Owens Corning Inc (NYSE:OC) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Key Points

• Owens Corning Inc has received a consensus recommendation of "Moderate Buy" from twelve analysts, with an average 12-month price target of $184.30.
• The company recently reported earnings of $2.97 EPS for the quarter, exceeding analysts' expectations and showing a 25.4% increase in revenue year-over-year.
• Owens Corning announced a dividend of $0.69 per share to be paid on August 7th, along with an authorized share buyback program of up to 12 million shares.

Shares of Owens Corning Inc (NYSE:OC - Get Free Report) have been given a consensus recommendation of "Moderate Buy" by the twelve analysts that are covering the stock, Marketbeat reports. Four equities research analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $184.30.

A number of brokerages have commented on OC. Wells Fargo & Company lifted their target price on shares of Owens Corning from $160.00 to $165.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Barclays dropped their price objective on shares of Owens Corning from $179.00 to $167.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. Evercore ISI set a $165.00 price objective on shares of Owens Corning in a report on Thursday, May 15th. UBS Group dropped their price objective on shares of Owens Corning from $235.00 to $218.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Finally, Wolfe Research upgraded shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a report on Friday, May 9th.

Owens Corning Price Performance

Shares of OC stock opened at $139.38 on Friday. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.44 and a quick ratio of 0.93. The firm's 50-day moving average is $139.24 and its two-hundred day moving average is $149.16. Owens Corning has a 12 month low of $123.40 and a 12 month high of $214.53. The company has a market capitalization of $11.85 billion, a PE ratio of 49.08, a price-to-earnings-growth ratio of 3.71 and a beta of 1.33.

Owens Corning (NYSE:OC - Get Free Report) last issued its earnings results on Wednesday, May 7th. The construction company reported $2.97 EPS for the quarter, topping analysts' consensus estimates of $2.82 by $0.15. Owens Corning had a net margin of 2.28% and a return on equity of 25.03%. The company had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.52 billion. During the same period in the previous year, the firm earned $3.40 earnings per share. Owens Corning's quarterly revenue was up 25.4% compared to the same quarter last year. Analysts predict that Owens Corning will post 15.49 earnings per share for the current year.

Owens Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Monday, July 21st will be given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Monday, July 21st. Owens Corning's payout ratio is currently 97.18%.

Owens Corning announced that its Board of Directors has authorized a stock repurchase program on Wednesday, May 14th that authorizes the company to buyback 12,000,000 shares. This buyback authorization authorizes the construction company to buy shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company's management believes its shares are undervalued.

Institutional Trading of Owens Corning

Several institutional investors have recently modified their holdings of the stock. CoreCap Advisors LLC lifted its position in shares of Owens Corning by 3.3% during the 4th quarter. CoreCap Advisors LLC now owns 1,789 shares of the construction company's stock worth $305,000 after buying an additional 57 shares during the last quarter. Covestor Ltd lifted its position in shares of Owens Corning by 15.7% during the 4th quarter. Covestor Ltd now owns 464 shares of the construction company's stock worth $79,000 after buying an additional 63 shares during the last quarter. NorthCrest Asset Manangement LLC lifted its position in shares of Owens Corning by 0.6% during the 1st quarter. NorthCrest Asset Manangement LLC now owns 13,043 shares of the construction company's stock worth $1,863,000 after buying an additional 74 shares during the last quarter. Menard Financial Group LLC lifted its position in shares of Owens Corning by 3.6% during the 4th quarter. Menard Financial Group LLC now owns 2,272 shares of the construction company's stock worth $387,000 after buying an additional 80 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Owens Corning by 13.1% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 733 shares of the construction company's stock worth $125,000 after buying an additional 85 shares during the last quarter. Hedge funds and other institutional investors own 88.40% of the company's stock.

About Owens Corning

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.

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