Owens Corning (OC) Receives Outperform Rating from Credit Suisse Group

Owens Corning (NYSE:OC)‘s stock had its “outperform” rating reissued by stock analysts at Credit Suisse Group in a research note issued on Monday. They currently have a $110.00 price objective on the construction company’s stock, up from their prior price objective of $95.00. Credit Suisse Group’s target price suggests a potential upside of 14.55% from the stock’s previous close. The analysts noted that the move was a valuation call.

OC has been the topic of a number of other reports. Royal Bank of Canada restated a “buy” rating on shares of Owens Corning in a research report on Tuesday, October 3rd. Evercore ISI restated an “outperform” rating and set a $80.00 price target (down from $88.00) on shares of Owens Corning in a research report on Wednesday, October 11th. Wells Fargo & Co restated an “outperform” rating on shares of Owens Corning in a research report on Thursday, October 26th. KeyCorp restated a “buy” rating and set a $115.00 price target on shares of Owens Corning in a research report on Friday, January 12th. Finally, SunTrust Banks boosted their price target on shares of Owens Corning from $66.00 to $75.00 and gave the stock a “hold” rating in a research report on Thursday, October 26th. Nine investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $85.45.

Shares of Owens Corning (OC) opened at $96.03 on Monday. The stock has a market cap of $10,682.47, a PE ratio of 28.67, a PEG ratio of 1.17 and a beta of 1.10. Owens Corning has a 52-week low of $53.04 and a 52-week high of $96.40. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 0.99.

Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, October 25th. The construction company reported $1.25 earnings per share for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.01). The business had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.63 billion. Owens Corning had a return on equity of 11.40% and a net margin of 6.15%. The business’s revenue was up 12.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.09 earnings per share. sell-side analysts forecast that Owens Corning will post 4.34 EPS for the current year.

In other news, CFO Michael C. Mcmurray sold 18,000 shares of the business’s stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $90.78, for a total value of $1,634,040.00. Following the sale, the chief financial officer now directly owns 52,228 shares of the company’s stock, valued at approximately $4,741,257.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Michael H. Thaman sold 101,600 shares of the business’s stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $85.33, for a total transaction of $8,669,528.00. Following the completion of the sale, the chairman now directly owns 840,370 shares in the company, valued at $71,708,772.10. The disclosure for this sale can be found here. Insiders sold a total of 129,933 shares of company stock worth $11,196,722 over the last quarter. 1.80% of the stock is currently owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in OC. Grove Bank & Trust raised its stake in shares of Owens Corning by 213.5% in the 3rd quarter. Grove Bank & Trust now owns 1,630 shares of the construction company’s stock valued at $126,000 after acquiring an additional 1,110 shares during the period. Crossmark Global Holdings Inc. purchased a new stake in shares of Owens Corning in the 3rd quarter valued at approximately $202,000. Worth Venture Partners LLC purchased a new stake in shares of Owens Corning in the 3rd quarter valued at approximately $213,000. Advisors Asset Management Inc. raised its stake in shares of Owens Corning by 214.4% in the 3rd quarter. Advisors Asset Management Inc. now owns 2,764 shares of the construction company’s stock valued at $214,000 after acquiring an additional 1,885 shares during the period. Finally, Csenge Advisory Group purchased a new stake in shares of Owens Corning in the 3rd quarter valued at approximately $245,000. 94.58% of the stock is currently owned by institutional investors and hedge funds.

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About Owens Corning

Owens Corning is engaged in the business of composite and building materials systems, delivering a range of products and services. The Company’s 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.

Analyst Recommendations for Owens Corning (NYSE:OC)

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