Reasons why Owens Corning’s (NYSE:OC) fundamentals are futile

In yesterday’s Wall Street session, Owens Corning (NYSE:OC) shares traded at $90.50, down -1.23% from the previous session.

19 analysts cover Owens Corning (NYSE:OC), according to research data. The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $155.00 and a low of $75.00, we find $94.00. Given the previous closing price of $91.63, this indicates a potential upside of 2.59 percent. OC stock price is now 1.36% away from the 50-day moving average and 4.21% away from the 200-day moving average. The market capitalization of the company currently stands at $8.43B.

The stock has received a hold rating from 10 analysts and a buy rating from 7. Brokers who have rated the stock have averaged $101.13 as their price target over the next twelve months.

With the price target reduced from $85 to $79, JP Morgan Downgraded its rating from Neutral to Underweight for Owens Corning (NYSE: OC). On October 18, 2022, BofA Securities Upgraded its previous ‘Underperform’ rating to ‘Buy’ on the stock increasing its target price from $82 to quote $95, while ‘Deutsche Bank’ rates the stock as ‘Hold’.

In other news, Schmidt Kelly, Vice President and Controller sold 2,181 shares of the company’s stock on Dec 09. The stock was sold for $204,440 at an average price of $93.74. Upon completion of the transaction, the Vice President and Controller now directly owns 13,018 shares in the company, valued at $1.18 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Nov 28, President, Composites Sandri Marcio A sold 3,600 shares of the business’s stock. A total of $324,216 was realized by selling the stock at an average price of $90.06. This leaves the insider owning 46,428 shares of the company worth $4.2 million. Insiders disposed of 89,644 shares of company stock worth roughly $8.11 million over the past 1 year. A total of 0.60% of the company’s stock is owned by insiders.

There have been several recent changes in the stakes of large investors in OC stock. A new stake in Owens Corning shares was purchased by BANK OF NOVA SCOTIA during the first quarter worth $22,490,000. NATIXIS invested $13,485,000 in shares of OC during the first quarter. In the first quarter, J. GOLDMAN & CO LP acquired a new stake in Owens Corning valued at approximately $10,354,000. VARMA MUTUAL PENSION INSURANCE CO acquired a new stake in OC for approximately $7,195,000. RIVER ROAD ASSET MANAGEMENT, LLC purchased a new stake in OC valued at around $6,581,000 in the second quarter.

On Tuesday morning Owens Corning (NYSE: OC) stock kicked off with the opening price of $90.95. During the past 12 months, Owens Corning has had a low of $72.97 and a high of $101.12. As of last week, the company has a debt-to-equity ratio of 0.64, a current ratio of 1.80, and a quick ratio of 1.10. The fifty day moving average price for OC is $89.45 and a two-hundred day moving average price translates $86.82 for the stock.

The latest earnings results from Owens Corning (NYSE: OC) was released for Sep, 2022. According to the Building Products & Equipment Company, earnings per share came in at $3.57, beating analysts’ expectations of $3.19 by 0.38. This compares to $2.49 EPS in the same period last year. The net profit margin was 14.00% and return on equity was 30.20% for OC. The company reported revenue of $2.53 billion for the quarter, compared to $2.21 billion a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 14.28 percent. For the current quarter, analysts expect OC to generate $2.28B in revenue.

Moreover, the firm recently paid out its quarterly dividend on 01/19/2023. Investors who held shares on 01/04/2023 were paid a $0.52 dividend. On an annualized basis, this represents a $2.08 dividend and a 2.30% percent yield. There was an ex-dividend date of 01/03/2023 for this dividend. In terms of dividend payout ratio, OC is presently at 9.60%.

Owens Corning(OC) Company Profile

Owens Corning manufactures and markets insulation, roofing, and fiberglass composite materials in the United States, Canada, Europe, the Asia Pacific, and internationally. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and glass fiber products in the form of fabrics, non-wovens, and other specialized products. Its products are used in building structures, roofing shingles, tubs and showers, pools, flooring, pipes and tanks, poles, electrical equipment, and wind-energy turbine blades applications in the building and construction, renewable energy, and infrastructure markets. This segment sells its products directly to parts molders, fabricators, and shingle manufacturers. The Insulation segment manufactures and sells insulation products for residential, commercial, industrial, and other markets for thermal and acoustical applications; and glass fiber pipe insulation, flexible duct media, bonded and granulated mineral fiber insulation, cellular glass insulation, and foam insulation products used in construction applications. This segment sells its products primarily to the insulation installers, home centers, lumberyards, retailers, and distributors under the Thermafiber, FOAMULAR, FOAMGLAS, Paroc, Owens Corning PINK, and FIBERGLAS Insulation brand names. The Roofing segment manufactures and sells aminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications, as well as synthetic packaging materials. This segment sells its products through distributors, home centers, lumberyards, retailers, and contractors, as well as to roofing contractors for built-up roofing asphalt systems; and manufacturers in automotive, chemical, rubber, and construction industries. Owens Corning was incorporated in 1938 and is headquartered in Toledo, Ohio.