The Vanguard Group, Inc. recently announced the acquisition of new stake in Owens Corning (NYSE:OC). The institutional investor has increased its shareholding in the Industrials company by 3.40% to 10.78 million shares with purchase of 0.35 million shares. This fresh investment now brings its stake to 9.99% valued currently at $600.9 million. In addition, Boston Partners Global Investors,. raised its holdings by 0.71 million to 9.22 million shares. And SSgA Funds Management, Inc. has lifted its position by 4.15% or 0.18 million shares – to 4.59 million shares.
With over 0.95 million Owens Corning (OC) shares trading Friday and a closing price of $63.57 on the day, the dollar volume was approximately $60.42 million. The shares have shown a positive weekly performance of 2.54% and its price on 07/24/20 gained nearly 2.93%. Currently, there are 108.80M common shares owned by the public and among those 105.60M shares have been available to trade.
The analysts have set the share’s price value over the next 12 months at a high of $75.00 and a low of $52.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Owens Corning stock is 2.40 for the next 12 months. The average price target is -3.15% below its last price level and a downside to the estimated low will see the stock lose -22.25% over that period. But an upside of 15.24% will see the stock hit the forecast high price target while mean target price for the stock is $62.50.
Insiders at the company have transacted a total of 157 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 109 of these insider trades were purchases, accounting for 297,910 shares. Insider sales of the common stock occurred on 48 occasions, with total insider shares sold totaling 267,441 shares.
The top 3 mutual fund holders in Owens Corning are Vanguard Total Stock Market Index, iShares Core S&P Mid Cap ETF, and Vanguard Small Cap Index Fund. Vanguard Total Stock Market Index owns 3.09 million shares of the company’s stock, all valued at over $172.4 million. The company sold 63090.0 shares recently to bring their total holdings to about 2.87% of the shares outstanding. Vanguard Small Cap Index Fund sold -0.12 million shares to bring its total holdings to over 2.7 million shares at a value of $150.47 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.50% of the shares outstanding.
Shares of Owens Corning (NYSE: OC) opened at $61.35, down -$0.41 from a prior closing price of $61.76. However, the script later closed the day at $63.57, up 2.93%. The company’s stock has a 5-day price change of 2.54% and 66.47% over the past three months. OC shares are trading -5.16% year to date (YTD), with the 12-month market performance up to 3.80% higher. It has a 12-month low price of $28.56 and touched a high of $68.72 over the same period. Currently, 0.95 million shares have been traded, compared to an average intraday trading volume of 1.17 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 11.07%, 16.79%, and 14.35% respectively.
Institutional ownership of Owens Corning (NYSE: OC) shares accounts for 100.00% of the company’s 108.80M shares outstanding. Mutual fund holders own 47.95%, while other institutional holders and individual stakeholders account for 56.76% and 41.22% respectively.
It has a market capitalization of $6.60B and a beta (3y monthly) value of 1.53. The earnings-per-share (ttm) stands at -$5.14. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.80% over the week and 3.49% over the month.
Analysts forecast that Owens Corning (OC) will achieve an EPS of $0.17 for the current quarter, $0.98 for the next quarter and $4.04 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.24 while analysts give the company a high EPS estimate of $0.55. Comparatively, EPS for the current quarter was $1.31 a year ago. Earnings per share for the fiscal year are expected to decrease by -24.80%, and 41.96% over the next financial year. EPS should shrink at an annualized rate of 9.00% over the next five years, compared to 14.00% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 20 brokerage firm advisors rate Owens Corning (OC) as a “Moderate Buy” at a consensus score of 2.40. Specifically, 10 Wall Street analysts polled rate the stock as a buy, while 9 of the 20 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the OC, a number of firms have released research notes about the stock. The Benchmark Company stated their Hold rating for the stock in a research note on July 21, 2020, with the firm’s price target at. Credit Suisse coverage for the Owens Corning (OC) stock in a research note released on May 28, 2020 offered a Neutral rating with a price target of $48. The Benchmark Company was of a view on May 04, 2020 that the stock is Buy, while Wells Fargo gave the stock Equal Weight rating on April 16, 2020, issuing a price target of $77- $42. RBC Capital Mkts on their part issued Sector Perform rating on April 07, 2020.