Owens Corning Inc (NYSE:OC) Receives "Buy" Rating from Stifel Nicolaus

19 Septembre, 2017, 17:13 | Author: Marc Bacque

With short interest at 3,633,734 and short average daily volume at 998,400, days to cover is 4.0 and the percentage of shorted shares was 0.03% on August 31. The total value of its holdings increased 468,650.0%. Also, Director James J. Mcmonagle unloaded 2,000 stocks of Owens Corning shares in a trade that took place on Thurs, Jun 15th.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company.

As of the end of the quarter Next Financial Group, Inc had acquired 860 shares growing its holdings by 325.8%. Point72 Asset Management, L.p. claims 400,000 shares with a value of $26,768,000. Owens Corning reported sales of $1.52 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 7.2%. BlackRock Inc. now owns 6,496,203 shares of the construction company's stock valued at $398,669,000 after purchasing an additional 6,338,177 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Owens Corning by 8.4% in the first quarter. Victory Capital Management Inc. increased its stake in Owens Corning by 7.9% in the first quarter. Cantab Capital Partners Llp owns 41,583 shares with a value of $2,783,000,000. Finally, State Street Corp increased its stake in Owens Corning by 0.4% in the first quarter. Following the completion of the sale, the insider now owns 39,957 shares of the company's stock, valued at approximately $2,684,311.26. Michael H. Thaman, Chairman, President and CEO sold $9,805,114 worth of shares at a price of $75.02 on Thursday the 14th. The shares were sold at an average price of $70.35, for a total value of $102,851.70. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The shares were sold at an average price of $67.18, for a total transaction of $1,115,188.00. Insiders own 1.80% of the company's stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 212,866 shares of company stock worth $15,644,970.

Several equities analysts recently issued reports on OC shares. Stifel Nicolaus restated a "buy" rating and set a $83.00 price objective on shares of Owens Corning in a research note on Friday, July 28th. Zacks Investment Research cut Owens Corning from a "buy" rating to a "hold" rating in a report on Saturday, November 26th. They issued an "equal weight" rating and a $54.00 price objective on the stock. BidaskClub raised shares of Owens Corning from a "sell" rating to a "hold" rating in a research report on Friday, August 25th. Four investment analysts have rated the stock with a sell recommendation, seven have issued a hold recommendation and eleven have issued a buy recommendation on the company. Owens Corning has a consensus rating of "Buy" and a consensus target price of $72.10.

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Macquarie Research bumped up the target of Owens Corning (NYSE:OC) to $68.00 stating a potential upside of 0.03%. Overall, volume was down 52.73% under the stocks normal daily volume.

The stock is trading at $75.50 just a bit higher than $70.31, the 50 day moving average and quite a bit higher than the 200 day moving average of $64.69. Owens Corning Inc has a 1-year low of $46.45 and a 1-year high of $76.84.

The company's P/E ratio is 21.68 and the market cap is 8.39B.

Owens Corning (NYSE:OC) opened at 75.50 on Monday. The dividend was $0.200 per share for the quarter or $0.80 annualized. Owens Corning had a return on equity of 10.75% and a net margin of 6.92%. The company had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.48 billion. The firm's quarterly revenue was up 6.6% on a year-over-year basis. In the latest earnings report the EPS was $3.48 and is estimated to be $4.30 for the current year with 111,193,000 shares outstanding.

Owens Corning is engaged in the company of composite and building materials systems, delivering a range of products and services. the firms products range from glass fiber used to reinforce composite materials for transportation, electronics, marine, infrastructure, wind-energy and other markets to insulation and roofing for residential, commercial and industrial applications.

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