Owens Corning (NYSE:OC) Now Covered by Northcoast Research

Key Points

• Northcoast Research initiated coverage of Owens Corning with a “hold” rating. Analysts overall also rate the stock “Hold,” with an average price target of $140.93.
• Owens Corning reported quarterly EPS of $2.44, below the $3.07 consensus estimate, and revenue of $2.49 billion versus expectations of $2.62 billion; revenue fell 7.3% year over year.
• Shares fell 1.6% to $115.68 in Thursday’s mid-day trading.

Equities researchers at Northcoast Research assumed coverage on shares of Owens Corning (NYSE:OC - Get Free Report) in a report released on Thursday, Zacks reports. The brokerage set a "hold" rating on the construction company's stock.

Other equities analysts have also recently issued research reports about the stock. Royal Bank Of Canada reduced their price target on shares of Owens Corning from $127.00 to $119.00 and set a "sector perform" rating on the stock in a research report on Thursday, November 5th. DA Davidson set a $143.00 target price on Owens Corning in a report on Friday, October 9th. Bank of America reduced their target price on Owens Corning from $155.00 to $145.00 and set a "buy" rating on the stock in a report on Tuesday, October 27th. Citigroup lowered their price target on Owens Corning from $177.00 to $156.00 and set a "buy" rating for the company in a report on Monday, November 9th. Finally, Benchmark reissued a "hold" rating on shares of Owens Corning in a research report on Wednesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, six have given a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $140.93.

Owens Corning Stock Down 1.6%

Shares of OC stock traded down $1.85 during mid-day trading on Thursday, reaching $115.68. 955,248 shares of the company were exchanged, compared to its average volume of 1,231,648. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.58 and a current ratio of 1.13. The business's 50 day simple moving average is $120.38 and its 200 day simple moving average is $126.06. The company has a market capitalization of $8.92 billion, a P/E ratio of -21.74, a P/E/G ratio of 2.83 and a beta of 1.31. Owens Corning has a fifty-two week low of $97.53 and a fifty-two week high of $159.91.

Owens Corning (NYSE:OC - Get Free Report) last posted its quarterly earnings results on Wednesday, November 4th. The construction company reported $2.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.07 by ($0.63). The company had revenue of $2.49 billion during the quarter, compared to analyst estimates of $2.62 billion. Owens Corning had a negative net margin of 4.42% and a positive return on equity of 19.14%. The company's revenue was down 7.3% on a year-over-year basis. During the same period in the prior year, the company earned $3.67 earnings per share. Research analysts predict that Owens Corning will post 8.47 earnings per share for the current year.

Insider Activity at Owens Corning

In other news, insider Rachel Barthelemy Marcon sold 900 shares of the company's stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $144.07, for a total transaction of $129,663.00. Following the completion of the transaction, the insider directly owned 21,449 shares of the company's stock, valued at approximately $3,090,157.43. This represents a 4.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.92% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OC. HM Payson & Co. increased its position in Owens Corning by 203.6% in the second quarter. HM Payson & Co. now owns 167 shares of the construction company's stock worth $27,000 after buying an additional 112 shares during the period. Fiduciary Financial Advisors acquired a new position in shares of Owens Corning during the second quarter valued at $35,000. Cassaday & Co Wealth Management LLC bought a new position in shares of Owens Corning during the first quarter worth about $30,000. NBH Bank bought a new position in shares of Owens Corning during the second quarter worth about $47,000. Finally, Heritage Family Offices LLP acquired a new stake in shares of Owens Corning in the 3rd quarter worth about $37,000. Institutional investors and hedge funds own 88.40% of the company's stock.

Owens Corning Company Profile

Owens Corning is a building-products company that develops and manufactures materials for residential and commercial construction. Its products include roofing shingles and components, insulation for buildings and industrial applications, and interior and exterior doors. Founded in 1938 through the combination of Owens-Illinois Glass Company and Corning Glass Works' fiberglass operations, the company has a long history of developing glass-fiber-based materials. It is headquartered in Toledo, Ohio, and serves customers in North America and international markets.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.