Bank of America Upgrades Owens Corning (OC) to Neutral

Owens Corning (NYSE:OC) was upgraded by research analysts at Bank of America from an “underperform” rating to a “neutral” rating in a report issued on Monday, May 6th, MarketBeat Ratings reports. The firm currently has a $51.48 price objective on the construction company’s stock. Bank of America‘s price objective would suggest a potential upside of 5.08% from the stock’s current price.

Other equities research analysts have also issued research reports about the company. TheStreet upgraded Owens Corning from a “c+” rating to a “b-” rating in a research note on Thursday, February 14th. Barclays set a $58.00 price objective on Owens Corning and gave the company a “buy” rating in a research report on Tuesday, February 5th. Zacks Investment Research lowered Owens Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, January 8th. Stifel Nicolaus lowered Owens Corning from a “buy” rating to a “hold” rating and set a $52.45 price objective for the company. in a research report on Wednesday, April 24th. Finally, Citigroup set a $53.00 price objective on Owens Corning and gave the company a “hold” rating in a research report on Tuesday, February 26th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and five have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $61.07.

OC traded down $0.43 during trading on Monday, hitting $48.99. 704,233 shares of the company’s stock traded hands, compared to its average volume of 1,508,368. The company has a market cap of $5.40 billion, a price-to-earnings ratio of 9.92, a P/E/G ratio of 1.25 and a beta of 1.21. The company has a current ratio of 1.83, a quick ratio of 0.96 and a debt-to-equity ratio of 0.86. Owens Corning has a 12-month low of $40.64 and a 12-month high of $67.43.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, April 24th. The construction company reported $0.54 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.02). Owens Corning had a net margin of 7.07% and a return on equity of 12.10%. The firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the previous year, the company earned $0.80 earnings per share. Owens Corning’s quarterly revenue was down 1.4% compared to the same quarter last year. As a group, research analysts forecast that Owens Corning will post 4.68 EPS for the current year.

In other news, insider Gunner Smith sold 7,900 shares of Owens Corning stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $51.79, for a total transaction of $409,141.00. Following the completion of the sale, the insider now owns 21,189 shares of the company’s stock, valued at $1,097,378.31. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Marcio A. Sandri sold 3,700 shares of Owens Corning stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $47.01, for a total transaction of $173,937.00. Following the sale, the insider now directly owns 42,005 shares of the company’s stock, valued at approximately $1,974,655.05. The disclosure for this sale can be found here. In the last quarter, insiders sold 12,200 shares of company stock valued at $613,984. 1.70% of the stock is currently owned by company insiders.

A number of large investors have recently modified their holdings of OC. Long Pond Capital LP bought a new position in Owens Corning in the first quarter worth approximately $151,179,000. Oregon Public Employees Retirement Fund raised its stake in Owens Corning by 5,667.2% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,135,185 shares of the construction company’s stock worth $49,000 after buying an additional 2,098,162 shares in the last quarter. Maverick Capital Ltd. bought a new position in Owens Corning in the first quarter worth approximately $90,541,000. Norges Bank bought a new position in Owens Corning in the fourth quarter worth approximately $52,991,000. Finally, Park Presidio Capital LLC bought a new position in Owens Corning in the fourth quarter worth approximately $45,167,000. 96.74% of the stock is owned by institutional investors.

About Owens Corning

Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential, commercial, and industrial building materials worldwide. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and manufactures and sells glass fiber products in the form of fabrics, non-wovens, and other specialized products.

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Analyst Recommendations for Owens Corning (NYSE:OC)

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