Owens Corning (NYSE:OC) Hits New 1-Year Low - Should You Sell?

Key Points

• Owens Corning's stock reached a new 52-week low at $123.23, closing at $126.18 with a trading volume of 70,023 shares.
• Analysts have adjusted their price targets for Owens Corning, with Bank of America reducing it to $168.00 while maintaining a "buy" rating and several firms setting lower targets.
• The company reported a quarterly earnings of $4.21 per share, exceeding expectations, and declared a dividend of $0.69 to be paid on November 6th.

Shares of Owens Corning Inc (NYSE:OC - Get Free Report) reached a new 52-week low during trading on Tuesday . The stock traded as low as $123.23 and last traded at $126.18, with a volume of 70023 shares traded. The stock had previously closed at $125.33.

Analysts Set New Price Targets

Several equities analysts have recently commented on OC shares. Bank of America lowered their target price on shares of Owens Corning from $180.00 to $168.00 and set a "buy" rating on the stock in a report on Wednesday, October 1st. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Owens Corning in a research note on Wednesday, October 8th. Evercore ISI decreased their price target on shares of Owens Corning from $169.00 to $153.00 and set an "in-line" rating on the stock in a research note on Tuesday, October 7th. Royal Bank Of Canada decreased their price target on shares of Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a research note on Thursday, August 7th. Finally, Jefferies Financial Group reduced their target price on shares of Owens Corning from $185.00 to $180.00 and set a "buy" rating on the stock in a research note on Tuesday, October 7th. Ten analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $178.31.

Owens Corning Trading Up 0.2%

The stock's fifty day moving average price is $146.26 and its 200 day moving average price is $141.74. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.52 and a quick ratio of 0.95. The stock has a market capitalization of $10.50 billion, a P/E ratio of 32.62, a PEG ratio of 9.18 and a beta of 1.32.

Owens Corning (NYSE:OC - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The construction company reported $4.21 EPS for the quarter, topping analysts' consensus estimates of $3.80 by $0.41. The firm had revenue of $2.75 billion for the quarter, compared to analysts' expectations of $2.70 billion. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. The business's revenue for the quarter was up 10.0% on a year-over-year basis. During the same period in the prior year, the business posted $4.64 earnings per share. Research analysts forecast that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 6th. Stockholders of record on Monday, October 20th will be issued a $0.69 dividend. The ex-dividend date is Monday, October 20th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 2.2%. Owens Corning's dividend payout ratio is presently 71.69%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Owens Corning by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 9,947,480 shares of the construction company's stock worth $1,367,977,000 after acquiring an additional 131,795 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Owens Corning by 67.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,380,123 shares of the construction company's stock worth $339,930,000 after acquiring an additional 957,295 shares in the last quarter. Nordea Investment Management AB grew its holdings in Owens Corning by 0.7% during the 2nd quarter. Nordea Investment Management AB now owns 2,225,800 shares of the construction company's stock worth $305,291,000 after acquiring an additional 15,927 shares in the last quarter. LSV Asset Management grew its holdings in Owens Corning by 1.9% during the 1st quarter. LSV Asset Management now owns 1,476,067 shares of the construction company's stock worth $210,812,000 after acquiring an additional 27,185 shares in the last quarter. Finally, Norges Bank bought a new position in Owens Corning during the 2nd quarter worth about $163,719,000. 88.40% of the stock is currently owned by institutional investors.

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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