Zacks Investment Research Downgrades Owens Corning (OC) to Hold

Zacks Investment Research lowered shares of Owens Corning (NYSE:OC) from a buy rating to a hold rating in a report issued on Wednesday.

According to Zacks, “Owens Corning is a world leader in building materials systems and composite solutions. Owens Corning people redefine what is possible each day to deliver high-quality products and services ranging from insulation, roofing, siding and stone, to glass composite materials used in transportation, electronics, telecommunications and other high-performance applications. Owens Corning has become a market-leading innovator of glass-fiber technology with sales. “

A number of other equities research analysts have also recently issued reports on OC. Royal Bank of Canada reissued a buy rating on shares of Owens Corning in a research note on Tuesday, October 3rd. Citigroup reaffirmed a sell rating and set a $69.00 target price (up previously from $49.00) on shares of Owens Corning in a research note on Tuesday, October 3rd. Jefferies Group reaffirmed a buy rating and set a $82.00 target price on shares of Owens Corning in a research note on Friday, October 6th. Evercore ISI reaffirmed an outperform rating and set a $80.00 target price (down previously from $88.00) on shares of Owens Corning in a research note on Wednesday, October 11th. Finally, Credit Suisse Group set a $90.00 target price on shares of Owens Corning and gave the stock an outperform rating in a research note on Tuesday, October 17th. Nine investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of Buy and an average target price of $84.77.

Owens Corning (NYSE OC) traded up $0.41 during trading on Wednesday, reaching $96.03. 518,319 shares of the company were exchanged, compared to its average volume of 884,272. Owens Corning has a 1 year low of $53.04 and a 1 year high of $96.40. The firm has a market cap of $10,680.00, a PE ratio of 28.67, a P/E/G ratio of 1.17 and a beta of 1.09. The company has a quick ratio of 0.99, a current ratio of 1.66 and a debt-to-equity ratio of 0.62.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, October 25th. The construction company reported $1.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.01). Owens Corning had a net margin of 6.15% and a return on equity of 11.40%. The company had revenue of $1.70 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same period in the prior year, the business posted $1.09 EPS. Owens Corning’s revenue was up 12.2% compared to the same quarter last year. sell-side analysts predict that Owens Corning will post 4.34 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 17th. Investors of record on Tuesday, January 2nd were issued a $0.21 dividend. This is a positive change from Owens Corning’s previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a yield of 0.87%. The ex-dividend date was Friday, December 29th. Owens Corning’s payout ratio is 25.07%.

In related news, VP Ava Harter sold 487 shares of the business’s stock in a transaction dated Friday, November 10th. The shares were sold at an average price of $81.96, for a total value of $39,914.52. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director W Howard Morris sold 2,026 shares of the business’s stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $81.95, for a total transaction of $166,030.70. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 129,933 shares of company stock worth $11,196,722. 1.80% of the stock is owned by insiders.

Large investors have recently modified their holdings of the business. TIAA FSB purchased a new stake in Owens Corning during the third quarter worth about $3,022,000. Dana Investment Advisors Inc. increased its stake in Owens Corning by 4.9% during the third quarter. Dana Investment Advisors Inc. now owns 496,736 shares of the construction company’s stock worth $38,423,000 after purchasing an additional 23,180 shares during the period. Great West Life Assurance Co. Can increased its stake in Owens Corning by 636.1% during the third quarter. Great West Life Assurance Co. Can now owns 83,956 shares of the construction company’s stock worth $6,476,000 after purchasing an additional 72,551 shares during the period. Columbus Circle Investors purchased a new stake in Owens Corning during the third quarter worth about $21,351,000. Finally, Sterling Capital Management LLC increased its stake in Owens Corning by 137.9% during the third quarter. Sterling Capital Management LLC now owns 45,970 shares of the construction company’s stock worth $3,556,000 after purchasing an additional 26,650 shares during the period. Institutional investors own 94.55% of the company’s stock.

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About Owens Corning

Owens Corning is engaged in the business of composite and building materials systems, delivering a range of products and services. The Company’s products range from glass fiber used to reinforce composite materials for transportation, electronics, marine, infrastructure, wind-energy and other markets to insulation and roofing for residential, commercial and industrial applications.

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