Owens Corning (NYSE:OC) Trading 4.4% Higher on Analyst Upgrade

Owens Corning (NYSE:OCGet Free Report) shares were up 4.4% during mid-day trading on Monday after Wells Fargo & Company raised their price target on the stock from $165.00 to $175.00. Wells Fargo & Company currently has an equal weight rating on the stock. Owens Corning traded as high as $180.48 and last traded at $179.60. Approximately 368,195 shares were traded during mid-day trading, a decline of 45% from the average daily volume of 674,584 shares. The stock had previously closed at $172.01.

Several other analysts also recently issued reports on OC. Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a report on Wednesday, August 7th. Evercore ISI reduced their target price on Owens Corning from $188.00 to $175.00 and set an “in-line” rating on the stock in a research note on Wednesday, August 7th. Citigroup raised Owens Corning from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $178.00 to $191.00 in a report on Thursday, July 11th. UBS Group increased their price objective on Owens Corning from $192.00 to $197.00 and gave the company a “buy” rating in a research note on Wednesday, August 7th. Finally, The Goldman Sachs Group reissued a “neutral” rating and issued a $187.00 target price on shares of Owens Corning in a research note on Monday, June 17th. Eight equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $186.69.

Get Our Latest Stock Report on OC

Insider Transactions at Owens Corning

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

Hedge Funds Weigh In On Owens Corning

Several large investors have recently added to or reduced their stakes in OC. LVW Advisors LLC grew its holdings in shares of Owens Corning by 6.0% during the third quarter. LVW Advisors LLC now owns 2,193 shares of the construction company’s stock valued at $387,000 after purchasing an additional 124 shares during the last quarter. WealthBridge Investment Counsel Inc. increased its position in Owens Corning by 7.0% in the third quarter. WealthBridge Investment Counsel Inc. now owns 37,010 shares of the construction company’s stock worth $6,533,000 after buying an additional 2,425 shares during the period. Tobam lifted its stake in Owens Corning by 38.0% in the third quarter. Tobam now owns 265 shares of the construction company’s stock valued at $47,000 after buying an additional 73 shares during the last quarter. UMB Bank n.a. boosted its holdings in shares of Owens Corning by 52.3% during the third quarter. UMB Bank n.a. now owns 623 shares of the construction company’s stock valued at $110,000 after acquiring an additional 214 shares during the period. Finally, USA Financial Formulas grew its position in shares of Owens Corning by 40.5% during the third quarter. USA Financial Formulas now owns 1,437 shares of the construction company’s stock worth $254,000 after acquiring an additional 414 shares during the last quarter. 88.40% of the stock is currently owned by institutional investors.

Owens Corning Stock Performance

The firm has a market cap of $15.77 billion, a price-to-earnings ratio of 14.74, a PEG ratio of 3.47 and a beta of 1.41. The stock’s fifty day moving average is $167.03 and its two-hundred day moving average is $170.94. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.79 and a current ratio of 1.37.

Owens Corning (NYSE:OCGet Free Report) last announced its earnings results on Tuesday, August 6th. The construction company reported $4.64 earnings per share for the quarter, beating the consensus estimate of $4.37 by $0.27. The firm had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.92 billion. Owens Corning had a return on equity of 26.33% and a net margin of 10.66%. The firm’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.22 EPS. On average, analysts expect that Owens Corning will post 15.38 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 4th. Stockholders of record on Friday, October 18th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Friday, October 18th. This represents a $2.40 annualized dividend and a dividend yield of 1.32%. Owens Corning’s dividend payout ratio (DPR) is 19.43%.

About Owens Corning

(Get Free Report)

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.

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