Owens Corning (NYSE:OC) Hits New 52-Week Low – Should You Sell?

Shares of Owens Corning (NYSE:OC) hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $139.44 and last traded at $140.66, with a volume of 303835 shares changing hands. The stock had previously closed at $143.89.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on OC. Loop Capital lowered their price target on Owens Corning from $215.00 to $210.00 and set a “buy” rating on the stock in a research report on Friday, January 10th. Wells Fargo & Company lowered their price target on Owens Corning from $225.00 to $200.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 25th. StockNews.com cut Owens Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Royal Bank of Canada decreased their target price on Owens Corning from $224.00 to $212.00 and set an “outperform” rating on the stock in a report on Tuesday, February 25th. Finally, Barclays decreased their target price on Owens Corning from $245.00 to $215.00 and set an “overweight” rating on the stock in a report on Wednesday, February 26th. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $204.18.

Owens Corning Stock Down 0.1 %

The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85. The firm has a market cap of $11.94 billion, a PE ratio of 11.88, a P/E/G ratio of 1.88 and a beta of 1.52. The business has a fifty day moving average price of $171.71 and a two-hundred day moving average price of $177.99.

Owens Corning (NYSE:OC) last issued its quarterly earnings results on Monday, February 24th. The construction company reported $3.22 earnings per share for the quarter, beating analysts’ consensus estimates of $2.87 by $0.35. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The business had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.88 billion. During the same quarter in the previous year, the company posted $3.21 earnings per share. Owens Corning’s revenue for the quarter was up 23.3% compared to the same quarter last year. On average, analysts anticipate that Owens Corning will post 15.49 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 10th will be given a dividend of $0.69 per share. The ex-dividend date is Monday, March 10th. This represents a $2.76 dividend on an annualized basis and a yield of 1.98%. Owens Corning’s payout ratio is 37.70%.

Insider Activity at Owens Corning

In related news, insider Gunner Smith sold 17,450 shares of Owens Corning stock in a transaction on Friday, December 13th. The stock was sold at an average price of $191.19, for a total transaction of $3,336,265.50. Following the completion of the sale, the insider now owns 18,866 shares of the company’s stock, valued at approximately $3,606,990.54. This trade represents a 48.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Monaco Nicolas Del sold 1,750 shares of Owens Corning stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $183.97, for a total value of $321,947.50. Following the sale, the insider now directly owns 11,635 shares of the company’s stock, valued at approximately $2,140,490.95. The trade was a 13.07 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.89% of the company’s stock.

Institutional Trading of Owens Corning

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. State Street Corp lifted its position in shares of Owens Corning by 4.7% in the third quarter. State Street Corp now owns 4,181,421 shares of the construction company’s stock worth $738,104,000 after buying an additional 187,001 shares during the last quarter. Nordea Investment Management AB lifted its position in shares of Owens Corning by 12.5% in the fourth quarter. Nordea Investment Management AB now owns 2,148,610 shares of the construction company’s stock worth $366,166,000 after buying an additional 238,694 shares during the last quarter. Pacer Advisors Inc. lifted its position in shares of Owens Corning by 16.4% in the third quarter. Pacer Advisors Inc. now owns 1,854,100 shares of the construction company’s stock worth $327,286,000 after buying an additional 261,564 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Owens Corning by 41.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,422,828 shares of the construction company’s stock worth $242,337,000 after buying an additional 414,770 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Owens Corning in the fourth quarter worth about $208,519,000. Institutional investors and hedge funds own 88.40% of the company’s stock.

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.