Zacks Investment Research Lowers Owens Corning (OC) to Hold

Owens Corning (NYSE:OC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday, January 17th.

According to Zacks, “Owens Corning is a world leader in building materials systems and composite solutions. Owens Corning people redefine what is possible each day to deliver high-quality products and services ranging from insulation, roofing, siding and stone, to glass composite materials used in transportation, electronics, telecommunications and other high-performance applications. Owens Corning has become a market-leading innovator of glass-fiber technology with sales. “

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

Shares of Owens Corning (OC) traded down $2.23 during trading hours on Wednesday, reaching $81.63. The company’s stock had a trading volume of 2,779,917 shares, compared to its average volume of 876,556. The company has a market capitalization of $9,080.00, a price-to-earnings ratio of 24.37, a P/E/G ratio of 0.98 and a beta of 0.98. The company has a current ratio of 1.66, a quick ratio of 0.99 and a debt-to-equity ratio of 0.62. Owens Corning has a 1-year low of $56.34 and a 1-year high of $96.52.

In related news, CFO Michael C. Mcmurray sold 18,000 shares of Owens Corning stock in a transaction on Monday, December 4th. The stock was sold at an average price of $90.78, for a total transaction of $1,634,040.00. Following the sale, the chief financial officer now directly owns 52,228 shares in the company, valued at $4,741,257.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James J. Mcmonagle sold 4,136 shares of the firm’s stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $87.20, for a total value of $360,659.20. Following the completion of the sale, the director now directly owns 47,925 shares of the company’s stock, valued at $4,179,060. The disclosure for this sale can be found here. Insiders have sold 129,446 shares of company stock worth $11,156,808 over the last quarter. 1.80% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company increased its position in Owens Corning by 9.0% in the second quarter. The Manufacturers Life Insurance Company now owns 3,689 shares of the construction company’s stock worth $247,000 after buying an additional 304 shares during the last quarter. Brandywine Global Investment Management LLC increased its position in Owens Corning by 0.4% in the second quarter. Brandywine Global Investment Management LLC now owns 101,731 shares of the construction company’s stock worth $6,808,000 after buying an additional 410 shares during the last quarter. Advisor Group Inc. increased its position in Owens Corning by 4.9% in the second quarter. Advisor Group Inc. now owns 9,009 shares of the construction company’s stock worth $600,000 after buying an additional 418 shares during the last quarter. Worth Venture Partners LLC increased its position in Owens Corning by 20.7% in the fourth quarter. Worth Venture Partners LLC now owns 3,320 shares of the construction company’s stock worth $306,000 after buying an additional 570 shares during the last quarter. Finally, Penserra Capital Management LLC increased its position in Owens Corning by 18.6% in the fourth quarter. Penserra Capital Management LLC now owns 3,990 shares of the construction company’s stock worth $366,000 after buying an additional 627 shares during the last quarter. 94.39% of the stock is owned by institutional investors and hedge funds.

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Owens Corning Company Profile

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.

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