Owens Corning (NYSE:OC) Hits New 1-Year High at $96.99


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Owens Corning (NYSE:OC)’s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $96.99 and last traded at $96.07, with a volume of 229 shares. The stock had previously closed at $96.85.

OC has been the subject of several analyst reports. Truist Securities raised their target price on shares of Owens Corning from $95.00 to $101.00 and gave the stock a “buy” rating in a report on Monday, March 22nd. Truist raised their target price on shares of Owens Corning from $95.00 to $101.00 in a report on Tuesday, March 16th. Credit Suisse Group raised their target price on shares of Owens Corning from $78.00 to $83.00 and gave the stock a “neutral” rating in a report on Thursday, February 18th. Royal Bank of Canada raised their target price on shares of Owens Corning from $77.00 to $88.00 and gave the stock a “sector perform” rating in a report on Thursday, February 18th. Finally, Wolfe Research began coverage on shares of Owens Corning in a report on Tuesday, March 23rd. They issued a “peer perform” rating for the company. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Owens Corning has a consensus rating of “Hold” and a consensus target price of $72.65.

The business’s 50-day moving average price is $88.42 and its 200-day moving average price is $79.04. The company has a current ratio of 1.95, a quick ratio of 1.29 and a debt-to-equity ratio of 0.80. The stock has a market cap of $10.15 billion, a PE ratio of -19.32, a P/E/G ratio of 1.32 and a beta of 1.54.

Owens Corning (NYSE:OC) last issued its quarterly earnings data on Tuesday, February 16th. The construction company reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.38 by $0.52. Owens Corning had a negative net margin of 7.94% and a positive return on equity of 11.99%. The firm had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.81 billion. During the same quarter in the previous year, the firm earned $1.13 EPS. As a group, analysts predict that Owens Corning will post 4.52 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 2nd. Stockholders of record on Friday, March 5th were given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.07%. The ex-dividend date of this dividend was Thursday, March 4th. Owens Corning’s payout ratio is currently 22.91%.

In other Owens Corning news, EVP Daniel T. Smith sold 10,341 shares of the business’s stock in a transaction that occurred on Tuesday, April 6th. The shares were sold at an average price of $95.00, for a total transaction of $982,395.00. Following the sale, the executive vice president now owns 48,139 shares of the company’s stock, valued at approximately $4,573,205. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Daniel T. Smith sold 9,525 shares of the business’s stock in a transaction that occurred on Monday, March 29th. The stock was sold at an average price of $92.62, for a total transaction of $882,205.50. Following the sale, the executive vice president now directly owns 67,944 shares in the company, valued at approximately $6,292,973.28. The disclosure for this sale can be found here. 1.50% of the stock is owned by insiders.

A number of large investors have recently added to or reduced their stakes in OC. River & Mercantile Asset Management LLP raised its stake in shares of Owens Corning by 532.3% in the fourth quarter. River & Mercantile Asset Management LLP now owns 1,525,152 shares of the construction company’s stock worth $115,554,000 after purchasing an additional 1,283,942 shares during the last quarter. Korea Investment CORP lifted its holdings in shares of Owens Corning by 109.7% during the fourth quarter. Korea Investment CORP now owns 1,461,800 shares of the construction company’s stock worth $110,746,000 after purchasing an additional 764,800 shares during the period. Norges Bank acquired a new stake in shares of Owens Corning during the fourth quarter worth about $96,383,000. Nordea Investment Management AB lifted its holdings in shares of Owens Corning by 11,117.3% during the fourth quarter. Nordea Investment Management AB now owns 1,141,696 shares of the construction company’s stock worth $86,495,000 after purchasing an additional 1,131,518 shares during the period. Finally, PGGM Investments lifted its holdings in shares of Owens Corning by 2.8% during the fourth quarter. PGGM Investments now owns 1,095,190 shares of the construction company’s stock worth $82,972,000 after purchasing an additional 30,000 shares during the period. 91.23% of the stock is currently owned by institutional investors.

Owens Corning Company Profile (NYSE:OC)

Owens Corning manufactures and markets a range of insulation, roofing, and fiberglass composite materials in the United States, Canada, Europe, the Asia Pacific, and internationally. 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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