Instinet downgraded shares of Owens Corning Inc (NYSE:OC) from a buy rating to a neutral rating in a report published on Monday morning. The firm currently has $79.00 price objective on the construction company’s stock, up from their prior price objective of $74.00.
Several other research analysts also recently issued reports on the company. Nomura restated a neutral rating and set a $79.00 price objective on shares of Owens Corning in a research report on Monday. Stifel Nicolaus restated a buy rating and set a $83.00 price objective on shares of Owens Corning in a research report on Friday, September 1st. Wells Fargo & Company upgraded Owens Corning from a market perform rating to an outperform rating and lifted their price objective for the stock from $68.00 to $83.00 in a research report on Wednesday, August 30th. BidaskClub upgraded Owens Corning from a sell rating to a hold rating in a research report on Friday, August 25th. Finally, Royal Bank Of Canada restated a buy rating and set a $79.00 price objective on shares of Owens Corning in a research report on Friday, July 28th. Nine research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. The stock presently has a consensus rating of Buy and a consensus target price of $72.10.
Shares of Owens Corning (OC) opened at 75.22 on Monday. The stock has a market capitalization of $8.36 billion, a price-to-earnings ratio of 21.61 and a beta of 1.04. The stock has a 50 day moving average price of $70.10 and a 200-day moving average price of $64.57. Owens Corning has a 52-week low of $46.45 and a 52-week high of $76.84.
Owens Corning (NYSE:OC) last issued its quarterly earnings data on Wednesday, July 26th. The construction company reported $1.20 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.12. Owens Corning had a return on equity of 11.12% and a net margin of 6.61%. The firm had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.48 billion. During the same period in the previous year, the firm posted $1.29 EPS. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. On average, equities research analysts predict that Owens Corning will post $4.30 EPS for the current fiscal year.
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In other news, VP Kelly Schmidt sold 1,462 shares of the company’s stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $70.35, for a total value of $102,851.70. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Arnaud Genis sold 6,000 shares of the company’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $70.75, for a total transaction of $424,500.00. Following the completion of the sale, the insider now owns 58,374 shares in the company, valued at approximately $4,129,960.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 212,866 shares of company stock valued at $15,644,970. 1.80% of the stock is owned by corporate insiders.
Several institutional investors have recently modified their holdings of the company. Raymond James Trust N.A. raised its stake in shares of Owens Corning by 0.4% in the 2nd quarter. Raymond James Trust N.A. now owns 7,114 shares of the construction company’s stock valued at $476,000 after purchasing an additional 26 shares in the last quarter. World Asset Management Inc raised its stake in shares of Owens Corning by 1.1% in the 1st quarter. World Asset Management Inc now owns 4,941 shares of the construction company’s stock valued at $303,000 after purchasing an additional 52 shares in the last quarter. Laurion Capital Management LP raised its stake in shares of Owens Corning by 1.8% in the 1st quarter. Laurion Capital Management LP now owns 5,700 shares of the construction company’s stock valued at $350,000 after purchasing an additional 103 shares in the last quarter. First Bank & Trust raised its stake in shares of Owens Corning by 3.6% in the 2nd quarter. First Bank & Trust now owns 3,024 shares of the construction company’s stock valued at $202,000 after purchasing an additional 104 shares in the last quarter. Finally, Vantage Financial Partners Ltd. Inc. acquired a new stake in shares of Owens Corning in the 2nd quarter valued at about $228,000. Institutional investors and hedge funds own 96.78% of the company’s stock.
Owens Corning Company Profile
Owens Corning is engaged in the business of composite and building materials systems, delivering a range of products and services. The Company’s products range from glass fiber used to reinforce composite materials for transportation, electronics, marine, infrastructure, wind-energy and other markets to insulation and roofing for residential, commercial and industrial applications.
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