Owens Corning (NYSE:OC) Trading Up 13% – Time to Buy?

Owens Corning Inc (NYSE:OC) shares traded up 13% on Monday . The company traded as high as $149.26 and last traded at $152.9880. Approximately 1,644,973 shares changed hands during trading, an increase of 25% from the average daily volume of 1,311,576 shares. The stock had previously closed at $135.39.

Analyst Ratings Changes

OC has been the subject of a number of recent analyst reports. Zacks Research upgraded shares of Owens Corning from a “strong sell” rating to a “hold” rating in a research note on Monday, April 27th. Weiss Ratings upgraded shares of Owens Corning from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday. Barclays lifted their price target on Owens Corning from $135.00 to $144.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. Truist Financial upped their price objective on Owens Corning from $120.00 to $125.00 and gave the company a “hold” rating in a research note on Thursday, May 7th. Finally, JPMorgan Chase & Co. raised their price objective on Owens Corning from $115.00 to $121.00 and gave the company a “neutral” rating in a research report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $144.82.

Owens Corning Price Performance

The company’s 50-day moving average price is $122.08 and its two-hundred day moving average price is $119.11. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.24 and a quick ratio of 0.74. The company has a market capitalization of $12.49 billion, a P/E ratio of -23.50, a price-to-earnings-growth ratio of 2.46 and a beta of 1.34.

Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, May 6th. The construction company reported $1.22 EPS for the quarter, topping the consensus estimate of $1.01 by $0.21. Owens Corning had a negative net margin of 5.43% and a positive return on equity of 19.86%. The business had revenue of $2.27 billion during the quarter, compared to the consensus estimate of $2.18 billion. During the same quarter in the previous year, the firm posted $2.97 EPS. Owens Corning’s revenue was down 10.5% compared to the same quarter last year. As a group, sell-side analysts expect that Owens Corning Inc will post 9.53 EPS for the current year.

Owens Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 6th. Stockholders of record on Monday, July 20th will be issued a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Monday, July 20th. Owens Corning’s payout ratio is currently -47.81%.

Insider Activity at Owens Corning

In related news, insider Rachel Barthelemy Marcon sold 700 shares of the business’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $120.71, for a total value of $84,497.00. Following the completion of the sale, the insider directly owned 15,848 shares in the company, valued at $1,913,012.08. The trade was a 4.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mari Doerfler sold 1,926 shares of the company’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $120.92, for a total value of $232,891.92. Following the completion of the transaction, the vice president directly owned 3,093 shares in the company, valued at approximately $374,005.56. This represents a 38.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.92% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Owens Corning

A number of hedge funds and other institutional investors have recently modified their holdings of OC. Pitcairn Co. boosted its position in shares of Owens Corning by 4.6% in the second quarter. Pitcairn Co. now owns 1,821 shares of the construction company’s stock valued at $250,000 after acquiring an additional 80 shares during the period. First Pacific Financial increased its position in Owens Corning by 2.3% during the first quarter. First Pacific Financial now owns 3,749 shares of the construction company’s stock worth $406,000 after acquiring an additional 85 shares during the period. Viawealth LLC raised its stake in Owens Corning by 3.6% in the 4th quarter. Viawealth LLC now owns 2,563 shares of the construction company’s stock worth $287,000 after purchasing an additional 88 shares in the last quarter. Fifth Third Wealth Advisors LLC boosted its holdings in Owens Corning by 2.9% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 3,170 shares of the construction company’s stock valued at $343,000 after purchasing an additional 90 shares during the period. Finally, Basecamp Wealth Advisors LLC grew its position in shares of Owens Corning by 3.0% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 3,317 shares of the construction company’s stock worth $359,000 after purchasing an additional 97 shares in the last quarter. Institutional investors and hedge funds 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.