Owens Corning (NYSE:OC) Sets New 52-Week High on Analyst Upgrade

Owens Corning (NYSE:OC) shares hit a new 52-week high during trading on Wednesday after Evercore ISI raised their price target on the stock from $175.00 to $189.00. Evercore ISI currently has an in-line rating on the stock. Owens Corning traded as high as $191.17 and last traded at $189.64, with a volume of 114597 shares traded. The stock had previously closed at $187.00.

Other analysts have also recently issued reports about the company. Citigroup upgraded Owens Corning from a “neutral” rating to a “buy” rating and upped their target price for the company from $178.00 to $191.00 in a report on Thursday, July 11th. Wells Fargo & Company increased their target price on Owens Corning from $165.00 to $175.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Benchmark reissued a “hold” rating on shares of Owens Corning in a research note on Wednesday, August 7th. StockNews.com lowered Owens Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, October 1st. Finally, Barclays reduced their price target on Owens Corning from $190.00 to $189.00 and set an “equal weight” rating on the stock in a research report on Friday, July 12th. Eight research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Owens Corning has an average rating of “Hold” and an average target price of $187.77.

Insider Buying and Selling

In other Owens Corning news, insider Marcio A. Sandri sold 3,051 shares of Owens Corning stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $176.50, for a total value of $538,501.50. Following the transaction, the insider now directly owns 57,079 shares in the company, valued at approximately $10,074,443.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Marcio A. Sandri sold 3,050 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $170.00, for a total value of $518,500.00. Following the completion of the sale, the insider now directly owns 60,130 shares of the company’s stock, valued at $10,222,100. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Marcio A. Sandri sold 3,051 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $176.50, for a total value of $538,501.50. Following the completion of the sale, the insider now directly owns 57,079 shares of the company’s stock, valued at $10,074,443.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.89% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Owens Corning

Several hedge funds and other institutional investors have recently bought and sold shares of the company. BOS Asset Management LLC raised its holdings in Owens Corning by 36.8% during the third quarter. BOS Asset Management LLC now owns 4,911 shares of the construction company’s stock worth $867,000 after purchasing an additional 1,322 shares during the last quarter. Transform Wealth LLC acquired a new position in Owens Corning during the third quarter worth $7,822,000. Vontobel Holding Ltd. raised its holdings in Owens Corning by 216.8% during the third quarter. Vontobel Holding Ltd. now owns 7,514 shares of the construction company’s stock worth $1,326,000 after purchasing an additional 5,142 shares during the last quarter. NBC Securities Inc. raised its holdings in Owens Corning by 85.3% during the third quarter. NBC Securities Inc. now owns 515 shares of the construction company’s stock worth $90,000 after purchasing an additional 237 shares during the last quarter. Finally, Creative Planning raised its holdings in Owens Corning by 16.4% during the third quarter. Creative Planning now owns 9,789 shares of the construction company’s stock worth $1,728,000 after purchasing an additional 1,379 shares during the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Owens Corning Stock Performance

The firm has a fifty day moving average of $168.75 and a 200-day moving average of $171.64. The stock has a market capitalization of $16.29 billion, a price-to-earnings ratio of 15.22, a PEG ratio of 3.62 and a beta of 1.41. The company has a quick ratio of 0.79, a current ratio of 1.37 and a debt-to-equity ratio of 0.91.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Tuesday, August 6th. The construction company reported $4.64 earnings per share for the quarter, topping analysts’ consensus estimates of $4.37 by $0.27. Owens Corning had a return on equity of 26.33% and a net margin of 10.66%. The company had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.92 billion. During the same period in the previous year, the firm posted $4.22 earnings per share. The business’s revenue for the quarter was up 8.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Owens Corning will post 15.38 EPS for the current year.

Owens Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 4th. Stockholders of record on Friday, October 18th will be issued a $0.60 dividend. The ex-dividend date is Friday, October 18th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.28%. Owens Corning’s dividend payout ratio (DPR) is 19.43%.

About Owens Corning

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.