Owens Corning (NYSE:OC) Hits New 1-Year High at $70.58

Shares of Owens Corning (NYSE:OC) reached a new 52-week high during trading on Thursday . The company traded as high as $70.58 and last traded at $69.66, with a volume of 942676 shares. The stock had previously closed at $68.81.

Several equities research analysts have issued reports on OC shares. Loop Capital boosted their price objective on shares of Owens Corning from $71.00 to $80.00 and gave the company a “buy” rating in a research report on Friday, September 4th. Wells Fargo & Company boosted their price objective on shares of Owens Corning from $60.00 to $63.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 22nd. Zacks Investment Research upgraded shares of Owens Corning from a “hold” rating to a “strong-buy” rating and set a $71.00 price target on the stock in a research note on Monday, August 3rd. TheStreet upgraded shares of Owens Corning from a “d+” rating to a “c-” rating in a research note on Monday, June 22nd. Finally, Benchmark downgraded shares of Owens Corning from a “buy” rating to a “hold” rating in a report on Tuesday, July 21st. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $62.62.

The stock has a market capitalization of $7.43 billion, a price-to-earnings ratio of -12.44, a PEG ratio of 4.08 and a beta of 1.59. The company’s 50-day moving average is $67.30 and its 200-day moving average is $53.50. The company has a quick ratio of 1.19, a current ratio of 1.87 and a debt-to-equity ratio of 0.90.

Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, July 29th. The construction company reported $0.88 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.62. The company had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.53 billion. Owens Corning had a negative net margin of 8.79% and a positive return on equity of 11.35%. Owens Corning’s revenue was down 15.3% compared to the same quarter last year. During the same quarter last year, the firm posted $1.31 earnings per share. Sell-side analysts anticipate that Owens Corning will post 3.86 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, November 6th. Shareholders of record on Tuesday, October 20th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 1.38%. The ex-dividend date is Monday, October 19th. Owens Corning’s dividend payout ratio (DPR) is presently 21.15%.

In other news, VP Kelly Schmidt sold 4,967 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $69.00, for a total value of $342,723.00. Following the completion of the transaction, the vice president now owns 19,807 shares of the company’s stock, valued at $1,366,683. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director W Howard Morris sold 2,660 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $67.35, for a total transaction of $179,151.00. Following the completion of the transaction, the director now directly owns 37,672 shares of the company’s stock, valued at approximately $2,537,209.20. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Private Advisor Group LLC purchased a new position in shares of Owens Corning in the second quarter valued at approximately $26,000. Botty Investors LLC purchased a new position in shares of Owens Corning in the second quarter valued at approximately $28,000. Orion Portfolio Solutions LLC boosted its stake in shares of Owens Corning by 56.7% in the second quarter. Orion Portfolio Solutions LLC now owns 539 shares of the construction company’s stock valued at $30,000 after purchasing an additional 195 shares during the period. Cerebellum GP LLC purchased a new position in shares of Owens Corning in the second quarter valued at approximately $119,000. Finally, CVA Family Office LLC purchased a new position in Owens Corning in the second quarter worth approximately $75,000. 94.63% of the stock is owned by institutional investors and hedge funds.

Owens Corning Company Profile (NYSE:OC)

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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