Owens Corning (NYSE:OC) Shares Gap Down to $164.35

Owens Corning (NYSE:OC)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $164.35, but opened at $155.18. Owens Corning shares last traded at $158.88, with a volume of 63,045 shares traded.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on OC shares. Evercore ISI upped their price objective on Owens Corning from $172.00 to $188.00 and gave the stock an “in-line” rating in a research note on Monday, July 15th. Barclays decreased their target price on shares of Owens Corning from $190.00 to $189.00 and set an “equal weight” rating on the stock in a research note on Friday, July 12th. Citigroup raised shares of Owens Corning from a “neutral” rating to a “buy” rating and upped their target price for the stock from $178.00 to $191.00 in a report on Thursday, July 11th. The Goldman Sachs Group reissued a “neutral” rating and set a $187.00 target price on shares of Owens Corning in a research note on Monday, June 17th. Finally, StockNews.com raised shares of Owens Corning from a “buy” rating to a “strong-buy” rating in a research note on Thursday, June 27th. Six research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $183.92.

Owens Corning Stock Performance

The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 0.50. The stock has a market cap of $13.90 billion, a PE ratio of 13.32, a P/E/G ratio of 1.62 and a beta of 1.42. The business’s 50-day moving average price is $175.47 and its 200-day moving average price is $166.35.

Owens Corning Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Monday, July 15th were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 1.50%. The ex-dividend date of this dividend was Monday, July 15th. Owens Corning’s dividend payout ratio is currently 19.43%.

Insiders Place Their Bets

In other news, insider Marcio A. Sandri sold 9,697 shares of the company’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $178.00, for a total transaction of $1,726,066.00. Following the transaction, the insider now owns 62,895 shares in the company, valued at $11,195,310. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Owens Corning news, CFO Todd W. Fister sold 3,000 shares of Owens Corning stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $180.85, for a total transaction of $542,550.00. Following the completion of the sale, the chief financial officer now owns 34,626 shares of the company’s stock, valued at approximately $6,262,112.10. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Marcio A. Sandri sold 9,697 shares of the firm’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $178.00, for a total value of $1,726,066.00. Following the completion of the transaction, the insider now owns 62,895 shares of the company’s stock, valued at $11,195,310. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 19,360 shares of company stock valued at $3,437,315. 0.89% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Owens Corning

A number of institutional investors have recently bought and sold shares of the business. Hsbc Holdings PLC lifted its position in Owens Corning by 66.0% during the fourth quarter. Hsbc Holdings PLC now owns 213,643 shares of the construction company’s stock valued at $31,692,000 after purchasing an additional 84,958 shares during the period. State Board of Administration of Florida Retirement System lifted its holdings in Owens Corning by 14.2% in the first quarter. State Board of Administration of Florida Retirement System now owns 112,356 shares of the construction company’s stock valued at $18,741,000 after acquiring an additional 14,011 shares during the period. Nomura Asset Management Co. Ltd. boosted its position in Owens Corning by 11.0% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 42,827 shares of the construction company’s stock worth $6,348,000 after purchasing an additional 4,259 shares in the last quarter. Campbell & CO Investment Adviser LLC increased its holdings in shares of Owens Corning by 452.5% during the 4th quarter. Campbell & CO Investment Adviser LLC now owns 19,129 shares of the construction company’s stock valued at $2,835,000 after purchasing an additional 15,667 shares in the last quarter. Finally, EMG Holdings L.P. acquired a new position in shares of Owens Corning in the 4th quarter valued at $5,336,000. 88.40% of the stock is owned by hedge funds and other institutional investors.

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.