Owens Corning (NYSE:OC) Reaches New 52-Week Low Following Analyst Downgrade

Owens Corning (NYSE:OC)’s share price reached a new 52-week low on Wednesday after Barclays lowered their price target on the stock from $215.00 to $179.00. Barclays currently has an overweight rating on the stock. Owens Corning traded as low as $124.33 and last traded at $126.11, with a volume of 1012092 shares. The stock had previously closed at $129.78.

Other analysts have also issued research reports about the company. JPMorgan Chase & Co. dropped their price objective on Owens Corning from $200.00 to $176.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 4th. Deutsche Bank Aktiengesellschaft started coverage on Owens Corning in a research note on Tuesday, April 1st. They issued a “buy” rating and a $183.00 price target on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $212.00 price objective on shares of Owens Corning in a research report on Monday, March 17th. Benchmark reissued a “hold” rating on shares of Owens Corning in a research report on Monday, March 3rd. Finally, Wells Fargo & Company decreased their price target on shares of Owens Corning from $225.00 to $200.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 25th. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, Owens Corning has a consensus rating of “Moderate Buy” and a consensus price target of $199.42.

Insider Transactions at Owens Corning

In other Owens Corning news, insider Monaco Nicolas Del sold 1,750 shares of the business’s stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $183.97, for a total transaction of $321,947.50. Following the completion of the transaction, the insider now directly owns 11,635 shares in the company, valued at $2,140,490.95. The trade was a 13.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.82% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Owens Corning

A number of large investors have recently modified their holdings of OC. Norges Bank acquired a new stake in Owens Corning in the fourth quarter valued at about $208,519,000. JPMorgan Chase & Co. lifted its holdings in shares of Owens Corning by 113.9% in the third quarter. JPMorgan Chase & Co. now owns 797,743 shares of the construction company’s stock worth $140,818,000 after acquiring an additional 424,786 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Owens Corning by 41.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,422,828 shares of the construction company’s stock valued at $242,337,000 after purchasing an additional 414,770 shares in the last quarter. Raiffeisen Bank International AG bought a new stake in shares of Owens Corning during the 4th quarter valued at approximately $51,400,000. Finally, Raymond James Financial Inc. acquired a new position in Owens Corning during the 4th quarter worth approximately $51,220,000. Institutional investors and hedge funds own 88.40% of the company’s stock.

Owens Corning Price Performance

The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85. The stock has a market cap of $12.10 billion, a price-to-earnings ratio of 12.04, a price-to-earnings-growth ratio of 1.88 and a beta of 1.39. The business’s 50-day simple moving average is $154.47 and its two-hundred day simple moving average is $173.98.

Owens Corning (NYSE:OC) last posted its earnings results on Monday, February 24th. The construction company reported $3.22 EPS for the quarter, topping the consensus estimate of $2.87 by $0.35. The business had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.88 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The firm’s revenue was up 23.3% compared to the same quarter last year. During the same period last year, the company earned $3.21 EPS. Research analysts expect that Owens Corning will post 15.49 earnings per share for the current year.

Owens Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 10th will be paid a $0.69 dividend. The ex-dividend date is Monday, March 10th. This represents a $2.76 annualized dividend and a dividend yield of 1.95%. Owens Corning’s payout ratio is 37.70%.

Owens Corning Company Profile

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.