Owens Corning (OC) Upgraded to Buy by Zacks Investment Research

Owens Corning (NYSE:OC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The firm currently has a $102.00 price target on the construction company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 10.88% from the stock’s current price.

According to Zacks, “Owens Corning is a world leader in building materials systems and composite solutions. Owens Corning people redefine what is possible each day to deliver high-quality products and services ranging from insulation, roofing, siding and stone, to glass composite materials used in transportation, electronics, telecommunications and other high-performance applications. Owens Corning has become a market-leading innovator of glass-fiber technology with sales. “

Several other equities analysts have also recently commented on the stock. Royal Bank of Canada upgraded shares of Owens Corning from an “outperform” rating to a “top pick” rating in a research note on Monday, December 4th. Stifel Nicolaus reiterated a “buy” rating and set a $83.00 target price on shares of Owens Corning in a research note on Friday, September 1st. Wells Fargo & Co upgraded shares of Owens Corning from a “market perform” rating to an “outperform” rating and upped their target price for the company from $68.00 to $83.00 in a research note on Wednesday, August 30th. SunTrust Banks upped their target price on shares of Owens Corning from $66.00 to $75.00 and gave the company a “hold” rating in a research note on Thursday, October 26th. Finally, Credit Suisse Group upped their target price on shares of Owens Corning from $90.00 to $95.00 and gave the company an “outperform” rating in a research note on Friday, November 17th. Eight equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Owens Corning presently has a consensus rating of “Buy” and a consensus target price of $82.10.

Owens Corning (OC) opened at $91.99 on Wednesday. The company has a market cap of $10,150.00, a price-to-earnings ratio of 27.46, a P/E/G ratio of 1.37 and a beta of 1.09. Owens Corning has a one year low of $50.77 and a one year high of $92.10. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.99 and a current ratio of 1.66.

Owens Corning (NYSE:OC) last released its earnings results on Wednesday, October 25th. The construction company reported $1.25 EPS for the quarter, missing the Thomson Reuters’ consensus estimate 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%. Owens Corning’s revenue for the quarter was up 12.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.09 earnings per share. equities analysts predict that Owens Corning will post 4.33 earnings per share for the current year.

In other news, VP Ava Harter sold 487 shares of the company’s stock in a transaction dated Friday, November 10th. The shares were sold at an average price of $81.96, for a total value of $39,914.52. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director W Howard Morris sold 2,026 shares of the company’s stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $81.95, for a total transaction of $166,030.70. The disclosure for this sale can be found here. Insiders sold a total of 129,933 shares of company stock worth $11,196,722 in the last three months. Insiders own 1.80% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Raymond James Trust N.A. grew its holdings in Owens Corning by 0.4% during the 2nd quarter. Raymond James Trust N.A. now owns 7,114 shares of the construction company’s stock worth $476,000 after acquiring an additional 26 shares during the last quarter. Vantage Financial Partners Ltd. Inc. bought a new stake in Owens Corning during the 2nd quarter worth about $228,000. The Manufacturers Life Insurance Company grew its holdings in Owens Corning by 9.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,689 shares of the construction company’s stock worth $247,000 after acquiring an additional 304 shares during the last quarter. Brandywine Global Investment Management LLC grew its holdings in Owens Corning by 0.4% during the 2nd quarter. Brandywine Global Investment Management LLC now owns 101,731 shares of the construction company’s stock worth $6,808,000 after acquiring an additional 410 shares during the last quarter. Finally, Advisor Group Inc. grew its holdings in Owens Corning by 4.9% during the 2nd quarter. Advisor Group Inc. now owns 9,009 shares of the construction company’s stock worth $600,000 after acquiring an additional 418 shares during the last quarter. 94.50% of the stock is currently owned by institutional investors and hedge funds.

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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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