Owens Corning (NYSE:OC) Receives New Coverage from Analysts at Exane BNP Paribas

Exane BNP Paribas began coverage on shares of Owens Corning (NYSE:OC) in a report published on Wednesday morning, The Fly reports. The brokerage issued an outperform rating on the construction company’s stock.

Other equities analysts have also recently issued reports about the company. Barclays reaffirmed a buy rating and issued a $65.00 price target on shares of Owens Corning in a research note on Monday, July 1st. ValuEngine cut Owens Corning from a hold rating to a sell rating in a research note on Thursday, August 1st. SunTrust Banks lifted their price target on Owens Corning to $58.00 and gave the stock a hold rating in a research note on Thursday, July 25th. Royal Bank of Canada lifted their price target on Owens Corning to $65.00 and gave the stock an outperform rating in a research note on Monday, July 8th. Finally, Seaport Global Securities raised Owens Corning from a sell rating to a neutral rating in a research note on Thursday, June 27th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $56.77.

Shares of Owens Corning stock opened at $61.45 on Wednesday. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.69 and a quick ratio of 0.89. The business’s 50 day simple moving average is $59.11 and its two-hundred day simple moving average is $54.25. The stock has a market capitalization of $6.60 billion, a P/E ratio of 12.73, a price-to-earnings-growth ratio of 1.58 and a beta of 1.24. Owens Corning has a one year low of $40.64 and a one year high of $63.61.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, July 24th. The construction company reported $1.31 EPS for the quarter, topping the Zacks’ consensus estimate of $1.13 by $0.18. The business had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $1.83 billion. Owens Corning had a return on equity of 12.18% and a net margin of 7.21%. The business’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.17 EPS. Sell-side analysts expect that Owens Corning will post 4.69 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 4th. Stockholders of record on Tuesday, October 15th will be given a $0.22 dividend. The ex-dividend date of this dividend is Friday, October 11th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.43%. Owens Corning’s dividend payout ratio is currently 17.81%.

In other news, insider Michael H. Thaman sold 30,000 shares of Owens Corning stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $57.08, for a total value of $1,712,400.00. Following the sale, the insider now directly owns 827,513 shares in the company, valued at approximately $47,234,442.04. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Kelly Schmidt sold 1,589 shares of Owens Corning stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $60.53, for a total value of $96,182.17. Following the completion of the sale, the vice president now owns 15,264 shares in the company, valued at $923,929.92. The disclosure for this sale can be found here. Over the last quarter, insiders sold 42,362 shares of company stock worth $2,402,018. Corporate insiders own 1.70% of the company’s stock.

Several hedge funds have recently modified their holdings of OC. Xact Kapitalforvaltning AB grew its position in shares of Owens Corning by 126.3% in the 1st quarter. Xact Kapitalforvaltning AB now owns 17,200 shares of the construction company’s stock worth $810,000 after buying an additional 9,600 shares during the last quarter. AlphaCrest Capital Management LLC bought a new stake in shares of Owens Corning during the first quarter valued at approximately $324,000. Amundi Pioneer Asset Management Inc. boosted its position in shares of Owens Corning by 0.9% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 510,116 shares of the construction company’s stock valued at $24,036,000 after purchasing an additional 4,429 shares in the last quarter. Trexquant Investment LP bought a new stake in shares of Owens Corning during the first quarter valued at approximately $1,581,000. Finally, Palouse Capital Management Inc. bought a new stake in shares of Owens Corning during the first quarter valued at approximately $259,000. Hedge funds and other institutional investors own 97.83% of the company’s stock.

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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