. Barclays cut their price target on shares of Owens Corning from $177.00 to $162.00 and set an “overweight” rating for the company in a report on Tuesday. Finally, Zacks Research upgraded shares of Owens Corning from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, September 15th. Three research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Owens Corning presently has a consensus rating of “Moderate Buy” and an average target price of $145.57.

Owens Corning Trading Down 2.4%

Owens Corning stock opened at $114.43 on Friday. The firm has a 50 day simple moving average of $135.34 and a 200-day simple moving average of $128.96. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.16 and a quick ratio of 0.67. The stock has a market capitalization of $9.05 billion, a PE ratio of -14.20, a price-to-earnings-growth ratio of 1.84 and a beta of 1.32. Owens Corning has a 12-month low of $97.53 and a 12-month high of $159.91.

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

Owens Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 5th. Investors of record on Monday, October 19th will be issued a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Monday, October 19th. Owens Corning’s payout ratio is presently -39.21%.

Insider Activity

In other news, insider Rachel Barthelemy Marcon sold 900 shares of the company’s stock in a transaction on Friday, August 28th. The stock was sold at an average price of $144.07, for a total transaction of $129,663.00. Following the completion of the sale, the insider directly owned 21,449 shares of the company’s stock, valued at $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 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

Institutional investors have recently bought and sold shares of the stock. First Pacific Financial increased its holdings in Owens Corning by 2.3% in the first quarter. First Pacific Financial now owns 3,749 shares of the construction company’s stock valued at $406,000 after purchasing an additional 85 shares during the period. Fifth Third Wealth Advisors LLC increased its stake in shares of 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 valued at $343,000 after buying an additional 90 shares during the period. Basecamp Wealth Advisors LLC lifted its stake in shares of 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 acquiring an additional 97 shares during the period. Groupama Asset Managment boosted its holdings in Owens Corning by 1.8% in the fourth quarter. Groupama Asset Managment now owns 6,153 shares of the construction company’s stock valued at $689,000 after acquiring an additional 106 shares during the last quarter. Finally, HM Payson & Co. increased its position in 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. Hedge funds and other institutional investors own 88.40% of the company’s stock.

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.