Owens Corning (OC) was Initiated by Credit Suisse to “Underperform” and the brokerage firm has set the Price Target at $51. Credit Suisse advised their investors in a research report released on Aug 11, 2016.
Many Wall Street Analysts have commented on Owens Corning. Company shares were Reiterated by FBR Capital on Jul 29, 2016 to “Mkt Perform”, Firm has raised the Price Target to $ 57 from a previous price target of $53 .Company shares were Reiterated by Stifel on Jul 28, 2016 to “Buy”, Firm has raised the Price Target to $ 61 from a previous price target of $55 .Company shares were Reiterated by RBC Capital Mkts on Jul 28, 2016 to “Outperform”, Firm has raised the Price Target to $ 62 from a previous price target of $57 .
On the company’s financial health, Owens Corning reported $1.29 EPS for the quarter, beating the analyst consensus estimate by $ 0.44 according to the earnings call on Jul 27, 2016. Analyst had a consensus of $0.85. The company had revenue of $1545.00 million for the quarter, compared to analysts expectations of $1460.09 million. The company’s revenue was up 10.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.76 EPS.
Owens Corning opened for trading at $53.4 and hit $54.71 on the upside on Monday, eventually ending the session at $54.64, with a gain of 2.21% or 1.18 points. The heightened volatility saw the trading volume jump to 16,70,038 shares. Company has a market cap of $6,270 M.
In a different news, on Aug 9, 2016, Daniel T Smith (Sr. VP Organization & Adm.) sold 9,376 shares at $54.11 per share price. According to the SEC, on Aug 9, 2016, James J Mcmonagle (director) sold 17,489 shares at $53.64 per share price. On Aug 9, 2016, Michael C. Mcmurray (Sr. VP and CFO) sold 21,975 shares at $53.81 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.