Owens Corning (OC) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of Owens Corning (NYSE:OC) from a hold rating to a buy rating in a research note released on Thursday morning. The firm currently has $105.00 price objective on the construction company’s stock.
According to Zacks, “Owens Corning is a world leader in building materials systems and composite solutions. Owens Corning people redefine what is possible each day to deliver high-quality products and services ranging from insulation, roofing, siding and stone, to glass composite materials used in transportation, electronics, telecommunications and other high-performance applications. Owens Corning has become a market-leading innovator of glass-fiber technology with sales. “
Several other research firms have also recently commented on OC. Credit Suisse Group upped their price target on Owens Corning from $90.00 to $95.00 and gave the stock an outperform rating in a research note on Friday, November 17th. Argus initiated coverage on Owens Corning in a research note on Wednesday, December 6th. They set a buy rating and a $109.00 price target for the company. Barclays set a $75.00 price target on Owens Corning and gave the stock a hold rating in a research note on Thursday, October 26th. Royal Bank of Canada upped their price target on Owens Corning from $79.00 to $90.00 and gave the stock an outperform rating in a research note on Thursday, October 26th. Finally, Bank of America upped their price target on Owens Corning from $84.00 to $97.00 and gave the stock a buy rating in a research note on Friday, November 17th. Nine analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of Buy and an average target price of $85.45.
Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, October 25th. The construction company reported $1.25 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.26 by ($0.01). Owens Corning had a return on equity of 11.40% and a net margin of 6.15%. The company had revenue of $1.70 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter last year, the company earned $1.09 EPS. Owens Corning’s revenue for the quarter was up 12.2% compared to the same quarter last year. sell-side analysts expect that Owens Corning will post 4.34 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 17th. Shareholders of record on Tuesday, January 2nd were given a $0.21 dividend. This is a boost from Owens Corning’s previous quarterly dividend of $0.20. The ex-dividend date was Friday, December 29th. This represents a $0.84 annualized dividend and a yield of 0.87%. Owens Corning’s dividend payout ratio is presently 25.07%.
In other news, VP Ava Harter sold 487 shares of the firm’s stock in a transaction on Friday, November 10th. The stock was sold at an average price of $81.96, for a total value of $39,914.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director W Howard Morris sold 2,026 shares of the firm’s stock in a transaction on Monday, November 13th. The shares were sold at an average price of $81.95, for a total value of $166,030.70. The disclosure for this sale can be found here. Insiders sold 129,933 shares of company stock valued at $11,196,722 in the last quarter. 1.80% of the stock is currently owned by company insiders.
Several hedge funds have recently made changes to their positions in OC. Martingale Asset Management L P purchased a new position in shares of Owens Corning in the second quarter valued at $651,000. Amalgamated Bank increased its position in shares of Owens Corning by 22.4% in the second quarter. Amalgamated Bank now owns 20,169 shares of the construction company’s stock valued at $1,350,000 after buying an additional 3,692 shares in the last quarter. BlueMountain Capital Management LLC increased its position in shares of Owens Corning by 88.1% in the second quarter. BlueMountain Capital Management LLC now owns 15,592 shares of the construction company’s stock valued at $1,043,000 after buying an additional 7,301 shares in the last quarter. UBS Asset Management Americas Inc. increased its position in shares of Owens Corning by 18.9% in the second quarter. UBS Asset Management Americas Inc. now owns 87,852 shares of the construction company’s stock valued at $5,879,000 after buying an additional 13,952 shares in the last quarter. Finally, GSA Capital Partners LLP increased its position in shares of Owens Corning by 6.9% in the second quarter. GSA Capital Partners LLP now owns 12,519 shares of the construction company’s stock valued at $838,000 after buying an additional 809 shares in the last quarter. Institutional investors and hedge funds own 94.58% of the company’s stock.
About Owens Corning
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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