Zacks Research Downgrades Owens Corning (NYSE:OC) to Strong Sell

Owens Corning (NYSE:OC) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Monday,Zacks.com reports.

Other analysts also recently issued research reports about the stock. Citigroup reduced their price target on shares of Owens Corning from $137.00 to $135.00 and set a “buy” rating for the company in a research report on Thursday, January 8th. Argus raised shares of Owens Corning to a “strong-buy” rating in a research report on Wednesday, January 14th. Wells Fargo & Company lifted their price objective on shares of Owens Corning from $145.00 to $155.00 and gave the company an “overweight” rating in a research note on Wednesday, February 11th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Owens Corning in a report on Monday, December 29th. Finally, Evercore decreased their target price on shares of Owens Corning from $121.00 to $117.00 and set an “in-line” rating for the company in a research note on Thursday, December 4th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Owens Corning has an average rating of “Moderate Buy” and a consensus target price of $151.58.

Owens Corning Trading Down 1.1%

NYSE:OC opened at $107.74 on Monday. The company has a market capitalization of $8.66 billion, a PE ratio of -16.83, a P/E/G ratio of 1.76 and a beta of 1.35. Owens Corning has a 52-week low of $97.53 and a 52-week high of $159.42. The stock’s 50 day moving average price is $122.54 and its 200 day moving average price is $123.71. The company has a quick ratio of 0.70, a current ratio of 1.26 and a debt-to-equity ratio of 1.20.

Owens Corning (NYSE:OC) last issued its quarterly earnings data on Wednesday, February 25th. The construction company reported $1.10 earnings per share for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.26). The firm had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.17 billion. Owens Corning had a negative net margin of 5.17% and a positive return on equity of 21.93%. Owens Corning’s quarterly revenue was down 16.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.22 EPS. On average, research analysts anticipate that Owens Corning will post 15.49 EPS for the current year.

Institutional Trading of Owens Corning

Several hedge funds have recently made changes to their positions in OC. Twin Peaks Wealth Advisors LLC acquired a new position in shares of Owens Corning during the second quarter worth about $26,000. Rexford Capital Inc. acquired a new stake in Owens Corning in the second quarter valued at about $28,000. Itau Unibanco Holding S.A. acquired a new stake in Owens Corning in the fourth quarter valued at about $29,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Owens Corning in the 2nd quarter valued at approximately $30,000. Finally, Vermillion & White Wealth Management Group LLC boosted its holdings in Owens Corning by 149.4% in the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 222 shares of the construction company’s stock valued at $31,000 after purchasing an additional 133 shares in the last quarter. Institutional investors and hedge funds own 88.40% of the company’s stock.

Owens Corning Company Profile

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.