Owens Corning (OC) is Resumed by BofA/Merrill to Neutral, Price Target at $59

Owens Corning (OC) was Resumed by BofA/Merrill to “Neutral” and the brokerage firm has set the Price Target at $59. BofA/Merrill advised their investors in a research report released on Sep 23, 2016.

Many Wall Street Analysts have commented on Owens Corning. Credit Suisse Initiated Owens Corning on Aug 11, 2016 to “Underperform”, Price Target of the shares are set at $51.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 .

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 $52 and hit $52.27 on the upside on Thursday, eventually ending the session at $52.23, with a gain of 0.97% or 0.5 points. The heightened volatility saw the trading volume jump to 8,85,340 shares. Company has a market cap of $5,993 M.

In a different news, on Sep 1, 2016, Arnaud Genis (Group Pres Composite Materials) sold 66,619 shares at $54.68 per share price. According to the SEC, on Aug 24, 2016, Kelly Schmidt (Vice President, Controller) sold 13,200 shares at $54.41 per share price. On Aug 9, 2016, Daniel T Smith (Sr. VP Organization & Adm.) sold 9,376 shares at $54.11 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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