Owens Corning (NYSE:OC) Stock Gets Downgrade from Wall Street Zen

Key Points

• Wall Street Zen downgraded Owens Corning from “buy” to “hold,” while analyst opinions remain mixed. MarketBeat reports a consensus “Moderate Buy” rating and an average price target of $145.57.
• Owens Corning shares opened at $114.43, below their 50-day and 200-day moving averages, with a 52-week range of $97.53 to $159.91.
• The company beat quarterly earnings expectations, reporting $3.93 in adjusted earnings per share versus the $3.09 consensus estimate, while revenue reached $2.76 billion, up slightly year over year.

Owens Corning (NYSE:OC - Get Free Report) was downgraded by analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

A number of other analysts have also weighed in on OC. Vertical Research lowered Owens Corning from a "hold" rating to a "sell" rating and set a $106.00 target price on the stock. in a research note on Wednesday. Barclays lowered their target price on shares of Owens Corning from $177.00 to $162.00 and set an "overweight" rating for the company in a research note on Tuesday. Deutsche Bank Aktiengesellschaft raised their price target on shares of Owens Corning from $136.00 to $165.00 and gave the stock a "buy" rating in a research note on Tuesday, June 30th. Weiss Ratings reiterated a "sell (d+)" rating on shares of Owens Corning in a report on Monday, September 21st. Finally, Truist Financial lowered their price objective on shares of Owens Corning from $140.00 to $115.00 and set a "hold" rating for the company in a research report on Thursday. Three equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $145.57.

Owens Corning Trading Down 2.4%

OC stock opened at $114.43 on Friday. The company has a quick ratio of 0.67, a current ratio of 1.16 and a debt-to-equity ratio of 1.10. Owens Corning has a twelve month low of $97.53 and a twelve month high of $159.91. The stock has a market capitalization of $9.05 billion, a price-to-earnings ratio of -14.20, a price-to-earnings-growth ratio of 1.89 and a beta of 1.32. The firm's fifty day simple moving average is $135.34 and its two-hundred day simple moving average is $128.96.

Owens Corning (NYSE:OC - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share for the quarter, topping the consensus estimate of $3.09 by $0.84. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%. The firm had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.66 billion. During the same period in the prior year, the business posted $4.21 earnings per share. The company's revenue for the quarter was up .3% on a year-over-year basis. As a group, analysts anticipate that Owens Corning will post 9.89 earnings per share for the current year.

Insider Buying and Selling at Owens Corning

In related news, insider Rachel Barthelemy Marcon sold 900 shares of Owens Corning stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $144.07, for a total value of $129,663.00. Following the completion of the sale, the insider directly owned 21,449 shares in the company, valued at $3,090,157.43. The trade was a 4.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Tiptree Advisors LLC acquired a new position in shares of Owens Corning during the second quarter worth $11,445,000. Louisiana State Employees Retirement System purchased a new stake in Owens Corning in the first quarter valued at about $2,576,000. Nykredit A S purchased a new stake in Owens Corning in the second quarter valued at about $166,083,000. Cibc World Market Inc. acquired a new stake in Owens Corning in the second quarter worth about $4,578,000. Finally, Bank of America Corp DE acquired a new stake in Owens Corning in the second quarter worth about $133,685,000. Hedge funds and other institutional investors own 88.40% of the company's stock.

Owens Corning Company Profile

Owens Corning NYSE: OC is a global building materials company that develops and manufactures products used in residential, commercial and industrial construction. Its portfolio includes insulation, roofing and composite materials designed to improve energy efficiency, weather protection, durability and structural performance.

The company's insulation business offers products such as fiberglass and mineral wool insulation, along with related air-sealing and acoustic solutions. Its roofing operations produce shingles, underlayment and other components for residential and commercial roofing systems.

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