Owens Corning (NYSE:OC) Now Covered by Analysts at Melius Research

Melius Research began coverage on shares of Owens Corning (NYSE:OC) in a research report sent to investors on Tuesday, MarketBeat Ratings reports. The brokerage issued a sell rating and a $118.00 price target on the construction company’s stock.

Other research analysts have also recently issued reports about the stock. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Owens Corning from $136.00 to $165.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. Benchmark reiterated a “hold” rating on shares of Owens Corning in a research note on Wednesday, July 15th. The Goldman Sachs Group lifted their target price on shares of Owens Corning from $141.00 to $159.00 and gave the stock a “neutral” rating in a research report on Friday, July 10th. DA Davidson started coverage on Owens Corning in a research note on Monday, August 24th. They issued a “buy” rating and a $190.00 target price on the stock. Finally, Evercore set a $185.00 target price on Owens Corning in a report on Thursday, October 1st. Three research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $157.62.

Owens Corning Trading Up 2.0%

NYSE OC opened at $119.80 on Tuesday. The company has a current ratio of 1.16, a quick ratio of 0.67 and a debt-to-equity ratio of 1.10. The business has a fifty day simple moving average of $136.71 and a 200 day simple moving average of $128.86. Owens Corning has a 12 month low of $97.53 and a 12 month high of $159.91. The firm has a market capitalization of $9.47 billion, a P/E ratio of -14.86, a PEG ratio of 1.90 and a beta of 1.32.

Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, August 5th. The construction company reported $3.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.09 by $0.84. The firm had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.66 billion. Owens Corning had a negative net margin of 6.81% and a positive return on equity of 20.52%. The business’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.21 EPS. On average, analysts predict that Owens Corning will post 9.89 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 5th. Investors of record on Monday, October 19th will be given a dividend of $0.79 per share. The ex-dividend date is Monday, October 19th. This represents a $3.16 annualized dividend and a yield of 2.6%. Owens Corning’s dividend payout ratio is presently -39.21%.

Insider Transactions at Owens Corning

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 900 shares of Owens Corning stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $144.07, for a total value of $129,663.00. Following the sale, the insider owned 21,449 shares of the company’s stock, valued at approximately $3,090,157.43. The trade was a 4.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.92% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. HM Payson & Co. raised its holdings in shares of Owens Corning by 203.6% in the 2nd quarter. HM Payson & Co. now owns 167 shares of the construction company’s stock worth $27,000 after purchasing an additional 112 shares during the period. Fiduciary Financial Advisors bought a new position in Owens Corning during the second quarter valued at $35,000. Cassaday & Co Wealth Management LLC purchased a new stake in Owens Corning in the first quarter worth $30,000. NBH Bank purchased a new stake in Owens Corning in the second quarter worth $47,000. Finally, Root Financial Partners LLC raised its stake in shares of Owens Corning by 212.7% in the first quarter. Root Financial Partners LLC now owns 419 shares of the construction company’s stock valued at $45,000 after buying an additional 285 shares during the period. 88.40% of the stock is owned by institutional investors.

About Owens Corning

Owens Corning (NYSE:OC) is a global building materials company that develops and manufactures products used in residential, commercial and industrial construction. Its portfolio includes insulation, roofing and composite materials designed to improve energy efficiency, weather protection, durability and structural performance.

The company’s insulation business offers products such as fiberglass and mineral wool insulation, along with related air-sealing and acoustic solutions. Its roofing operations produce shingles, underlayment and other components for residential and commercial roofing systems.