Owens Corning (OC) is Reiterated by Wedbush to Neutral, Raises Price Target to $ 58

Owens Corning (OC) was Reiterated by Wedbush to “Neutral” according to the research note released today. The brokerage firm has raised the Price Target to $ 58 from a previous price target of $52 . Wedbush advised their investors in a research report released on Jul 6, 2016.

Many Wall Street Analysts have commented on Owens Corning. FBR Capital Initiated Owens Corning on Jun 1, 2016 to “Mkt Perform”, Price Target of the shares are set at $53.Company shares were Reiterated by MKM Partners on Apr 28, 2016 to “Sell”, Firm has raised the Price Target to $ 42 from a previous price target of $38 .FBR Capital Downgraded Owens Corning on Apr 28, 2016 to ” Mkt Perform”, Price Target of the shares are set at $53.

On the company’s financial health, Owens Corning reported $0.53 EPS for the quarter, beating the analyst consensus estimate by $ 0.18 according to the earnings call on Apr 27, 2016. Analyst had a consensus of $0.35. The company had revenue of $1231.00 million for the quarter, compared to analysts expectations of $1237.43 million. The company’s revenue was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.19 EPS.

Owens Corning opened for trading at $51.63 and hit $53.21 on the upside on Friday, eventually ending the session at $52.7, with a gain of 2.29% or 1.18 points. The heightened volatility saw the trading volume jump to 8,35,646 shares. Company has a market cap of $6,087 M.

Investors should note that on Jun 16, 2016, Owens Corning announced a cash dividend of $0.1800. The company’s management has announced Jul 14, 2016 as the ex-dividend date and fixed the record date on Jul 18, 2016. The payable date has been fixed on Aug 2, 2016.

In a different news, on Apr 13, 2016, Kelly Schmidt (Vice President, Controller) sold 2,000 shares at $50.00 per share price. According to the SEC, on Nov 25, 2015, W Howard Morris (director) sold 3,000 shares at $47.13 per share price. On Nov 19, 2015, F Philip Handy (director) sold 13,000 shares at $46.94 per share price, according to the Form-4 filing with the securities and exchange commission.

Owens Corning is a holding company. The Company is engaged in 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 Company operates under three segments: Composites Insulation and Roofing. The Composites segment is comprised of the Company’s Reinforcements and Downstream businesses. Insulation segment includes products such as thermal and acoustical batts loosefill insulation foam sheathing and accessories. The Roofing segment includes products such as laminate and strip asphalt roofing shingles. The Company’s subsidiaries are Owens Corning Sales LLC and Owens Corning Receivables LLC.

Owens Corning

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