Owens Corning (NYSE:OC) Reaches New 12-Month Low – Here’s What Happened

Owens Corning (NYSE:OC) shares hit a new 52-week low during trading on Monday . The company traded as low as $139.44 and last traded at $140.66, with a volume of 303835 shares trading hands. The stock had previously closed at $143.89.

Wall Street Analyst Weigh In

A number of brokerages recently commented on OC. Citigroup decreased their price objective on Owens Corning from $212.00 to $207.00 and set a “buy” rating for the company in a research note on Monday, January 6th. JPMorgan Chase & Co. cut their price target on shares of Owens Corning from $200.00 to $176.00 and set a “neutral” rating for the company in a research note on Tuesday, March 4th. Wells Fargo & Company dropped their target price on shares of Owens Corning from $225.00 to $200.00 and set an “overweight” rating on the stock in a report on Tuesday, February 25th. Benchmark reiterated a “hold” rating on shares of Owens Corning in a report on Monday, March 3rd. Finally, Barclays cut their price objective on Owens Corning from $245.00 to $215.00 and set an “overweight” rating for the company in a research report on Wednesday, February 26th. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Owens Corning currently has a consensus rating of “Moderate Buy” and an average price target of $204.18.

Owens Corning Trading Down 4.2 %

The company has a market cap of $11.80 billion, a P/E ratio of 11.75, a price-to-earnings-growth ratio of 1.88 and a beta of 1.52. The firm has a 50-day moving average of $172.91 and a 200 day moving average of $178.38. The company has a current ratio of 1.44, a quick ratio of 0.85 and a debt-to-equity ratio of 0.89.

Owens Corning (NYSE:OC) last posted its quarterly earnings results on Monday, February 24th. The construction company reported $3.22 earnings per share for the quarter, beating the consensus estimate of $2.87 by $0.35. The firm had revenue of $2.84 billion during the quarter, compared to the consensus estimate of $2.88 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The business’s revenue was up 23.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.21 earnings per share. On average, analysts predict that Owens Corning will post 15.49 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 10th will be paid a $0.69 dividend. The ex-dividend date of this dividend is Monday, March 10th. This represents a $2.76 dividend on an annualized basis and a yield of 2.00%. Owens Corning’s dividend payout ratio (DPR) is presently 37.70%.

Insider Transactions at Owens Corning

In other Owens Corning news, insider Gunner Smith sold 17,450 shares of the business’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $191.19, for a total value of $3,336,265.50. Following the transaction, the insider now directly owns 18,866 shares in the company, valued at $3,606,990.54. The trade was a 48.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Monaco Nicolas Del sold 1,750 shares of the stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $183.97, for a total value of $321,947.50. Following the transaction, the insider now directly owns 11,635 shares of the company’s stock, valued at approximately $2,140,490.95. This trade represents a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.89% of the stock is owned by insiders.

Hedge Funds Weigh In On Owens Corning

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