Owens Corning (OC) Reaches New 1-Year Low at $47.28

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Owens Corning (NYSE:OC) hit a new 52-week low on Tuesday . The stock traded as low as $47.28 and last traded at $47.50, with a volume of 140489 shares. The stock had previously closed at $48.72.

Several equities research analysts have weighed in on OC shares. Goldman Sachs Group started coverage on Owens Corning in a report on Tuesday, October 2nd. They set a “buy” rating and a $75.00 price target on the stock. Longbow Research restated a “buy” rating on shares of Owens Corning in a report on Monday, September 24th. Nomura set a $88.00 price target on Owens Corning and gave the stock a “buy” rating in a report on Wednesday, August 29th. Northcoast Research restated a “buy” rating and set a $81.00 price target on shares of Owens Corning in a report on Friday, July 27th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $75.00 price objective on shares of Owens Corning in a research report on Thursday, July 26th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $79.44.

The stock has a market capitalization of $5.38 billion, a PE ratio of 10.80, a PEG ratio of 0.56 and a beta of 0.98. The company has a quick ratio of 0.88, a current ratio of 1.59 and a debt-to-equity ratio of 0.87.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, July 25th. The construction company reported $1.17 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.45 by ($0.28). The business had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.86 billion. Owens Corning had a return on equity of 11.72% and a net margin of 4.47%. The company’s revenue was up 14.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.20 earnings per share. Research analysts predict that Owens Corning will post 5.25 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 2nd. Stockholders of record on Tuesday, October 16th will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Monday, October 15th. This represents a $0.84 annualized dividend and a dividend yield of 1.77%. Owens Corning’s dividend payout ratio is currently 19.09%.

In other news, Director W Howard Morris sold 1,514 shares of the company’s stock in a transaction dated Thursday, August 23rd. The stock was sold at an average price of $58.47, for a total transaction of $88,523.58. Following the completion of the transaction, the director now directly owns 36,332 shares of the company’s stock, valued at approximately $2,124,332.04. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.60% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its position in shares of Owens Corning by 2.5% in the 2nd quarter. BlackRock Inc. now owns 7,547,845 shares of the construction company’s stock valued at $478,305,000 after purchasing an additional 181,922 shares during the period. Boston Partners boosted its position in shares of Owens Corning by 3,089.6% in the 2nd quarter. Boston Partners now owns 5,655,318 shares of the construction company’s stock valued at $358,378,000 after purchasing an additional 5,478,011 shares during the period. Iridian Asset Management LLC CT boosted its position in shares of Owens Corning by 44.2% in the 2nd quarter. Iridian Asset Management LLC CT now owns 4,220,826 shares of the construction company’s stock valued at $267,474,000 after purchasing an additional 1,293,828 shares during the period. Victory Capital Management Inc. boosted its position in shares of Owens Corning by 47.8% in the 2nd quarter. Victory Capital Management Inc. now owns 2,931,929 shares of the construction company’s stock valued at $185,795,000 after purchasing an additional 947,917 shares during the period. Finally, Wells Fargo & Company MN boosted its position in shares of Owens Corning by 22.9% in the 2nd quarter. Wells Fargo & Company MN now owns 2,033,976 shares of the construction company’s stock valued at $128,892,000 after purchasing an additional 378,414 shares during the period. 94.42% of the stock is owned by hedge funds and other institutional investors.

About Owens Corning (NYSE:OC)

Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential and commercial building materials worldwide. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and manufactures and sells glass fiber products in the form of fabrics, non-wovens, and other specialized products.

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