Owens Corning (NYSE:OC) Hits New 52-Week Low – Here’s Why

Owens Corning Inc (NYSE:OC)’s share price reached a new 52-week low during trading on Wednesday . The stock traded as low as $121.32 and last traded at $122.5070, with a volume of 1861205 shares changing hands. The stock had previously closed at $124.24.

Analyst Upgrades and Downgrades

Several research firms have recently commented on OC. Wells Fargo & Company increased their target price on Owens Corning from $170.00 to $175.00 and gave the company an “overweight” rating in a research note on Thursday, September 11th. Barclays upped their price target on Owens Corning from $167.00 to $173.00 and gave the company an “overweight” rating in a research report on Thursday, August 7th. Royal Bank Of Canada dropped their price target on Owens Corning from $184.00 to $180.00 and set an “outperform” rating on the stock in a research report on Thursday, August 7th. Zacks Research lowered Owens Corning from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 15th. Finally, Evercore ISI reduced their price objective on Owens Corning from $169.00 to $153.00 and set an “in-line” rating for the company in a research report on Tuesday, October 7th. Ten research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $178.31.

Owens Corning Price Performance

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 company has a 50-day simple moving average of $139.01 and a two-hundred day simple moving average of $140.58. The stock has a market capitalization of $10.25 billion, a price-to-earnings ratio of 31.82, a price-to-earnings-growth ratio of 9.10 and a beta of 1.32.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, August 6th. The construction company reported $4.21 earnings per share for the quarter, topping the consensus estimate of $3.80 by $0.41. The firm had revenue of $2.75 billion for the quarter, compared to analyst estimates of $2.70 billion. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%.The firm’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same period last year, the company earned $4.64 earnings per share. On average, equities research analysts predict that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Dividend Announcement

The firm 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 dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Monday, October 20th. Owens Corning’s dividend payout ratio (DPR) is 71.69%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Twin Peaks Wealth Advisors LLC acquired a new stake in shares of Owens Corning in the second quarter valued at $26,000. Bangor Savings Bank acquired a new position in Owens Corning during the second quarter worth about $28,000. Rexford Capital Inc. acquired a new position in Owens Corning during the second quarter worth about $28,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in Owens Corning during the second quarter worth about $30,000. Finally, Vermillion & White Wealth Management Group LLC grew its holdings in Owens Corning by 149.4% during the second quarter. Vermillion & White Wealth Management Group LLC now owns 222 shares of the construction company’s stock worth $31,000 after acquiring an additional 133 shares during the period. 88.40% of the stock is 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.