Owens Corning (NYSE:OC – Get Free Report) was upgraded by equities research analysts at DA Davidson to a “strong-buy” rating in a report issued on Monday,Zacks.com reports.
Several other analysts also recently weighed in on the company. Evercore restated an “outperform” rating and set a $193.00 price objective on shares of Owens Corning in a research report on Thursday, July 23rd. Citigroup boosted their target price on Owens Corning from $149.00 to $177.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Deutsche Bank Aktiengesellschaft increased their target price 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 restated a “hold” rating on shares of Owens Corning in a research note on Wednesday, July 15th. Finally, Wells Fargo & Company lifted their price target on shares of Owens Corning from $150.00 to $165.00 and gave the company an “overweight” rating in a report on Tuesday, July 14th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Owens Corning currently has a consensus rating of “Moderate Buy” and an average target price of $165.31.
View Our Latest Stock Analysis on OC
Owens Corning Stock Down 0.3%
Owens Corning (NYSE:OC – Get Free Report) last issued its earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share for the quarter, beating analysts’ consensus estimates of $3.09 by $0.84. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%.The firm had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.66 billion. During the same quarter last year, the business posted $4.21 EPS. The company’s revenue was up .3% compared to the same quarter last year. Research analysts forecast that Owens Corning will post 9.9 EPS for the current fiscal year.
Insider Transactions at Owens Corning
In other Owens Corning news, insider Rachel Barthelemy Marcon sold 700 shares of the stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $120.71, for a total value of $84,497.00. Following the completion of the transaction, the insider directly owned 15,848 shares in the company, valued at approximately $1,913,012.08. This trade represents a 4.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently made changes to their positions in the company. California State Teachers Retirement System boosted its position in Owens Corning by 15,428.9% during the 2nd quarter. California State Teachers Retirement System now owns 14,771,676 shares of the construction company’s stock worth $2,348,106,000 after buying an additional 14,676,552 shares during the period. BlackRock Inc. acquired a new position in Owens Corning in the 2nd quarter valued at approximately $1,401,161,000. Arrowstreet Capital Limited Partnership raised its stake in shares of Owens Corning by 460.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,313,019 shares of the construction company’s stock valued at $146,940,000 after acquiring an additional 1,078,877 shares during the last quarter. Norges Bank acquired a new position in shares of Owens Corning during the fourth quarter worth $119,748,000. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Owens Corning by 721.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,170,179 shares of the construction company’s stock worth $125,513,000 after purchasing an additional 1,027,800 shares during the period. 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.
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