Owens Corning (NYSE:OC) had its target price reduced by Deutsche Bank from $75.00 to $37.00 in a research report released on Wednesday morning, BenzingaRatingsTable reports. They currently have a buy rating on the construction company’s stock.
A number of other equities analysts also recently weighed in on OC. Longbow Research boosted their price target on shares of Owens Corning from $66.00 to $79.00 and gave the stock a buy rating in a report on Tuesday, November 26th. Wells Fargo & Co raised shares of Owens Corning from a market perform rating to an outperform rating in a report on Wednesday, November 27th. Goldman Sachs Group initiated coverage on shares of Owens Corning in a report on Friday, December 6th. They issued a buy rating and a $80.00 price target on the stock. Bank of America downgraded shares of Owens Corning from a buy rating to a neutral rating and set a $72.00 price target on the stock. in a report on Wednesday, December 4th. Finally, Royal Bank of Canada reissued a buy rating and issued a $61.00 price target on shares of Owens Corning in a report on Wednesday, March 18th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $66.28.
OC traded up $2.88 during mid-day trading on Wednesday, reaching $40.90. 1,744,852 shares of the stock were exchanged, compared to its average volume of 1,608,259. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.77 and a current ratio of 1.55. The stock has a market capitalization of $3.84 billion, a PE ratio of 11.11, a price-to-earnings-growth ratio of 0.80 and a beta of 1.33. The company has a 50 day moving average price of $52.20 and a two-hundred day moving average price of $60.77. Owens Corning has a 1 year low of $28.56 and a 1 year high of $68.72.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 3rd. Shareholders of record on Friday, March 6th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.35%. The ex-dividend date is Thursday, March 5th. Owens Corning’s dividend payout ratio (DPR) is presently 21.15%.
In other Owens Corning news, CFO Prithvi Gandhi acquired 5,000 shares of the company’s stock in a transaction on Monday, March 9th. The shares were acquired at an average cost of $46.90 per share, with a total value of $234,500.00. Following the completion of the acquisition, the chief financial officer now directly owns 51,814 shares in the company, valued at $2,430,076.60. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.50% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Macquarie Group Ltd. lifted its holdings in Owens Corning by 0.9% during the fourth quarter. Macquarie Group Ltd. now owns 188,237 shares of the construction company’s stock valued at $12,258,000 after purchasing an additional 1,741 shares during the last quarter. Nuveen Asset Management LLC lifted its holdings in Owens Corning by 5.5% during the fourth quarter. Nuveen Asset Management LLC now owns 2,491,814 shares of the construction company’s stock valued at $162,267,000 after purchasing an additional 130,700 shares during the last quarter. Norges Bank purchased a new stake in Owens Corning during the fourth quarter valued at about $68,689,000. Wealth Quarterback LLC purchased a new stake in Owens Corning during the fourth quarter valued at about $327,000. Finally, Pearl River Capital LLC purchased a new stake in Owens Corning during the fourth quarter valued at about $481,000. 97.00% of the stock is currently owned by institutional investors and hedge funds.
About Owens Corning
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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