Owens Corning (NYSE:OC) Sets New 52-Week High – What’s Next?

Owens Corning (NYSE:OC)’s share price reached a new 52-week high on Friday . The stock traded as high as $200.12 and last traded at $199.21, with a volume of 31175 shares trading hands. The stock had previously closed at $197.58.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Royal Bank of Canada lifted their price target on shares of Owens Corning from $213.00 to $217.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Benchmark restated a “hold” rating on shares of Owens Corning in a research report on Wednesday, August 7th. The Goldman Sachs Group increased their price target on Owens Corning from $178.00 to $198.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. UBS Group boosted their price objective on shares of Owens Corning from $197.00 to $218.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, Wells Fargo & Company lifted their price target on shares of Owens Corning from $175.00 to $195.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $192.62.

Owens Corning Trading Up 1.6 %

The firm has a market cap of $17.22 billion, a price-to-earnings ratio of 16.82, a P/E/G ratio of 2.18 and a beta of 1.41. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85. The company’s 50 day simple moving average is $182.02 and its 200 day simple moving average is $175.22.

Owens Corning (NYSE:OC) last released its earnings results on Wednesday, November 6th. The construction company reported $4.38 EPS for the quarter, topping the consensus estimate of $4.05 by $0.33. The firm had revenue of $3.05 billion during the quarter, compared to analysts’ expectations of $3.04 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. Owens Corning’s revenue for the quarter was up 22.9% on a year-over-year basis. During the same period in the previous year, the firm posted $4.15 EPS. As a group, research analysts expect that Owens Corning will post 15.39 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, November 4th. Investors of record on Friday, October 18th were issued a $0.60 dividend. The ex-dividend date was Friday, October 18th. This represents a $2.40 annualized dividend and a yield of 1.20%. Owens Corning’s dividend payout ratio (DPR) is 20.43%.

Insiders Place Their Bets

In related news, insider Marcio A. Sandri sold 3,051 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $176.50, for a total value of $538,501.50. Following the transaction, the insider now owns 57,079 shares of the company’s stock, valued at $10,074,443.50. This represents a 5.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.89% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. State Street Corp lifted its stake in Owens Corning by 4.7% during the third quarter. State Street Corp now owns 4,181,421 shares of the construction company’s stock worth $738,104,000 after purchasing an additional 187,001 shares during the last quarter. Pacer Advisors Inc. lifted its position in shares of Owens Corning by 16.4% during the 3rd quarter. Pacer Advisors Inc. now owns 1,854,100 shares of the construction company’s stock worth $327,286,000 after buying an additional 261,564 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its holdings in shares of Owens Corning by 31.6% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 824,013 shares of the construction company’s stock valued at $145,455,000 after buying an additional 197,667 shares in the last quarter. Point72 Asset Management L.P. grew its position in shares of Owens Corning by 168.3% in the 2nd quarter. Point72 Asset Management L.P. now owns 741,262 shares of the construction company’s stock valued at $128,772,000 after buying an additional 464,981 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Owens Corning by 3.5% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 727,275 shares of the construction company’s stock worth $128,379,000 after acquiring an additional 24,522 shares in the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Owens Corning Company Profile

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.