Owens Corning Inc (NYSE:OC) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Key Points

• Owens Corning has a “Moderate Buy” consensus rating from 18 brokerages, with nine buys, two strong buys, six holds, and one sell. The average 12-month price target is $165.31, with recent targets ranging up to $190.
• The company exceeded quarterly expectations, reporting adjusted EPS of $3.93 versus the $3.09 consensus and revenue of $2.76 billion versus estimates of $2.66 billion. Analysts forecast approximately $9.90 in EPS for the current year.
• Institutional investors own 88.4% of Owens Corning’s shares, while the company pays a quarterly dividend of $0.79 per share, or $3.16 annually, representing a 2.3% yield.

Shares of Owens Corning Inc (NYSE:OC - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the eighteen brokerages that are currently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $165.3077.

OC has been the topic of a number of research reports. Wall Street Zen upgraded shares of Owens Corning from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Citigroup lifted their price target on shares of Owens Corning from $149.00 to $177.00 and gave the stock a "buy" rating in a research report on Friday, August 7th. Deutsche Bank Aktiengesellschaft increased 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. JPMorgan Chase & Co. raised their price objective on shares of Owens Corning from $115.00 to $121.00 and gave the company a "neutral" rating in a research note on Friday, May 8th. Finally, DA Davidson began coverage on shares of Owens Corning in a report on Monday, August 24th. They set a "buy" rating and a $190.00 target price for the company.

Insider Buying and Selling

In related news, insider Rachel Barthelemy Marcon sold 900 shares of the company's 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 owned 21,449 shares in the company, 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 SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.92% of the company's stock.

Institutional Trading of Owens Corning

Hedge funds have recently modified their holdings of the company. Corient Private Wealth LP boosted its stake in Owens Corning by 41.8% during the 2nd quarter. Corient Private Wealth LP now owns 40,157 shares of the construction company's stock worth $6,383,000 after acquiring an additional 11,841 shares during the last quarter. HighTower Advisors LLC increased its stake in Owens Corning by 18.8% in the second quarter. HighTower Advisors LLC now owns 10,733 shares of the construction company's stock valued at $1,706,000 after purchasing an additional 1,701 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Owens Corning in the second quarter valued at approximately $2,114,000. California State Teachers Retirement System raised its holdings in Owens Corning by 15,428.9% in the second quarter. California State Teachers Retirement System now owns 14,771,676 shares of the construction company's stock worth $2,348,106,000 after purchasing an additional 14,676,552 shares during the period. Finally, Widmann Financial Services Inc. bought a new position in shares of Owens Corning during the second quarter worth $263,000. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Owens Corning Stock Up 3.1%

NYSE OC opened at $138.88 on Friday. The stock has a fifty day moving average of $145.67 and a 200-day moving average of $127.83. The stock has a market capitalization of $10.98 billion, a P/E ratio of -17.23, a price-to-earnings-growth ratio of 2.03 and a beta of 1.32. Owens Corning has a 52 week low of $97.53 and a 52 week high of $159.91. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.67 and a current ratio of 1.16.

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 (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 firm's revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.21 earnings per share. On average, equities research analysts forecast that Owens Corning will post 9.9 EPS for the current year.

Owens Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 6th. Investors of record on Monday, July 20th were paid a dividend of $0.79 per share. The ex-dividend date of this dividend was Monday, July 20th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.3%. Owens Corning's payout ratio is -39.21%.

About Owens Corning

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company's core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.

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