Owens Corning (NYSE:OC) Sets New 12-Month Low After Analyst Downgrade

Owens Corning (NYSE:OC - Get Free Report)'s share price hit a new 52-week low during trading on Wednesday after Barclays lowered their price target on the stock from $215.00 to $179.00. Barclays currently has an overweight rating on the stock. Owens Corning traded as low as $124.33 and last traded at $126.11, with a volume of 1012092 shares trading hands. The stock had previously closed at $129.78.

OC has been the subject of several other reports. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $212.00 target price on shares of Owens Corning in a research report on Monday, March 17th. StockNews.com lowered shares of Owens Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. UBS Group reduced their target price on Owens Corning from $245.00 to $235.00 and set a "buy" rating on the stock in a report on Tuesday, February 25th. Deutsche Bank Aktiengesellschaft started coverage on Owens Corning in a research note on Tuesday, April 1st. They issued a "buy" rating and a $183.00 target price for the company. Finally, Citigroup reduced their price target on Owens Corning from $212.00 to $207.00 and set a "buy" rating on the stock in a research note on Monday, January 6th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $199.42.

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Insider Activity

In related news, insider Monaco Nicolas Del sold 1,750 shares of the company's stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $183.97, for a total value of $321,947.50. Following the transaction, the insider now directly owns 11,635 shares of the company's stock, valued at approximately $2,140,490.95. This represents a 13.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.82% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of OC. Norges Bank bought a new stake in Owens Corning in the 4th quarter worth about $208,519,000. JPMorgan Chase & Co. grew its stake in shares of Owens Corning by 113.9% in the third quarter. JPMorgan Chase & Co. now owns 797,743 shares of the construction company's stock worth $140,818,000 after acquiring an additional 424,786 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of Owens Corning by 41.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,422,828 shares of the construction company's stock valued at $242,337,000 after purchasing an additional 414,770 shares during the last quarter. Raiffeisen Bank International AG bought a new position in Owens Corning during the fourth quarter valued at approximately $51,400,000. Finally, Raymond James Financial Inc. purchased a new stake in Owens Corning in the fourth quarter worth approximately $51,220,000. Hedge funds and other institutional investors own 88.40% of the company's stock.

Owens Corning Stock Performance

The firm has a market cap of $11.88 billion, a P/E ratio of 11.82, a P/E/G ratio of 1.88 and a beta of 1.39. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44. The business's 50-day simple moving average is $152.71 and its 200 day simple moving average is $173.48.

Owens Corning (NYSE:OC - Get Free Report) last issued its quarterly earnings data on Monday, February 24th. The construction company reported $3.22 EPS for the quarter, topping the consensus estimate of $2.87 by $0.35. The company had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.88 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. Owens Corning's revenue was up 23.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.21 earnings per share. As a group, equities analysts predict that Owens Corning will post 15.49 earnings per share for the current year.

Owens Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 10th. Investors of record on Monday, March 10th were issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date was Monday, March 10th. Owens Corning's payout ratio is 37.70%.

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.