Owens Corning (NYSE:OC) Hits New 52-Week Low - Here's What Happened

Owens Corning (NYSE:OC - Get Free Report)'s stock price reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $148.73 and last traded at $148.37, with a volume of 607511 shares trading hands. The stock had previously closed at $154.04.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on OC. Citigroup lowered their target price on shares of Owens Corning from $212.00 to $207.00 and set a "buy" rating on the stock in a research note on Monday, January 6th. Wells Fargo & Company dropped their price objective on shares of Owens Corning from $225.00 to $200.00 and set an "overweight" rating for the company in a report on Tuesday, February 25th. StockNews.com cut Owens Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. JPMorgan Chase & Co. dropped their price target on Owens Corning from $200.00 to $176.00 and set a "neutral" rating for the company in a research note on Tuesday. Finally, Benchmark reiterated a "hold" rating on shares of Owens Corning in a research report on Monday. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, Owens Corning has an average rating of "Moderate Buy" and an average price target of $204.18.

Owens Corning Stock Performance

The company has a market capitalization of $12.72 billion, a P/E ratio of 12.70, a price-to-earnings-growth ratio of 1.88 and a beta of 1.46. The business has a 50 day moving average of $174.41 and a 200 day moving average of $178.71. The company has a quick ratio of 0.85, a current ratio of 1.44 and a debt-to-equity ratio of 0.89.

Owens Corning (NYSE:OC - Get Free Report) last announced its earnings results on Monday, February 24th. The construction company reported $3.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.87 by $0.35. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The firm had revenue of $2.84 billion for the quarter, compared to analysts' expectations of $2.88 billion. During the same period in the prior year, the company earned $3.21 EPS. The business's revenue was up 23.3% compared to the same quarter last year. On average, sell-side analysts predict that Owens Corning will post 15.49 earnings per share for the current year.

Owens Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 10th will be paid a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 1.86%. The ex-dividend date of this dividend is Monday, March 10th. Owens Corning's payout ratio is currently 37.70%.

Insider Buying and Selling

In related news, insider Monaco Nicolas Del sold 1,750 shares of the business's stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $183.97, for a total value of $321,947.50. Following the completion of the transaction, the insider now owns 11,635 shares of the company's stock, valued at $2,140,490.95. The trade was a 13.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Gunner Smith sold 17,450 shares of the firm's stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $191.19, for a total value of $3,336,265.50. Following the sale, the insider now directly owns 18,866 shares in the company, valued at approximately $3,606,990.54. The trade was a 48.05 % decrease in their position. The disclosure for this sale can be found here. 0.89% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Owens Corning

Several hedge funds have recently modified their holdings of OC. FPC Investment Advisory Inc. acquired a new stake in Owens Corning during the 4th quarter worth about $28,000. Venturi Wealth Management LLC boosted its holdings in Owens Corning by 55.8% during the fourth quarter. Venturi Wealth Management LLC now owns 176 shares of the construction company's stock worth $30,000 after buying an additional 63 shares in the last quarter. Global Trust Asset Management LLC acquired a new stake in Owens Corning during the fourth quarter valued at $31,000. Wilmington Savings Fund Society FSB raised its position in shares of Owens Corning by 193.7% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 185 shares of the construction company's stock worth $32,000 after acquiring an additional 122 shares during the period. Finally, Whipplewood Advisors LLC purchased a new stake in shares of Owens Corning during the 4th quarter worth about $34,000. Institutional investors and hedge funds own 88.40% of the company's stock.

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.