Owens Corning (NYSE:OC) Cut to “Strong Sell” at Zacks Research

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

OC has been the subject of several other reports. Bank of America cut their price target on shares of Owens Corning from $180.00 to $168.00 and set a “buy” rating for the company in a report on Wednesday, October 1st. Evercore ISI cut their price target on shares of Owens Corning from $169.00 to $153.00 and set an “in-line” rating for the company in a report on Tuesday, October 7th. Truist Financial cut their price target on shares of Owens Corning from $165.00 to $135.00 and set a “hold” rating for the company in a report on Thursday, October 9th. Jefferies Financial Group cut their price target on shares of Owens Corning from $185.00 to $180.00 and set a “buy” rating for the company in a report on Tuesday, October 7th. Finally, UBS Group dropped their price objective on shares of Owens Corning from $218.00 to $210.00 and set a “buy” rating for the company in a report on Thursday, August 7th. Ten research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $178.31.

Owens Corning Stock Down 0.8%

Owens Corning stock opened at $126.29 on Wednesday. Owens Corning has a 1-year low of $123.23 and a 1-year high of $214.53. The firm has a market capitalization of $10.56 billion, a price-to-earnings ratio of 32.80, a P/E/G ratio of 9.25 and a beta of 1.32. The company has a current ratio of 1.52, a quick ratio of 0.95 and a debt-to-equity ratio of 0.98. The firm has a 50 day simple moving average of $145.18 and a 200 day simple moving average of $141.43.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, August 6th. The construction company reported $4.21 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 the consensus estimate of $2.70 billion. During the same period last year, the firm earned $4.64 EPS. The business’s quarterly revenue was up 10.0% compared to the same quarter last year. On average, analysts predict that Owens Corning will post 15.49 earnings per share for the current year.

Hedge Funds Weigh In On Owens Corning

Large investors have recently added to or reduced their stakes in the business. OneDigital Investment Advisors LLC raised its position in Owens Corning by 33.3% in the 1st quarter. OneDigital Investment Advisors LLC now owns 1,639 shares of the construction company’s stock worth $234,000 after purchasing an additional 409 shares during the period. Cambridge Investment Research Advisors Inc. raised its position in 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 worth $4,416,000 after purchasing an additional 3,298 shares during the period. Moran Wealth Management LLC raised its position in Owens Corning by 31.4% in the 1st quarter. Moran Wealth Management LLC now owns 140,568 shares of the construction company’s stock worth $20,076,000 after purchasing an additional 33,631 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in Owens Corning by 21.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 8,720 shares of the construction company’s stock worth $1,245,000 after purchasing an additional 1,558 shares during the period. Finally, Principal Financial Group Inc. raised its position in Owens Corning by 0.4% in the 1st quarter. Principal Financial Group Inc. now owns 393,768 shares of the construction company’s stock worth $56,238,000 after purchasing an additional 1,737 shares during the period. 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.