Market Runner: Time to Buy Owens Corning After Today’s Big Decline?

Market Runner: Time to Buy Owens Corning After Today's Big Decline?

The stock of Owens Corning (NYSE:OC) is a huge mover today! About 420,496 shares traded hands. Owens Corning (NYSE:OC) has risen 22.17% since March 4, 2016 and is uptrending. It has outperformed by 14.13% the S&P500.
The move comes after 9 months negative chart setup for the $6.33B company. It was reported on Oct, 7 by Barchart.com. We have $51.08 PT which if reached, will make NYSE:OC worth $316.50M less.

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 $116.55M for 13.58 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 stock of Owens Corning (NYSE:OC) has “Outperform” rating given on Wednesday, July 22 by FBR Capital. The firm has “Overweight” rating given on Thursday, October 22 by Barclays Capital. The firm has “Neutral” rating by SunTrust given on Thursday, October 22. The stock has “Neutral” rating given by Wedbush on Wednesday, July 6. The firm earned “Sector Perform” rating on Thursday, October 22 by RBC Capital Markets. On Thursday, July 23 the stock rating was maintained by RBC Capital Markets with “Sector Perform”. The stock of Owens Corning (NYSE:OC) earned “Neutral” rating by Suntrust Robinson on Thursday, October 22. Stifel Nicolaus upgraded the shares of OC in a report on Thursday, July 23 to “Buy” rating. The rating was maintained by FBR Capital with “Mkt Perform” on Friday, July 29. The rating was upgraded by RBC Capital Markets on Monday, January 11 to “Outperform”.

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 Q2 2016. Its down 0.40, from 1.31 in 2016Q1. The ratio dived, 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.
Guggenheim Capital Limited Liability Co, a Illinois-based fund reported 162,597 shares. Credit Suisse Ag accumulated 90,124 shares or 0.01% of the stock. Us Bank & Trust De holds 0% of its portfolio in Owens Corning (NYSE:OC) for 1,764 shares. Moreover, Robeco Institutional Asset Mngmt Bv has 0.04% invested in Owens Corning (NYSE:OC) for 92,235 shares. Engineers Gate Manager L P has 0.13% invested in the company for 35,144 shares. Calvert Investment Mgmt accumulated 0.02% or 8,928 shares. The New York-based Tower Limited Liability Company (Trc) has invested 0.02% in Owens Corning (NYSE:OC). Barclays Pcl holds 0.01% of its portfolio in Owens Corning (NYSE:OC) for 211,552 shares. Alyeska Grp L P has invested 0.03% of its portfolio in Owens Corning (NYSE:OC). Teacher Retirement System Of Texas holds 0.14% or 409,118 shares in its portfolio. Hall Laurie J Trustee has invested 0.06% of its portfolio in Owens Corning (NYSE:OC). M&T Bank & Trust Corp last reported 4,861 shares in the company. Usca Ria Limited Liability Company last reported 11,900 shares in the company. Eagle Asset Management has invested 0.02% of its portfolio in Owens Corning (NYSE:OC). Schwab Charles Invest Management last reported 0.06% of its portfolio in the stock.

Insider Transactions: Since April 11, 2016, the stock had 0 insider purchases, and 11 selling transactions for $16.11 million net activity. $739,800 worth of Owens Corning (NYSE:OC) shares were sold by SMITH DANIEL T. Genis Arnaud also sold $3.64 million worth of Owens Corning (NYSE:OC) shares. $213,000 worth of shares were sold by MORRIS W HOWARD on Friday, July 29. The insider Schmidt Kelly sold $100,000. McMonagle James J had sold 17,489 shares worth $938,110 on Monday, August 8. 21,975 Owens Corning (NYSE:OC) shares with value of $1.18M were sold by McMurray Michael C.. THAMAN MICHAEL H sold $7.98M worth of stock.

More news for Owens Corning (NYSE:OC) were recently published by: Forbes.com, which released: “Owens Corning is Oversold” on September 16, 2016. Investorplace.com‘s article titled: “3 Reasons Value Investors Will Love Owens Corning (OC)” and published on October 04, 2016 is yet another important article.

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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