In its recent research note to investors, Zacks has cut shares of Owens Corning from a buy rating to a hold rating.
Zacks has cut shares of Owens Corning from a buy rating to a hold rating in a recent research note issued to investors, indicating: “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.”
Shares of Owens Corning opened at USD 40.19 on Thursday. Owens Corning has a one year low of USD 28.38 and a one year high of USD 45.70. The stock’s 50-day moving average is USD 40.00 and its 200-day moving average is USD 38.00. The company has a market cap of USD 4.74 billion and a price-to-earnings ratio of 38.39.
Owens Corning last issued its quarterly earnings data on 22 April. The company reported USD 0.19 EPS for the quarter, beating the Thomson Reuters consensus estimate of USD 0.13 by USD 0.06. The company had revenue of USD 1.21 billion for the quarter, compared to the consensus estimate of USD 1.24 billion. During the same quarter in the prior year, the company posted USD 0.29 earnings per share. The company’s quarterly revenue was down 5.6% on a year-over-year basis. On average, analysts predict that Owens Corning will post USD 2.12 earnings per share for the current fiscal year.
A number of other firms have also recently commented on OC. Analysts at Citigroup Inc. reiterated a hold rating and set a USD 38.00 price target (down previously from USD 47.00) on shares of Owens Corning in a research note on 24 April. Analysts at JPMorgan Chase & Co. raised their price target on shares of Owens Corning from USD 36.00 to USD 38.00 and gave the company a neutral rating in a research note on 23 April. Analysts at Jefferies Group reiterated a buy rating and set a USD 51.00 price target (up previously from USD 46.00) on shares of Owens Corning in a research note on 23 April. Finally, analysts at RBC Capital raised their price target on shares of Owens Corning from USD 40.00 to USD 44.00 and gave the company a sector perform rating in a research note on 23 April. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of USD 42.71.
Owens Corning produces composite and building materials systems, delivering a range of products and services. 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.