Owens Corning (OC) Given Neutral Rating at Nomura

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Nomura restated their neutral rating on shares of Owens Corning (NYSE:OC) in a research note released on Thursday morning, Benzinga reports. They currently have a $48.00 price objective on the construction company’s stock, down from their prior price objective of $70.00.

OC has been the subject of a number of other reports. Bank of America upgraded shares of Owens Corning from an underperform rating to a neutral rating and set a $51.48 price target for the company in a report on Monday, May 6th. Zacks Investment Research downgraded shares of Owens Corning from a hold rating to a sell rating in a report on Monday, April 29th. Seaport Global Securities reiterated a neutral rating on shares of Owens Corning in a report on Tuesday, April 23rd. Buckingham Research started coverage on shares of Owens Corning in a report on Friday, February 1st. They set a neutral rating and a $54.00 price target for the company. Finally, Zelman & Associates downgraded shares of Owens Corning from a buy rating to a hold rating in a report on Tuesday, February 26th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $61.07.

Shares of NYSE OC opened at $48.48 on Thursday. The stock has a market cap of $5.26 billion, a PE ratio of 9.81, a PEG ratio of 1.22 and a beta of 1.21. Owens Corning has a 12 month low of $40.64 and a 12 month high of $67.43. The company has a quick ratio of 0.96, a current ratio of 1.83 and a debt-to-equity ratio of 0.86.

Owens Corning (NYSE:OC) last issued its quarterly earnings results on Wednesday, April 24th. The construction company reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.02). The firm had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.68 billion. Owens Corning had a return on equity of 12.10% and a net margin of 7.07%. The business’s quarterly revenue was down 1.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.80 earnings per share. On average, research analysts predict that Owens Corning will post 4.68 earnings per share for the current fiscal year.

In other Owens Corning news, VP Daniel T. Smith sold 18,681 shares of Owens Corning stock in a transaction that occurred on Friday, February 22nd. The shares were sold at an average price of $50.75, for a total transaction of $948,060.75. Following the transaction, the vice president now directly owns 74,891 shares of the company’s stock, valued at $3,800,718.25. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Julian Francis sold 600 shares of Owens Corning stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $51.51, for a total transaction of $30,906.00. Following the transaction, the insider now directly owns 76,662 shares in the company, valued at $3,948,859.62. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 30,881 shares of company stock worth $1,562,045. 1.70% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of OC. Penserra Capital Management LLC bought a new stake in shares of Owens Corning in the first quarter worth $26,000. First Mercantile Trust Co. bought a new stake in shares of Owens Corning in the first quarter worth $33,000. Trust Co. of Vermont bought a new stake in shares of Owens Corning in the fourth quarter worth $40,000. Reilly Financial Advisors LLC bought a new stake in shares of Owens Corning in the fourth quarter worth $48,000. Finally, Oregon Public Employees Retirement Fund increased its stake in shares of Owens Corning by 5,667.2% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,135,185 shares of the construction company’s stock worth $49,000 after buying an additional 2,098,162 shares during the last quarter. 96.96% of the stock is currently owned by institutional investors and hedge funds.

Owens Corning Company Profile

Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential, commercial, and industrial 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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