Owens Corning (NYSE:OC) Receives New Coverage from Analysts at Loop Capital

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Loop Capital began coverage on shares of Owens Corning (NYSE:OC) in a research report report published on Monday, Benzinga reports. The brokerage issued a buy rating and a $76.00 price objective on the construction company’s stock.

Several other equities research analysts also recently commented on the company. SunTrust Banks upped their target price on Owens Corning from $58.00 to $62.00 and gave the company a hold rating in a report on Friday, October 25th. Argus raised Owens Corning from a hold rating to a buy rating and set a $72.00 target price for the company in a report on Tuesday, October 29th. ValuEngine downgraded Owens Corning from a sell rating to a strong sell rating in a report on Thursday, October 24th. Exane BNP Paribas assumed coverage on Owens Corning in a report on Wednesday, October 9th. They set an outperform rating for the company. Finally, Goldman Sachs Group started coverage on Owens Corning in a report on Friday, December 6th. They set a buy rating and a $80.00 target price for the company. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $67.75.

Shares of NYSE OC traded up $0.13 during mid-day trading on Monday, hitting $64.84. 1,310,142 shares of the company traded hands, compared to its average volume of 823,836. Owens Corning has a 1 year low of $43.97 and a 1 year high of $68.72. The stock has a market capitalization of $7.07 billion, a price-to-earnings ratio of 13.13, a PEG ratio of 1.57 and a beta of 1.23. The company has a quick ratio of 0.87, a current ratio of 1.69 and a debt-to-equity ratio of 0.73. The business has a 50 day moving average of $65.82 and a two-hundred day moving average of $60.34.

Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, October 23rd. The construction company reported $1.63 EPS for the quarter, beating the consensus estimate of $1.50 by $0.13. Owens Corning had a return on equity of 12.14% and a net margin of 6.99%. The business had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.86 billion. During the same period in the prior year, the business posted $1.54 earnings per share. Owens Corning’s revenue was up 3.6% compared to the same quarter last year. As a group, research analysts anticipate that Owens Corning will post 4.59 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 17th. Investors of record on Friday, January 3rd will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 1.48%. This is a positive change from Owens Corning’s previous quarterly dividend of $0.22. The ex-dividend date is Thursday, January 2nd. Owens Corning’s payout ratio is presently 19.43%.

In other Owens Corning news, Chairman Michael H. Thaman sold 50,000 shares of the company’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $62.00, for a total value of $3,100,000.00. Following the transaction, the chairman now directly owns 777,513 shares of the company’s stock, valued at approximately $48,205,806. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Marcio A. Sandri sold 3,865 shares of the company’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $64.92, for a total value of $250,915.80. Following the completion of the transaction, the insider now directly owns 38,850 shares in the company, valued at $2,522,142. The disclosure for this sale can be found here. Insiders have sold 67,834 shares of company stock worth $4,248,079 over the last three months. 1.70% of the stock is owned by insiders.

Hedge funds have recently modified their holdings of the business. Quantamental Technologies LLC acquired a new position in Owens Corning in the 2nd quarter worth about $33,000. Private Capital Group LLC increased its position in Owens Corning by 95.8% in the 2nd quarter. Private Capital Group LLC now owns 793 shares of the construction company’s stock worth $50,000 after purchasing an additional 388 shares during the last quarter. Covington Capital Management acquired a new position in Owens Corning in the 3rd quarter worth about $52,000. Penserra Capital Management LLC increased its position in Owens Corning by 25.0% in the 3rd quarter. Penserra Capital Management LLC now owns 980 shares of the construction company’s stock worth $61,000 after purchasing an additional 196 shares during the last quarter. Finally, Quadrant Capital Group LLC increased its position in Owens Corning by 103.9% in the 3rd quarter. Quadrant Capital Group LLC now owns 1,052 shares of the construction company’s stock worth $65,000 after purchasing an additional 536 shares during the last quarter. 99.65% of the stock is currently owned by institutional investors.

Owens Corning Company Profile

Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential, commercial, and industrial building materials worldwide. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and manufactures and sells glass fiber products in the form of fabrics, non-wovens, and other specialized products.

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Analyst Recommendations for Owens Corning (NYSE:OC)

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