Owens Corning Inc (OC) Price Target Raised to $83.00 at Nomura

Owens Corning Inc (NYSE:OC) had its price target hoisted by Nomura from $79.00 to $83.00 in a research note issued to investors on Tuesday. Nomura currently has a neutral rating on the construction company’s stock.

A number of other research firms also recently weighed in on OC. Credit Suisse Group set a $90.00 price objective on Owens Corning and gave the company an outperform rating in a report on Tuesday, October 17th. Evercore ISI reaffirmed an outperform rating and set a $80.00 price objective (down from $88.00) on shares of Owens Corning in a report on Wednesday, October 11th. Citigroup Inc. raised Owens Corning from a sell rating to a neutral rating and set a $80.00 price objective on the stock in a report on Friday, October 20th. Stifel Nicolaus reaffirmed a buy rating and set a $83.00 price objective on shares of Owens Corning in a report on Thursday, October 26th. Finally, Jefferies Group LLC reaffirmed a buy rating and set a $82.00 price objective on shares of Owens Corning in a report on Friday, October 6th. Eight investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The stock presently has an average rating of Buy and an average price target of $76.95.

Owens Corning (OC) traded down 0.57% on Tuesday, reaching $82.22. The company’s stock had a trading volume of 584,789 shares. The stock’s 50 day moving average is $78.06 and its 200-day moving average is $68.78. The firm has a market capitalization of $9.14 billion, a PE ratio of 23.62 and a beta of 1.05. Owens Corning has a 52 week low of $46.45 and a 52 week high of $83.10.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, October 25th. The construction company reported $1.25 earnings per share for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.01). The company had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.63 billion. Owens Corning had a net margin of 6.15% and a return on equity of 11.40%. The firm’s revenue for the quarter was up 12.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.09 earnings per share. Analysts predict that Owens Corning will post $4.33 EPS for the current year.

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The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 2nd. Investors of record on Monday, October 16th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.97%. The ex-dividend date is Friday, October 13th. Owens Corning’s dividend payout ratio (DPR) is presently 23.88%.

In related news, VP Kelly Schmidt sold 1,462 shares of the business’s stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $70.35, for a total value of $102,851.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Michael C. Mcmurray sold 14,000 shares of the business’s stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $76.52, for a total transaction of $1,071,280.00. Following the completion of the transaction, the chief financial officer now owns 40,903 shares of the company’s stock, valued at approximately $3,129,897.56. The disclosure for this sale can be found here. Insiders sold a total of 212,866 shares of company stock valued at $15,644,970 in the last 90 days. 1.80% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in Owens Corning by 1.8% in the 2nd quarter. Vanguard Group Inc. now owns 10,562,420 shares of the construction company’s stock worth $706,837,000 after purchasing an additional 190,866 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Owens Corning by 0.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,666,185 shares of the construction company’s stock worth $245,337,000 after purchasing an additional 27,809 shares during the last quarter. State Street Corp raised its position in Owens Corning by 0.4% in the 1st quarter. State Street Corp now owns 2,305,764 shares of the construction company’s stock worth $141,507,000 after purchasing an additional 8,490 shares during the last quarter. LSV Asset Management raised its position in Owens Corning by 21.2% in the 2nd quarter. LSV Asset Management now owns 1,680,100 shares of the construction company’s stock worth $112,432,000 after purchasing an additional 294,400 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. raised its position in Owens Corning by 1.3% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,401,027 shares of the construction company’s stock worth $93,757,000 after purchasing an additional 17,494 shares during the last quarter. Hedge funds and other institutional investors own 98.75% of the company’s stock.

About Owens Corning

Owens Corning is engaged in the business of composite and building materials systems, delivering a range of products and services. The Company’s products range from glass fiber used to reinforce composite materials for transportation, electronics, marine, infrastructure, wind-energy and other markets to insulation and roofing for residential, commercial and industrial applications.

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