Owens Corning (NYSE:OC) Hits New 1-Year High Following Analyst Upgrade

Posted by Defense World Staff on Jul 13th, 2023

Shares of Owens Corning (NYSE:OC – Get Free Report) reached a new 52-week high during trading on Wednesday after Royal Bank of Canada raised their price target on the stock from $111.00 to $135.00. The company traded as high as $132.68 and last traded at $132.05, with a volume of 99957 shares. The stock had previously closed at $130.57.

OC has been the subject of a number of other research reports. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Owens Corning from $102.00 to $110.00 in a report on Monday, May 1st. Truist Financial increased their target price on shares of Owens Corning from $105.00 to $135.00 in a research report on Thursday, July 6th. StockNews.com assumed coverage on shares of Owens Corning in a research report on Thursday, May 18th. They set a “strong-buy” rating for the company. Bank of America raised their price objective on shares of Owens Corning from $120.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, April 19th. Finally, Barclays raised shares of Owens Corning from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $113.00 to $135.00 in a research report on Wednesday, May 24th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $116.08.

Insider Buying and Selling at Owens Corning

In other news, EVP Paula Russell sold 3,000 shares of Owens Corning stock in a transaction on Tuesday, April 18th. The stock was sold at an average price of $100.00, for a total transaction of $300,000.00. Following the sale, the executive vice president now directly owns 21,364 shares in the company, valued at approximately $2,136,400. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Paula Russell sold 3,000 shares of Owens Corning stock in a transaction dated Tuesday, April 18th. The stock was sold at an average price of $100.00, for a total value of $300,000.00. Following the completion of the sale, the executive vice president now owns 21,364 shares of the company’s stock, valued at approximately $2,136,400. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Daniel T. Smith sold 3,670 shares of Owens Corning stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $106.11, for a total value of $389,423.70. Following the completion of the sale, the executive vice president now directly owns 46,811 shares of the company’s stock, valued at approximately $4,967,115.21. The disclosure for this sale can be found here. In the last three months, insiders have sold 21,570 shares of company stock worth $2,282,993. Corporate insiders own 0.89% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in OC. Harvest Fund Management Co. Ltd bought a new stake in shares of Owens Corning during the 2nd quarter valued at about $25,000. Householder Group Estate & Retirement Specialist LLC bought a new stake in shares of Owens Corning during the 1st quarter valued at about $27,000. Tobam bought a new stake in Owens Corning in the 4th quarter worth approximately $31,000. Belpointe Asset Management LLC bought a new stake in Owens Corning in the 4th quarter worth approximately $33,000. Finally, Allworth Financial LP lifted its position in Owens Corning by 87.8% in the 1st quarter. Allworth Financial LP now owns 353 shares of the construction company’s stock worth $34,000 after buying an additional 165 shares during the last quarter. Hedge funds and other institutional investors own 93.43% of the company’s stock.

Owens Corning Stock Up 2.1 %

The stock has a 50-day moving average of $117.33 and a two-hundred day moving average of $103.05. The company has a market cap of $12.01 billion, a P/E ratio of 9.64, a P/E/G ratio of 2.08 and a beta of 1.46. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.17 and a current ratio of 1.86.

Owens Corning (NYSE:OC – Get Free Report) last released its quarterly earnings data on Wednesday, April 26th. The construction company reported $2.77 earnings per share for the quarter, beating analysts’ consensus estimates of $2.22 by $0.55. The firm had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.22 billion. Owens Corning had a return on equity of 26.06% and a net margin of 13.54%. The business’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.84 earnings per share. On average, research analysts anticipate that Owens Corning will post 10.78 EPS for the current fiscal year.

Owens Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 4th. Stockholders of record on Monday, July 17th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date is Friday, July 14th. Owens Corning’s dividend payout ratio (DPR) is presently 15.05%.

About Owens Corning

(Get Free Report)

Owens Corning engages in manufacture and sale of insulation, roofing, and fiberglass composite materials in the United States, Canada, Europe, the Asia Pacific, Latin America, and internationally. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and glass fiber products in the form of fabrics, non-wovens, and other specialized products.