Vertical Research Initiates Coverage on Owens Corning (NYSE:OC)

Key Points

• Vertical Research has initiated coverage on Owens Corning (NYSE: OC), assigning a "hold" rating to the stock, while other analysts have given mixed ratings ranging from "strong sell" to "overweight."
• Owens Corning reported earnings of $4.21 per share for the last quarter, beating expectations, with a revenue of $2.75 billion—up 10% compared to the previous year.
• The stock is currently trading at around $127.50, significantly below its fifty-two week high of $214.53, and analysts have set a consensus price target of $178.31.

Analysts at Vertical Research initiated coverage on shares of Owens Corning (NYSE:OC - Get Free Report) in a research note issued to investors on Monday. The firm set a "hold" rating on the construction company's stock.

A number of other equities research analysts have also recently commented on OC. UBS Group dropped their target price on Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a research report on Thursday, August 7th. Weiss Ratings reissued a "hold (c)" rating on shares of Owens Corning in a report on Wednesday, October 8th. Zacks Research lowered Owens Corning from a "hold" rating to a "strong sell" rating in a research note on Wednesday, October 15th. Barclays lifted their price objective on Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a research report 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 investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Owens Corning currently has a consensus rating of "Moderate Buy" and a consensus price target of $178.31.

Owens Corning Stock Performance

Owens Corning stock traded up $0.54 during midday trading on Monday, hitting $127.50. 710,963 shares of the company were exchanged, compared to its average volume of 959,029. Owens Corning has a fifty-two week low of $123.23 and a fifty-two week high of $214.53. The firm has a market capitalization of $10.66 billion, a PE ratio of 33.14, a price-to-earnings-growth ratio of 9.22 and a beta of 1.32. The business has a fifty day simple moving average of $144.84 and a two-hundred day simple moving average of $141.30. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.95 and a current ratio of 1.52.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC raised its stake in shares of Owens Corning by 21.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 8,720 shares of the construction company's stock worth $1,245,000 after buying an additional 1,558 shares in the last quarter. Sowell Financial Services LLC purchased a new stake in shares of Owens Corning during the 1st quarter worth $211,000. Manning & Napier Advisors LLC acquired a new position in shares of Owens Corning during the 1st quarter worth $881,000. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Owens Corning by 11.9% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 30,921 shares of the construction company's stock valued at $4,416,000 after purchasing an additional 3,298 shares in the last quarter. Finally, Park Capital Management LLC WI lifted its stake in shares of Owens Corning by 19.0% in the first quarter. Park Capital Management LLC WI now owns 2,229 shares of the construction company's stock valued at $318,000 after purchasing an additional 356 shares during the period. 88.40% of the stock is currently owned by institutional investors and hedge funds.

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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