As of Thursday, Owens Corning’s (NYSE:OC) stock closed at $77.08, down from $79.24 the previous day. While Owens Corning has underperformed by -2.73%, investors are advised to look at stock chart patterns for technical insight. Within its last year performance, OC fell by -11.56%, with highs and lows ranging from $101.12 to $72.97, whereas the simple moving average fell by -13.01% in the last 200 days.
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On August 18, 2022, Deutsche Bank started tracking Owens Corning (NYSE: OC) recommending Hold. A report published by BofA Securities on June 17, 2022, Downgraded its rating to ‘Underperform’ for OC. Credit Suisse also rated OC shares as ‘Neutral’, setting a target price of $105 on the company’s shares in an initiating report dated April 05, 2022. Truist April 05, 2022d the rating to Hold on April 05, 2022, and set its price target from $115 to $85. RBC Capital Mkts resumed its ‘Sector Perform’ rating for OC, as published in its report on February 22, 2022. Wells Fargo’s report from February 17, 2022 suggests a price prediction of $105 for OC shares, giving the stock a ‘Equal Weight’ rating. Truist also rated the stock as ‘Buy’.
Analysis of Owens Corning (OC)
Investors in Owens Corning will get a return regardless of how the company performs over the next quarter since the company’s dividend stands at $1.40 per share. Further, the quarter-over-quarter increase in sales is 16.20%, showing a positive trend in the upcoming months.
One of the most important indicators of Owens Corning’s future performance is equity, which can be evaluated using several well-rounded types of analysis and research techniques. The goal here is to ensure that your current return on equity of 26.10% is sufficient for you to turn a profit off your investment. Taking into account the quick ratio of the company, currently set at 1.20, you can see that the company can cover any debts it may have, which can easily be seen in the annual report of the company.
For any stock, average volume can also provide valuable insight into volatility, and OC is recording 1.07M average volume. On a monthly basis, the volatility of the stock is set at 2.95%, whereas on a weekly basis, it is put at 2.73%, with a loss of -7.81% over the past seven days. Furthermore, long-term investors anticipate a median target price of $105.00, showing growth from the present price of $77.08, which can serve as yet another indication of whether OC is worth investing in or should be passed over.
How Do You Analyze Owens Corning Shares?
The Building Products & Equipment market is dominated by Owens Corning (OC) based in the USA. When comparing Owens Corning shares with other companies under Industrials, the P/E value is an influential factor to note. This is because it represents an indication of the future growth of the company in terms of investors’ expectations. Ultimately, the value of the latter should demonstrate steady, rapid growth, which is an accurate measure of the company’s progress. In addition to the value of 6.85, there is a growth in quarterly earnings of 23.40%.
Along with the fundamentals, it is also important to consider how many employees own shares of the company. This is because the values should be in line with investors’ expectations. As such, the current holdings of company stock inside the company are set at 0.40%. This can enable you to see the extent to which executives own the company’s stock.
Are institutional investors increasing their holdings in OC shares?
The recent increase in stakes in OC appears to be a result of several institutional investors and hedge funds increasing their positions. The Vanguard Group, Inc.’s position in OC has decreased by -0.40% in the first quarter. The company now owns 9,551,064 shares of the stock, with a value of $780.61 million, following the sale of -38,312 additional shares during the last quarter. BlackRock Fund Advisors made another increased to its shares in OC during the first quarter, upping its stake by 0.43%. During the last quarter, the company dropped down 38,978 additional shares for a total stake of worth $738.7 million, bringing number of shares owned by the company to 9,038,342.
During the first quarter, SSgA Funds Management, Inc. subtracted a -303,546 position in OC. Davis Selected Advisers LP purchased an additional 2.73 million shares in the last quarter, increasing its holdings by 409.61%, now holding 3.4 million shares worth $277.51 million. At the end of the first quarter, Victory Capital Management, Inc. decreased its OC holdings by -4.01% and now holds 2.99 million OC shares valued at $244.06 million with the lessened -0.12 million shares during the period.