Owens Corning (NYSE:OC – Get Free Report) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday, Zacks reports.
OC has been the topic of several other reports. Evercore reaffirmed an “outperform” rating and set a $193.00 price target on shares of Owens Corning in a research report on Thursday, July 23rd. Weiss Ratings upgraded Owens Corning from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday, June 24th. Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a report on Wednesday, July 15th. Citigroup lifted their price target on Owens Corning from $149.00 to $177.00 and gave the company a “buy” rating in a research report on Friday, August 7th. Finally, DA Davidson began coverage on Owens Corning in a report on Monday, August 24th. They issued a “buy” rating and a $190.00 price target for the company. Three equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $164.15.
Get Our Latest Report on Owens Corning
Owens Corning Stock Down 1.6%
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 (EPS) for the quarter, topping the consensus estimate of $3.09 by $0.84. The firm had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.66 billion. Owens Corning had a negative net margin of 6.81% and a positive return on equity of 20.52%. The firm’s revenue was up .3% compared to the same quarter last year. During the same quarter last year, the company posted $4.21 earnings per share. As a group, equities research analysts forecast that Owens Corning will post 9.94 earnings per share for the current year.
Insider Buying and Selling at Owens Corning
In other Owens Corning news, insider Rachel Barthelemy Marcon sold 900 shares of the company’s 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 completion of the transaction, the insider owned 21,449 shares in the company, valued at approximately $3,090,157.43. This represents 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.
Hedge Funds Weigh In On Owens Corning
Institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. acquired a new stake in Owens Corning in the second quarter valued at approximately $1,401,161,000. Dimensional Fund Advisors LP lifted its position in shares of Owens Corning by 7.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,764,616 shares of the construction company’s stock valued at $299,167,000 after buying an additional 188,211 shares in the last quarter. First Trust Advisors LP lifted its position in shares of Owens Corning by 22.7% during the 1st quarter. First Trust Advisors LP now owns 2,179,214 shares of the construction company’s stock valued at $235,835,000 after buying an additional 403,803 shares in the last quarter. Nykredit A S acquired a new stake in Owens Corning in the 2nd quarter valued at $166,083,000. Finally, LSV Asset Management grew its stake in Owens Corning by 1.0% in the 4th quarter. LSV Asset Management now owns 1,463,671 shares of the construction company’s stock valued at $163,799,000 after acquiring an additional 14,109 shares during the period. Hedge funds and other institutional investors own 88.40% of the company’s stock.
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 materials and glass-fiber composites designed to improve energy efficiency, durability and structural performance.
The company’s insulation products include fiberglass, mineral wool and foam insulation, as well as related air-sealing and weatherization products. Its roofing business provides asphalt shingles, roofing components and other solutions for residential and commercial applications.
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