Owens Corning (NYSE:OC) Stock Rating Upgraded by Zacks Research

Owens Corning (NYSE:OC) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

A number of other brokerages have also commented on OC. UBS Group dropped their price target on Owens Corning from $179.00 to $160.00 and set a “buy” rating for the company in a research note on Tuesday, January 6th. Barclays set a $130.00 price objective on Owens Corning in a report on Monday, December 8th. Truist Financial cut their target price on shares of Owens Corning from $165.00 to $135.00 and set a “hold” rating for the company in a report on Thursday, October 9th. Wells Fargo & Company upped their price target on shares of Owens Corning from $130.00 to $145.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Owens Corning in a research report on Monday, December 29th. Ten research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $149.08.

Owens Corning Price Performance

OC traded up $1.45 during trading on Monday, hitting $123.46. 389,105 shares of the company traded hands, compared to its average volume of 1,080,019. The company has a market cap of $10.15 billion, a PE ratio of -21.54, a P/E/G ratio of 11.73 and a beta of 1.35. The stock’s 50-day simple moving average is $111.07 and its two-hundred day simple moving average is $131.07. Owens Corning has a 1 year low of $97.53 and a 1 year high of $192.96. The company has a current ratio of 1.40, a quick ratio of 0.86 and a debt-to-equity ratio of 1.05.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, November 5th. The construction company reported $3.67 EPS for the quarter, topping the consensus estimate of $3.64 by $0.03. The business had revenue of $2.68 billion for the quarter, compared to analysts’ expectations of $2.71 billion. Owens Corning had a negative net margin of 4.46% and a positive return on equity of 24.42%. The business’s quarterly revenue was down 2.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.38 EPS. As a group, sell-side analysts anticipate that Owens Corning will post 15.49 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of OC. Ariel Investments LLC lifted its holdings in Owens Corning by 24.8% during the 2nd quarter. Ariel Investments LLC now owns 140,449 shares of the construction company’s stock valued at $19,315,000 after buying an additional 27,871 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Owens Corning by 6.7% during the second quarter. JPMorgan Chase & Co. now owns 456,952 shares of the construction company’s stock worth $62,840,000 after acquiring an additional 28,814 shares during the period. Nomura Asset Management Co. Ltd. increased its position in shares of Owens Corning by 6.1% during the second quarter. Nomura Asset Management Co. Ltd. now owns 42,020 shares of the construction company’s stock worth $5,779,000 after acquiring an additional 2,421 shares during the period. Nordea Investment Management AB raised its stake in shares of Owens Corning by 0.7% during the second quarter. Nordea Investment Management AB now owns 2,225,800 shares of the construction company’s stock valued at $305,291,000 after acquiring an additional 15,927 shares in the last quarter. Finally, Aviva PLC boosted its holdings in shares of Owens Corning by 7.2% in the second quarter. Aviva PLC now owns 60,634 shares of the construction company’s stock valued at $8,338,000 after purchasing an additional 4,091 shares during the period. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Company Profile

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company’s core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.