Owens Corning (NYSE:OC) Sets New 1-Year Low After Analyst Downgrade

Owens Corning (NYSE:OC) shares hit a new 52-week low during mid-day trading on Wednesday after Barclays lowered their price target on the stock from $215.00 to $179.00. Barclays currently has an overweight rating on the stock. Owens Corning traded as low as $124.33 and last traded at $126.11, with a volume of 1012092 shares changing hands. The stock had previously closed at $129.78.

Other equities research analysts have also issued research reports about the company. JPMorgan Chase & Co. dropped their price target on Owens Corning from $200.00 to $176.00 and set a “neutral” rating for the company in a research note on Tuesday, March 4th. Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a research note on Monday, March 3rd. Loop Capital dropped their price target on Owens Corning from $215.00 to $210.00 and set a “buy” rating for the company in a research note on Friday, January 10th. Wells Fargo & Company cut their price objective 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. Finally, Deutsche Bank Aktiengesellschaft began coverage on Owens Corning in a report on Tuesday, April 1st. They issued a “buy” rating and a $183.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $199.42.

Insider Buying and Selling at Owens Corning

In other Owens Corning news, insider Monaco Nicolas Del sold 1,750 shares of the stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $183.97, for a total transaction of $321,947.50. Following the sale, the insider now owns 11,635 shares of the company’s stock, valued at approximately $2,140,490.95. This trade represents a 13.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.82% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Owens Corning

A number of large investors have recently made changes to their positions in the business. Norges Bank acquired a new stake in Owens Corning in the fourth quarter worth about $208,519,000. JPMorgan Chase & Co. raised its position in shares of Owens Corning by 113.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 797,743 shares of the construction company’s stock valued at $140,818,000 after purchasing an additional 424,786 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Owens Corning by 41.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,422,828 shares of the construction company’s stock worth $242,337,000 after purchasing an additional 414,770 shares in the last quarter. Raiffeisen Bank International AG purchased a new stake in Owens Corning during the 4th quarter worth approximately $51,400,000. Finally, Raymond James Financial Inc. acquired a new position in Owens Corning during the 4th quarter valued at approximately $51,220,000. 88.40% of the stock is owned by institutional investors and hedge funds.

Owens Corning Trading Down 2.8 %

The stock’s fifty day simple moving average is $156.31 and its 200-day simple moving average is $174.44. 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 $10.79 billion, a PE ratio of 10.73, a PEG ratio of 1.88 and a beta of 1.39.

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, topping the consensus estimate of $2.87 by $0.35. The company had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.88 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. Owens Corning’s quarterly revenue was up 23.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.21 EPS. On average, sell-side analysts forecast that Owens Corning will post 15.49 earnings per share for the current year.

Owens Corning Announces Dividend

The company also recently declared 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 of this dividend is Monday, March 10th. This represents a $2.76 annualized dividend and a yield of 2.19%. Owens Corning’s dividend payout ratio is presently 37.70%.

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.