Owens Corning Inc (NYSE:OC)‘s stock had its “outperform” rating restated by analysts at Evercore ISI in a report issued on Wednesday. They presently have a $80.00 target price on the construction company’s stock, down from their previous target price of $88.00. Evercore ISI’s price target suggests a potential upside of 0.65% from the company’s current price.
A number of other equities research analysts have also recently commented on the stock. Jefferies Group LLC reissued a “buy” rating and issued a $77.00 price objective on shares of Owens Corning in a research note on Wednesday, July 19th. BidaskClub raised shares of Owens Corning from a “hold” rating to a “buy” rating in a research note on Saturday, June 24th. Royal Bank Of Canada reissued a “buy” rating and issued a $71.00 price objective on shares of Owens Corning in a research note on Monday, June 19th. Northcoast Research set a $76.00 price objective on shares of Owens Corning and gave the company a “buy” rating in a research note on Tuesday, June 27th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $83.00 price objective on shares of Owens Corning in a research note on Friday, July 28th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and fourteen have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $73.53.
Shares of Owens Corning (NYSE OC) opened at 79.48 on Wednesday. The firm has a market cap of $8.84 billion, a price-to-earnings ratio of 22.83 and a beta of 1.05. Owens Corning has a 12 month low of $46.45 and a 12 month high of $79.68. The stock has a 50 day moving average of $75.04 and a 200 day moving average of $66.77.
Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, July 26th. The construction company reported $1.20 earnings per share (EPS) for the quarter, beating the Zacks’ 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 business’s revenue was up 3.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.29 EPS. On average, equities research analysts expect that Owens Corning will post $4.32 EPS for the current fiscal year.
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In related news, insider Arnaud Genis sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $70.75, for a total value of $424,500.00. Following the sale, the insider now directly owns 58,374 shares of the company’s stock, valued at $4,129,960.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Michael H. Thaman sold 130,700 shares of the firm’s stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $74.95, for a total transaction of $9,795,965.00. Following the completion of the sale, the chairman now directly owns 847,992 shares in the company, valued at $63,557,000.40. The disclosure for this sale can be found here. Insiders sold 212,866 shares of company stock worth $15,644,970 over the last three months. Corporate insiders own 1.80% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Raymond James Trust N.A. boosted its position in shares of Owens Corning by 0.4% in the second quarter. Raymond James Trust N.A. now owns 7,114 shares of the construction company’s stock worth $476,000 after acquiring an additional 26 shares during the last quarter. Laurion Capital Management LP raised its holdings in Owens Corning by 1.8% in the first quarter. Laurion Capital Management LP now owns 5,700 shares of the construction company’s stock valued at $350,000 after buying an additional 103 shares during the period. First Bank & Trust raised its holdings in Owens Corning by 3.6% in the second quarter. First Bank & Trust now owns 3,024 shares of the construction company’s stock valued at $202,000 after buying an additional 104 shares during the period. Vantage Financial Partners Ltd. Inc. purchased a new position in Owens Corning in the second quarter valued at approximately $228,000. Finally, Penserra Capital Management LLC raised its holdings in Owens Corning by 11.1% in the second quarter. Penserra Capital Management LLC now owns 2,964 shares of the construction company’s stock valued at $198,000 after buying an additional 296 shares during the period. 96.84% of the stock is currently owned by institutional investors and hedge funds.
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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