Owens Corning (NYSE:OC) Hits New 52-Week High - What's Next?

Shares of Owens Corning (NYSE:OC - Get Free Report) reached a new 52-week high on Thursday . The stock traded as high as $198.99 and last traded at $198.68, with a volume of 57263 shares. The stock had previously closed at $195.77.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. UBS Group lifted their target price on Owens Corning from $197.00 to $218.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. Evercore ISI upped their target price on Owens Corning from $189.00 to $196.00 and gave the stock an "in-line" rating in a report on Thursday, November 7th. Benchmark reiterated a "hold" rating on shares of Owens Corning in a report on Wednesday, August 7th. Wells Fargo & Company upped their target price on Owens Corning from $175.00 to $195.00 and gave the stock an "equal weight" rating in a report on Thursday, November 7th. Finally, StockNews.com raised Owens Corning from a "hold" rating to a "buy" rating in a research report on Saturday, November 9th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $192.62.

Owens Corning Stock Down 0.3 %

The company has a market cap of $16.75 billion, a price-to-earnings ratio of 16.62, a P/E/G ratio of 2.14 and a beta of 1.41. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85. The firm has a 50-day moving average price of $178.38 and a 200 day moving average price of $174.39.

Owens Corning (NYSE:OC - Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.05 by $0.33. The business had revenue of $3.05 billion for the quarter, compared to the consensus estimate of $3.04 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The firm's quarterly revenue was up 22.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.15 earnings per share. Sell-side analysts predict that Owens Corning will post 15.39 EPS for the current year.

Owens Corning Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, November 4th. Investors of record on Friday, October 18th were given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date was Friday, October 18th. Owens Corning's dividend payout ratio is currently 20.43%.

Insider Buying and Selling

In other Owens Corning news, 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 transaction of $538,501.50. Following the completion of the sale, the insider now directly owns 57,079 shares in the company, valued at $10,074,443.50. This represents a 5.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.89% of the stock is currently owned by company insiders.

Institutional Trading of Owens Corning

Several large investors have recently modified their holdings of the stock. SG Americas Securities LLC grew its position in Owens Corning by 102.0% in the 2nd quarter. SG Americas Securities LLC now owns 41,525 shares of the construction company's stock valued at $7,214,000 after purchasing an additional 20,971 shares during the period. State Board of Administration of Florida Retirement System raised its stake in Owens Corning by 14.2% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 112,356 shares of the construction company's stock valued at $18,741,000 after acquiring an additional 14,011 shares during the period. Ontario Teachers Pension Plan Board purchased a new position in Owens Corning during the 1st quarter valued at about $997,000. Twin Tree Management LP grew its holdings in Owens Corning by 61.8% during the 1st quarter. Twin Tree Management LP now owns 8,997 shares of the construction company's stock valued at $1,501,000 after buying an additional 3,436 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co grew its holdings in Owens Corning by 22.1% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 130,161 shares of the construction company's stock valued at $21,710,000 after buying an additional 23,593 shares in the last quarter. Institutional investors and hedge funds 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.