Owens Corning (NYSE:OC) Stock Rating Upgraded by Zacks Research

by · The Cerbat Gem

Owens Corning (NYSE:OC – Get Free Report) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Tuesday, Zacks reports.

Other equities research analysts have also recently issued research reports about the stock. Truist Financial set a $198.00 price objective on shares of Owens Corning in a research note on Thursday, August 6th. Weiss Ratings raised shares of Owens Corning from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday, June 24th. The Goldman Sachs Group upped their price target on shares of Owens Corning from $141.00 to $159.00 and gave the company a “neutral” rating in a research report on Friday, July 10th. Deutsche Bank Aktiengesellschaft lifted their price objective on Owens Corning from $136.00 to $165.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. Finally, Royal Bank Of Canada boosted their target price on Owens Corning from $148.00 to $172.00 and gave the company an “outperform” rating in a research note on Friday, July 10th. Three equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $164.15.

Get Our Latest Stock Analysis on OC

Owens Corning Stock Performance

NYSE:OC opened at $126.64 on Tuesday. The business has a 50 day moving average of $142.61 and a 200 day moving average of $127.83. The company has a market capitalization of $10.01 billion, a price-to-earnings ratio of -15.71, a PEG ratio of 1.93 and a beta of 1.32. Owens Corning has a 1-year low of $97.53 and a 1-year high of $159.91. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.16 and a quick ratio of 0.67.

Owens Corning (NYSE:OC – Get Free Report) last issued its earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.09 by $0.84. The business had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.66 billion. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%.Owens Corning’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.21 earnings per share. On average, sell-side analysts predict that Owens Corning will post 9.94 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 900 shares of the stock in a transaction on Friday, August 28th. The shares were sold at an average price of $144.07, for a total transaction of $129,663.00. Following the completion of the sale, the insider owned 21,449 shares of the company’s stock, valued at $3,090,157.43. This represents a 4.03% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by insiders.

Hedge Funds Weigh In On Owens Corning

Several hedge funds and other institutional investors have recently modified their holdings of OC. Sequoia Financial Advisors LLC grew its stake in shares of Owens Corning by 42.8% in the second quarter. Sequoia Financial Advisors LLC now owns 3,339 shares of the construction company’s stock worth $531,000 after purchasing an additional 1,001 shares during the last quarter. Cidel Asset Management Inc. bought a new position in Owens Corning during the 2nd quarter valued at approximately $271,000. Integrated Wealth Concepts LLC lifted its holdings in Owens Corning by 39.3% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 10,344 shares of the construction company’s stock worth $1,644,000 after buying an additional 2,917 shares during the period. NewEdge Advisors LLC lifted its holdings in Owens Corning by 117.3% in the 2nd quarter. NewEdge Advisors LLC now owns 11,739 shares of the construction company’s stock worth $1,866,000 after buying an additional 6,338 shares during the period. Finally, IFP Advisors Inc grew its position in shares of Owens Corning by 277.0% in the 2nd quarter. IFP Advisors Inc now owns 1,493 shares of the construction company’s stock worth $237,000 after buying an additional 1,097 shares during the last quarter. 88.40% of the stock is owned by institutional investors.

About Owens Corning

(Get Free Report)

Owens Corning (NYSE:OC) is a global building materials company that develops and manufactures products used in residential, commercial and industrial construction. Its portfolio includes insulation, roofing materials and glass-fiber composites designed to improve energy efficiency, durability and structural performance.

The company’s insulation products include fiberglass, mineral wool and foam insulation, as well as related air-sealing and weatherization products. Its roofing business provides asphalt shingles, roofing components and other solutions for residential and commercial applications.

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