Owens Corning (NYSE:OC) Stock Rating Lowered by Vertical Research

Key Points

• Vertical Research downgraded Owens Corning from “hold” to “sell” and set a $106 price target, implying 11.52% downside from the prior close.
• Analyst sentiment remains mixed: while three analysts rate the stock a strong buy and seven rate it a buy, the consensus is “Moderate Buy” with an average target price of $150.71.
• Owens Corning exceeded quarterly expectations, reporting $3.93 in adjusted EPS versus the $3.09 consensus and revenue of $2.76 billion versus $2.66 billion expected.

Owens Corning (NYSE:OC - Get Free Report) was downgraded by equities research analysts at Vertical Research from a "hold" rating to a "sell" rating in a note issued to investors on Wednesday, MarketBeat Ratings reports. They presently have a $106.00 price target on the construction company's stock. Vertical Research's price target indicates a potential downside of 11.52% from the stock's previous close.

A number of other research analysts have also recently weighed in on the stock. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Owens Corning from $136.00 to $165.00 and gave the company a "buy" rating in a report on Tuesday, June 30th. Wall Street Zen upgraded Owens Corning from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Citigroup lifted their price objective on Owens Corning from $149.00 to $177.00 and gave the company a "buy" rating in a research note on Friday, August 7th. Royal Bank Of Canada downgraded Owens Corning from an "outperform" rating to a "sector perform" rating and set a $127.00 price objective for the company. in a research report on Wednesday. Finally, Barclays reduced their target price on shares of Owens Corning from $177.00 to $162.00 and set an "overweight" rating on the stock in a report on Tuesday. Three investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, Owens Corning has a consensus rating of "Moderate Buy" and an average target price of $150.71.

Owens Corning Stock Up 2.0%

OC stock opened at $119.80 on Wednesday. The company has a current ratio of 1.16, a quick ratio of 0.67 and a debt-to-equity ratio of 1.10. The firm has a 50-day moving average of $136.71 and a two-hundred day moving average of $128.86. Owens Corning has a 12 month low of $97.53 and a 12 month high of $159.91. The company has a market cap of $9.47 billion, a price-to-earnings ratio of -14.86, a PEG ratio of 1.90 and a beta of 1.32.

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

Insider Buying and Selling

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 900 shares of the stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $144.07, for a total value of $129,663.00. Following the transaction, the insider directly owned 21,449 shares in the company, valued at $3,090,157.43. This represents a 4.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Versant Capital Management Inc grew its position in shares of Owens Corning by 16.0% in the 3rd quarter. Versant Capital Management Inc now owns 1,180 shares of the construction company's stock valued at $138,000 after buying an additional 163 shares during the last quarter. QRG Capital Management Inc. boosted its stake in Owens Corning by 12.4% in the second quarter. QRG Capital Management Inc. now owns 15,096 shares of the construction company's stock valued at $2,400,000 after acquiring an additional 1,670 shares in the last quarter. Sequoia Financial Advisors LLC boosted its stake in Owens Corning by 42.8% in the second quarter. Sequoia Financial Advisors LLC now owns 3,339 shares of the construction company's stock valued at $531,000 after acquiring an additional 1,001 shares in the last quarter. Cidel Asset Management Inc. purchased a new position in shares of Owens Corning during the second quarter worth about $271,000. Finally, Integrated Wealth Concepts LLC increased its position in shares of Owens Corning by 39.3% during the second quarter. Integrated Wealth Concepts LLC now owns 10,344 shares of the construction company's stock worth $1,644,000 after purchasing an additional 2,917 shares in the last quarter. Institutional investors and hedge funds 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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