Owens Corning (NYSE:OC) Hits New 52-Week High After Analyst Upgrade

Owens Corning (NYSE:OC - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Wednesday after Evercore ISI raised their price target on the stock from $175.00 to $189.00. Evercore ISI currently has an in-line rating on the stock. Owens Corning traded as high as $191.17 and last traded at $189.64, with a volume of 114597 shares. The stock had previously closed at $187.00.

A number of other analysts also recently weighed in on OC. Benchmark restated a "hold" rating on shares of Owens Corning in a report on Wednesday, August 7th. Loop Capital increased their price target on Owens Corning from $188.00 to $215.00 and gave the company a "buy" rating in a research note on Friday, June 21st. Wells Fargo & Company lifted their price objective on Owens Corning from $165.00 to $175.00 and gave the stock an "equal weight" rating in a research note on Monday, October 7th. UBS Group upped their target price on Owens Corning from $192.00 to $197.00 and gave the company a "buy" rating in a report on Wednesday, August 7th. Finally, Royal Bank of Canada boosted their price target on shares of Owens Corning from $211.00 to $213.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 7th. Eight equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, Owens Corning currently has an average rating of "Hold" and an average target price of $187.77.

Insider Buying and Selling at Owens Corning

In other Owens Corning news, insider Marcio A. Sandri sold 3,050 shares of the company's stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $170.00, for a total transaction of $518,500.00. Following the transaction, the insider now owns 60,130 shares in the company, valued at approximately $10,222,100. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider Marcio A. Sandri sold 3,050 shares of Owens Corning stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $170.00, for a total transaction of $518,500.00. Following the transaction, the insider now owns 60,130 shares of the company's stock, valued at $10,222,100. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Marcio A. Sandri sold 3,051 shares of the company's stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $176.50, for a total value of $538,501.50. Following the sale, the insider now owns 57,079 shares of the company's stock, valued at $10,074,443.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.89% of the company's stock.

Institutional Trading of Owens Corning

A number of institutional investors and hedge funds have recently modified their holdings of the business. Nordea Investment Management AB raised its holdings in shares of Owens Corning by 74.4% in the 1st quarter. Nordea Investment Management AB now owns 1,251,653 shares of the construction company's stock worth $210,040,000 after purchasing an additional 533,910 shares during the period. Point72 Asset Management L.P. raised its stake in shares of Owens Corning by 168.3% in the second quarter. Point72 Asset Management L.P. now owns 741,262 shares of the construction company's stock valued at $128,772,000 after buying an additional 464,981 shares during the period. Pacer Advisors Inc. lifted its position in shares of Owens Corning by 38.9% during the 2nd quarter. Pacer Advisors Inc. now owns 1,592,536 shares of the construction company's stock valued at $276,655,000 after buying an additional 446,073 shares during the last quarter. Panagora Asset Management Inc. grew its stake in shares of Owens Corning by 2,813.6% during the 2nd quarter. Panagora Asset Management Inc. now owns 378,856 shares of the construction company's stock worth $65,815,000 after acquiring an additional 365,853 shares during the period. Finally, Swedbank AB purchased a new stake in Owens Corning in the 1st quarter worth about $60,424,000. 88.40% of the stock is owned by hedge funds and other institutional investors.

Owens Corning Stock Up 0.5 %

The firm has a market capitalization of $16.29 billion, a P/E ratio of 15.22, a PEG ratio of 3.62 and a beta of 1.41. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.79 and a current ratio of 1.37. The stock has a 50 day moving average of $168.75 and a 200-day moving average of $171.64.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The construction company reported $4.64 earnings per share for the quarter, beating analysts' consensus estimates of $4.37 by $0.27. The business had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.92 billion. Owens Corning had a net margin of 10.66% and a return on equity of 26.33%. Owens Corning's revenue was up 8.8% compared to the same quarter last year. During the same period in the previous year, the business earned $4.22 EPS. Research analysts predict that Owens Corning will post 15.38 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 4th. Shareholders of record on Friday, October 18th will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 1.28%. The ex-dividend date is Friday, October 18th. Owens Corning's payout ratio is presently 19.43%.

Owens Corning Company Profile

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.