Owens Corning (NYSE:OC) Reaches New 1-Year Low on Analyst Downgrade

Owens Corning (NYSE:OC) hit a new 52-week low during trading 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 trading hands. The stock had previously closed at $129.78.

Several other research analysts have also recently commented on OC. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Owens Corning in a report on Tuesday, April 1st. They issued a “buy” rating and a $183.00 target price for the company. Wells Fargo & Company decreased their price objective on shares of Owens Corning from $225.00 to $200.00 and set an “overweight” rating for the company in a research note on Tuesday, February 25th. Benchmark reissued a “hold” rating on shares of Owens Corning in a research note on Monday, March 3rd. Citigroup reduced their target price on Owens Corning from $212.00 to $207.00 and set a “buy” rating for the company in a report on Monday, January 6th. Finally, UBS Group lowered their price target on Owens Corning from $245.00 to $235.00 and set a “buy” rating on the stock in a report on Tuesday, February 25th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $199.42.

Insiders Place Their Bets

In other news, insider Monaco Nicolas Del sold 1,750 shares of the stock in a transaction 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 transaction, the insider now owns 11,635 shares in the company, valued at $2,140,490.95. This represents a 13.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On Owens Corning

A number of large investors have recently bought and sold shares of the business. Norges Bank acquired a new stake in Owens Corning in the 4th quarter worth approximately $208,519,000. JPMorgan Chase & Co. raised its position 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 valued at $140,818,000 after purchasing an additional 424,786 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Owens Corning by 41.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,422,828 shares of the construction company’s stock worth $242,337,000 after buying an additional 414,770 shares during the last quarter. Raiffeisen Bank International AG bought a new stake in shares of Owens Corning during the 4th quarter worth $51,400,000. Finally, Raymond James Financial Inc. acquired a new position in Owens Corning in the 4th quarter valued at $51,220,000. 88.40% of the stock is currently owned by institutional investors.

Owens Corning Stock Down 4.8 %

The stock has a market cap of $11.51 billion, a P/E ratio of 11.45, a P/E/G ratio of 1.88 and a beta of 1.39. The company has a current ratio of 1.44, a quick ratio of 0.85 and a debt-to-equity ratio of 0.89. The firm’s fifty day moving average is $153.55 and its 200 day moving average is $173.70.

Owens Corning (NYSE:OC) last posted its quarterly earnings data on Monday, February 24th. The construction company reported $3.22 EPS for the quarter, topping analysts’ consensus estimates of $2.87 by $0.35. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The business had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.88 billion. During the same period in the previous year, the company posted $3.21 earnings per share. The firm’s revenue for the quarter was up 23.3% on a year-over-year basis. As a group, equities research analysts forecast that Owens Corning will post 15.49 EPS for the current year.

Owens Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 10th. Stockholders of record on Monday, March 10th were given a $0.69 dividend. The ex-dividend date of this dividend was Monday, March 10th. This represents a $2.76 annualized dividend and a dividend yield of 2.05%. Owens Corning’s dividend payout ratio is 37.70%.

About Owens Corning

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.