Traders Buy Owens Corning (OC) on Weakness

Investors bought shares of Owens Corning (NYSE:OC) on weakness during trading hours on Friday. $28.36 million flowed into the stock on the tick-up and $9.18 million flowed out of the stock on the tick-down, for a money net flow of $19.18 million into the stock. Of all equities tracked, Owens Corning had the 16th highest net in-flow for the day. Owens Corning traded down ($0.60) for the day and closed at $91.94

Several analysts recently commented on OC shares. Stifel Nicolaus reissued a “buy” rating and set a $83.00 target price on shares of Owens Corning in a research note on Friday, September 1st. Nomura reissued a “neutral” rating and set a $79.00 target price on shares of Owens Corning in a research note on Monday, September 11th. Instinet lowered shares of Owens Corning from a “buy” rating to a “neutral” rating and increased their target price for the company from $74.00 to $79.00 in a research note on Monday, September 11th. SunTrust Banks reissued a “hold” rating on shares of Owens Corning in a research note on Tuesday, September 12th. Finally, KeyCorp reissued a “buy” rating and set a $84.00 target price on shares of Owens Corning in a research note on Wednesday, September 13th. Eight analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $82.10.

The company has a current ratio of 1.66, a quick ratio of 0.99 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $10,310.00, a price-to-earnings ratio of 27.44, a PEG ratio of 1.38 and a beta of 1.09.

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 the Zacks’ consensus estimate of $1.26 by ($0.01). Owens Corning had a net margin of 6.15% and a return on equity of 11.40%. The firm had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the prior year, the firm earned $1.09 EPS. The firm’s revenue was up 12.2% compared to the same quarter last year. sell-side analysts expect that Owens Corning will post 4.33 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 17th. Stockholders of record on Tuesday, January 2nd will be issued a dividend of $0.21 per share. The ex-dividend date is Friday, December 29th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.91%. This is a positive change from Owens Corning’s previous quarterly dividend of $0.20. Owens Corning’s payout ratio is currently 23.88%.

In other Owens Corning news, Chairman Michael H. Thaman sold 101,600 shares of the company’s stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $85.33, for a total value of $8,669,528.00. Following the transaction, the chairman now owns 840,370 shares in the company, valued at approximately $71,708,772.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director W Howard Morris sold 2,026 shares of the company’s stock in a transaction that occurred on 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. Insiders have sold 129,933 shares of company stock worth $11,196,722 in the last 90 days. 1.80% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Moors & Cabot Inc. acquired a new position in Owens Corning in the 3rd quarter valued at approximately $415,000. Dana Investment Advisors Inc. increased its stake in Owens Corning by 4.9% in the 3rd quarter. Dana Investment Advisors Inc. now owns 496,736 shares of the construction company’s stock valued at $38,423,000 after buying an additional 23,180 shares during the period. Sterling Capital Management LLC increased its stake in Owens Corning by 137.9% in the 3rd quarter. Sterling Capital Management LLC now owns 45,970 shares of the construction company’s stock valued at $3,556,000 after buying an additional 26,650 shares during the period. California Public Employees Retirement System increased its stake in Owens Corning by 6.1% in the 3rd quarter. California Public Employees Retirement System now owns 281,695 shares of the construction company’s stock valued at $21,789,000 after buying an additional 16,195 shares during the period. Finally, Ladenburg Thalmann Financial Services Inc. increased its stake in Owens Corning by 3.8% in the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 21,961 shares of the construction company’s stock valued at $1,699,000 after buying an additional 797 shares during the period. Hedge funds and other institutional investors own 94.50% of the company’s stock.

ILLEGAL ACTIVITY NOTICE: “Traders Buy Owens Corning (OC) on Weakness” was published by Week Herald and is the property of of Week Herald. If you are accessing this article on another website, it was illegally copied and republished in violation of United States and international trademark and copyright law. The correct version of this article can be accessed at https://weekherald.com/2017/12/29/traders-buy-owens-corning-oc-on-weakness.html.

Owens Corning Company Profile

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.

Receive News & Ratings for Owens Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Owens Corning and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply