Owens Corning (NYSE:OC) Sets New 52-Week High Following Analyst Upgrade

Owens Corning (NYSE:OC)’s stock price hit a new 52-week high during trading on Friday after The Goldman Sachs Group raised their price target on the stock from $178.00 to $198.00. The Goldman Sachs Group currently has a neutral rating on the stock. Owens Corning traded as high as $192.12 and last traded at $192.11, with a volume of 128789 shares changing hands. The stock had previously closed at $187.42.

A number of other analysts also recently issued reports on the company. StockNews.com downgraded Owens Corning from a “buy” rating to a “hold” rating in a research report on Friday, November 1st. Citigroup upgraded shares of Owens Corning from a “neutral” rating to a “buy” rating and lifted their target price for the company from $178.00 to $191.00 in a research report on Thursday, July 11th. Barclays cut their price target on shares of Owens Corning from $190.00 to $189.00 and set an “equal weight” rating for the company in a research note on Friday, July 12th. Evercore ISI raised their price objective on shares of Owens Corning from $189.00 to $196.00 and gave the company an “in-line” rating in a research report on Thursday. Finally, Wells Fargo & Company upped their target price on shares of Owens Corning from $175.00 to $195.00 and gave the stock an “equal weight” rating in a research report on Thursday. Eight equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $192.62.

Insider Transactions at Owens Corning

In other news, insider Marcio A. Sandri sold 3,051 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was 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 represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Marcio A. Sandri sold 3,051 shares of Owens Corning stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $176.50, for a total value of $538,501.50. Following the sale, the insider now directly owns 57,079 shares in the company, valued at approximately $10,074,443.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Marcio A. Sandri sold 3,050 shares of Owens Corning stock in a transaction on Tuesday, September 17th. The shares were 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 in the company, 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. Company insiders own 0.89% of the company’s stock.

Institutional Trading of Owens Corning

Hedge funds have recently modified their holdings of the business. Point72 Asset Management L.P. grew its stake in shares of Owens Corning by 168.3% in the second quarter. Point72 Asset Management L.P. now owns 741,262 shares of the construction company’s stock worth $128,772,000 after acquiring an additional 464,981 shares during the last quarter. Pacer Advisors Inc. raised its position in Owens Corning by 38.9% in the 2nd quarter. Pacer Advisors Inc. now owns 1,592,536 shares of the construction company’s stock worth $276,655,000 after buying an additional 446,073 shares during the last quarter. Panagora Asset Management Inc. lifted its stake in Owens Corning by 2,813.6% during the 2nd quarter. Panagora Asset Management Inc. now owns 378,856 shares of the construction company’s stock valued at $65,815,000 after acquiring an additional 365,853 shares during the period. Swedbank AB purchased a new stake in shares of Owens Corning during the 1st quarter valued at about $60,424,000. Finally, Kimelman & Baird LLC bought a new stake in shares of Owens Corning in the second quarter worth approximately $35,970,000. Institutional investors own 88.40% of the company’s stock.

Owens Corning Price Performance

The company has a quick ratio of 0.79, a current ratio of 1.37 and a debt-to-equity ratio of 0.91. The firm’s fifty day moving average price is $175.40 and its two-hundred day moving average price is $173.46. The stock has a market capitalization of $16.81 billion, a PE ratio of 15.87, a PEG ratio of 2.20 and a beta of 1.41.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.01 by $0.37. Owens Corning had a return on equity of 26.33% and a net margin of 10.66%. The firm had revenue of $3.05 billion for the quarter, compared to the consensus estimate of $3.04 billion. During the same period last year, the business posted $4.15 EPS. The company’s revenue for the quarter was up 22.9% on a year-over-year basis. On average, equities analysts predict that Owens Corning will post 15.34 earnings per share for the current year.

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, November 4th. Investors of record on Friday, October 18th were paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date of this dividend was Friday, October 18th. Owens Corning’s dividend payout ratio (DPR) is 20.32%.

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.