Owens Corning (NYSE:OC) Reaches New 52-Week High – Here’s What Happened

Owens Corning Inc (NYSE:OC) reached a new 52-week high on Tuesday . The company traded as high as $159.91 and last traded at $158.2830, with a volume of 549950 shares changing hands. The stock had previously closed at $156.05.

Wall Street Analyst Weigh In

OC has been the subject of a number of analyst reports. The Goldman Sachs Group raised their price objective on Owens Corning from $125.00 to $141.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. Evercore upgraded shares of Owens Corning from an “in-line” rating to an “outperform” rating and set a $188.00 price target on the stock in a research report on Tuesday. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $165.00 price objective on shares of Owens Corning in a research report on Tuesday. Bank of America dropped their target price on shares of Owens Corning from $140.00 to $138.00 and set a “buy” rating on the stock in a report on Monday, April 20th. Finally, Zacks Research upgraded Owens Corning from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $150.58.

Owens Corning Stock Up 1.9%

The stock has a market cap of $12.81 billion, a price-to-earnings ratio of -24.10, a price-to-earnings-growth ratio of 2.46 and a beta of 1.34. The firm’s fifty day moving average price is $122.84 and its two-hundred day moving average price is $119.42. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.24 and a quick ratio of 0.74.

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

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 6th. Stockholders of record on Monday, July 20th will be given 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 of this dividend is Monday, July 20th. Owens Corning’s dividend payout ratio is presently -47.81%.

Insiders Place Their Bets

In related news, VP Mari Doerfler sold 1,926 shares of Owens Corning 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 sale, the vice president owned 3,093 shares of the company’s stock, valued at approximately $374,005.56. This trade represents a 38.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Rachel Barthelemy Marcon sold 700 shares of the business’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $120.71, for a total transaction of $84,497.00. Following the sale, the insider owned 15,848 shares of the company’s stock, valued at $1,913,012.08. This trade represents a 4.23% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by company insiders.

Hedge Funds Weigh In On Owens Corning

Several large investors have recently added to or reduced their stakes in OC. Vanguard Group Inc. raised its stake in shares of Owens Corning by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 9,765,729 shares of the construction company’s stock worth $1,092,883,000 after purchasing an additional 84,096 shares during the last quarter. State Street Corp grew its holdings in Owens Corning by 2.3% during the third quarter. State Street Corp now owns 3,634,987 shares of the construction company’s stock worth $514,205,000 after buying an additional 81,133 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Owens Corning by 7.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,764,616 shares of the construction company’s stock valued at $299,167,000 after buying an additional 188,211 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Owens Corning by 9.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,594,229 shares of the construction company’s stock valued at $290,321,000 after acquiring an additional 231,871 shares in the last quarter. Finally, First Trust Advisors LP boosted its holdings in Owens Corning by 22.7% during the 1st quarter. First Trust Advisors LP now owns 2,179,214 shares of the construction company’s stock worth $235,835,000 after acquiring an additional 403,803 shares during the last quarter. Institutional investors own 88.40% of the company’s stock.

About Owens Corning

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.