Noteworthy Price Action: Is Owens Corning a Buy? The Stock Rises Again

Noteworthy Price Action: Is Owens Corning a Buy? The Stock Rises Again

The stock of Owens Corning (NYSE:OC) is a huge mover today! About 852,686 shares traded hands. Owens Corning (NYSE:OC) has risen 20.93% since March 3, 2016 and is uptrending. It has outperformed by 12.59% the S&P500.
The move comes after 6 months positive chart setup for the $6.34 billion company. It was reported on Oct, 6 by We have $71.81 PT which if reached, will make NYSE:OC worth $1.97B more.

Analysts await Owens Corning (NYSE:OC) to report earnings on October, 19. They expect $0.99 earnings per share, up 3.13% or $0.03 from last year’s $0.96 per share. OC’s profit will be $114.49M for 13.84 P/E if the $0.99 EPS becomes a reality. After $1.29 actual earnings per share reported by Owens Corning for the previous quarter, Wall Street now forecasts -23.26% negative EPS growth.

Owens Corning (NYSE:OC) Ratings Coverage

Out of 13 analysts covering Owens Corning (NYSE:OC), 5 rate it a “Buy”, 2 “Sell”, while 6 “Hold”. This means 38% are positive. Owens Corning has been the topic of 21 analyst reports since July 23, 2015 according to StockzIntelligence Inc. The firm has “Overweight” rating given on Thursday, October 22 by Barclays Capital. The firm has “Market Perform” rating given on Thursday, September 29 by Wells Fargo. The stock has “Outperform” rating given by FBR Capital on Wednesday, July 22. The firm earned “Outperform” rating on Monday, January 11 by RBC Capital Markets. The stock has “Neutral” rating given by SunTrust on Thursday, October 22. RBC Capital Markets maintained Owens Corning (NYSE:OC) on Thursday, October 22 with “Sector Perform” rating. FBR Capital maintained Owens Corning (NYSE:OC) rating on Friday, July 29. FBR Capital has “Mkt Perform” rating and $57 price target. The company was upgraded on Thursday, July 23 by Stifel Nicolaus. The firm earned “Underperform” rating on Thursday, August 11 by Credit Suisse. As per Tuesday, October 6, the company rating was initiated by Goldman Sachs.

According to Zacks Investment Research, “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.”

Insitutional Activity: The institutional sentiment decreased to 0.91 in 2016 Q2. Its down 0.40, from 1.31 in 2016Q1. The ratio is negative, as 38 funds sold all Owens Corning shares owned while 101 reduced positions. 40 funds bought stakes while 86 increased positions. They now own 109.52 million shares or 4.78% more from 104.52 million shares in 2016Q1.
Brown Brothers Harriman And owns 585 shares or 0% of their US portfolio. The Hong Kong-based Point72 Asia (Hong Kong) Limited has invested 0.04% in Owens Corning (NYSE:OC). Quantitative Management Lc owns 84,200 shares or 0.2% of their US portfolio. Tci Wealth Incorporated has invested 0% of its portfolio in Owens Corning (NYSE:OC). Jennison Assocs Limited Liability Company reported 1.01 million shares or 0.06% of all its holdings. Exane Derivatives has 0% invested in the company for 1 shares. Oppenheimer And accumulated 16,205 shares or 0.02% of the stock. First Mercantile Tru Co accumulated 5,175 shares or 0.03% of the stock. C M Bidwell And has 0.44% invested in the company for 34,390 shares. Moreover, Vanguard Grp Inc has 0.03% invested in Owens Corning (NYSE:OC) for 9.33 million shares. Deutsche Comml Bank Ag last reported 805,066 shares in the company. Daruma Cap Limited Liability Corp holds 0.14% of its portfolio in Owens Corning (NYSE:OC) for 40,811 shares. Lsv Asset Mngmt, a Illinois-based fund reported 53,700 shares. Cfo4life Ltd Partnership owns 8,519 shares or 0.38% of their US portfolio. The Maryland-based Calvert Investment has invested 0.02% in Owens Corning (NYSE:OC).

Insider Transactions: Since April 11, 2016, the stock had 0 insider purchases, and 11 sales for $16.11 million net activity. On Friday, July 29 SMITH DANIEL T sold $21,600 worth of the stock or 400 shares. Schmidt Kelly sold $100,000 worth of stock. Shares for $213,000 were sold by MORRIS W HOWARD. $1.18 million worth of Owens Corning (NYSE:OC) was sold by McMurray Michael C. on Friday, August 5. On Friday, July 29 the insider THAMAN MICHAEL H sold $7.98 million. McMonagle James J sold $938,110 worth of stock or 17,489 shares. Genis Arnaud had sold 66,619 shares worth $3.64M.

More recent Owens Corning (NYSE:OC) news were published by: which released: “Owens Corning is Oversold” on September 16, 2016. Also published the news titled: “3 Reasons Value Investors Will Love Owens Corning (OC)” on October 04, 2016.‘s news article titled: “3 Reasons Value Stock Investors Will Love Owens Corning (OC)” with publication date: October 03, 2016 was also an interesting one.

OC Company Profile

Owens Corning, incorporated on July 21, 2006, is a holding company, which is engaged in the business of composite and building materials systems. 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. The Firm operates in three divisions, namely, Composites, Insulation and Roofing.

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