Owens Corning (NYSE:OC) Sets New 1-Year Low – Here’s Why

Owens Corning (NYSE:OC)’s share price reached a new 52-week low on Thursday . The company traded as low as $134.26 and last traded at $134.76, with a volume of 114253 shares traded. The stock had previously closed at $147.19.

Analysts Set New Price Targets

OC has been the subject of a number of recent research reports. Barclays decreased their target price on Owens Corning from $245.00 to $215.00 and set an “overweight” rating for the company in a report on Wednesday, February 26th. Wells Fargo & Company decreased their price objective on Owens Corning from $225.00 to $200.00 and set an “overweight” rating for the company in a research note on Tuesday, February 25th. Loop Capital lowered their price objective on Owens Corning from $215.00 to $210.00 and set a “buy” rating for the company in a research report on Friday, January 10th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $212.00 target price on shares of Owens Corning in a report on Monday, March 17th. Finally, StockNews.com cut shares of Owens Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $202.42.

Owens Corning Stock Down 2.3 %

The firm’s 50 day simple moving average is $160.07 and its 200-day simple moving average is $175.41. The company has a market cap of $11.48 billion, a price-to-earnings ratio of 11.42, a P/E/G ratio of 1.88 and a beta of 1.39. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Monday, February 24th. The construction company reported $3.22 earnings per share (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 firm had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.88 billion. During the same quarter last year, the business posted $3.21 EPS. The firm’s quarterly revenue was up 23.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Owens Corning will post 15.49 earnings per share for the current year.

Owens Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 10th will be issued a $0.69 dividend. The ex-dividend date is Monday, March 10th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 2.06%. Owens Corning’s payout ratio is 37.70%.

Insider Buying and Selling

In related news, insider Monaco Nicolas Del sold 1,750 shares of the business’s stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $183.97, for a total value of $321,947.50. Following the transaction, the insider now owns 11,635 shares in the company, valued at $2,140,490.95. The trade was a 13.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.82% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. FPC Investment Advisory Inc. purchased a new position in Owens Corning in the 4th quarter valued at $28,000. Venturi Wealth Management LLC lifted its stake in shares of Owens Corning by 55.8% in the 4th quarter. Venturi Wealth Management LLC now owns 176 shares of the construction company’s stock worth $30,000 after acquiring an additional 63 shares during the period. Global Trust Asset Management LLC purchased a new stake in shares of Owens Corning in the fourth quarter valued at about $31,000. Wilmington Savings Fund Society FSB increased its stake in shares of Owens Corning by 193.7% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 185 shares of the construction company’s stock worth $32,000 after acquiring an additional 122 shares during the period. Finally, Whipplewood Advisors LLC acquired a new position in shares of Owens Corning during the fourth quarter worth about $34,000. Institutional investors and hedge funds own 88.40% of the company’s stock.

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.