Owens Corning Inc (NYSE:OC)‘s stock had its “hold” rating reissued by equities research analysts at SunTrust Banks, Inc. in a research report issued to clients and investors on Tuesday.
OC has been the subject of several other research reports. Wells Fargo & Company raised shares of Owens Corning from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $68.00 to $83.00 in a report on Wednesday, August 30th. MKM Partners raised shares of Owens Corning from a “sell” rating to a “neutral” rating and upped their price target for the company from $47.00 to $62.00 in a report on Thursday, July 27th. FBR & Co upped their price target on shares of Owens Corning from $63.00 to $70.00 and gave the company a “mkt perform” rating in a report on Thursday, July 27th. Instinet downgraded shares of Owens Corning from a “buy” rating to a “neutral” rating and upped their price target for the company from $74.00 to $79.00 in a report on Monday. Finally, BidaskClub raised shares of Owens Corning from a “hold” rating to a “buy” rating in a report on Saturday, June 24th. Nine investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $71.65.
Owens Corning (NYSE OC) traded up 0.62% during mid-day trading on Tuesday, hitting $74.94. 920,739 shares of the stock traded hands. The stock has a 50-day moving average of $69.13 and a 200 day moving average of $64.22. Owens Corning has a 1-year low of $46.45 and a 1-year high of $76.84. The firm has a market cap of $8.33 billion, a price-to-earnings ratio of 21.53 and a beta of 1.04.
Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, July 26th. The construction company reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.12. The business had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.48 billion. Owens Corning had a net margin of 6.61% and a return on equity of 11.12%. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.29 earnings per share. On average, equities analysts expect that Owens Corning will post $4.29 EPS for the current year.
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In related news, VP Kelly Schmidt sold 1,462 shares of the stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $70.35, for a total value of $102,851.70. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Michael C. Mcmurray sold 14,000 shares of the stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $76.52, for a total value of $1,071,280.00. Following the completion of the transaction, the chief financial officer now owns 40,903 shares in the company, valued at approximately $3,129,897.56. The disclosure for this sale can be found here. Insiders sold 105,710 shares of company stock worth $7,388,045 in the last 90 days. 1.80% of the stock is currently owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in OC. First Trust Advisors LP increased its holdings in Owens Corning by 10.8% in the first quarter. First Trust Advisors LP now owns 279,167 shares of the construction company’s stock worth $17,132,000 after buying an additional 27,125 shares during the last quarter. Comerica Bank increased its holdings in Owens Corning by 26.2% in the first quarter. Comerica Bank now owns 6,865 shares of the construction company’s stock worth $417,000 after buying an additional 1,426 shares during the last quarter. World Asset Management Inc increased its holdings in Owens Corning by 1.1% in the first quarter. World Asset Management Inc now owns 4,941 shares of the construction company’s stock worth $303,000 after buying an additional 52 shares during the last quarter. UBS Asset Management Americas Inc. increased its holdings in Owens Corning by 7.6% in the first quarter. UBS Asset Management Americas Inc. now owns 73,900 shares of the construction company’s stock worth $4,535,000 after buying an additional 5,196 shares during the last quarter. Finally, TFS Capital LLC acquired a new position in Owens Corning in the first quarter worth approximately $482,000. Hedge funds and other institutional investors own 96.78% 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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