Its Stock Has Paid Off Big Time For Owens Corning

Owens Corning (NYSE: OC) stock jumped 0.88% on Thursday to $109.17 against a previous-day closing price of $108.22. With 0.71 million shares changed hands, the volume of the stock remained lighter than its average volume of 0.85 million shares. During the session, the Building Products & Equipment company that operates in wider Industrials sector, reached to the highest price of $110.12 whereas the lowest price it dropped to was $107.79. The 52-week range on OC shows that it touched its highest point at $112.17 and its lowest point at $72.97 during that stretch. It currently has a 1-year price target of $117.36. With its current market cap of 9.97 billion, OC has annualized dividend of $2.08 while the current yield stands at 1.91%. Beta for the stock currently stands at 1.41.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of OC was down-trending over the past week, with a drop of -2.19%, but this was up by 10.78% over a month. Three-month performance surged to 11.58% while six-month performance rose 18.87%. The stock gained 20.46% in the past year, while it has gained 27.98% so far this year. A look at the trailing 12-month EPS for OC yields 13.80 with Next year EPS estimates of 11.28. For the next quarter, that number is 3.10. This implies an EPS growth rate of 33.10% for this year and 5.18% for next year. EPS is expected to grow by 1.32% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of 31.10%.

Float and Shares Shorts:

At present, 91.30 million OC shares are outstanding with a float of 90.03 million shares on hand for trading. On May 14, 2023, short shares totaled 3.1 million, which was 3.44% higher than short shares on Apr 13, 2023. In addition to Mr. Brian D. Chambers as the firm’s Pres, CEO & Chair, Mr. Kenneth S. Parks serves as its Exec. VP & CFO.

Institutional Ownership:

Through their ownership of 103.92% of OC’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 61.43% of OC, in contrast to 57.73% held by mutual funds. Shares owned by individuals account for 40.59%. As the largest shareholder in OC with 10.41% of the stake, The Vanguard Group, Inc. holds 9,376,504 shares worth 9,376,504. A second-largest stockholder of OC, BlackRock Fund Advisors, holds 8,842,663 shares, controlling over 9.81% of the firm’s shares. SSgA Funds Management, Inc. is the third largest shareholder in OC, holding 4,084,284 shares or 4.53% stake. With a 3.24% stake in OC, the iShares Core S&P Mid Cap ETF is the largest stakeholder. A total of 2,916,315 shares are owned by the mutual fund manager. The Vanguard Total Stock Market ETF, which owns about 3.13% of OC stock, is the second-largest Mutual Fund holder. It holds 2,818,995 shares valued at 301.1 million. Vanguard Small Cap Index Fund holds 2.64% of the stake in OC, owning 2,374,868 shares worth 253.66 million.

An Overview of Recent Financials:

Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Mar 30, 2023, OC reported revenue of $2.60B and operating income of $487.00M. The EBITDA in the recently reported quarter was $627.00M and diluted EPS was $3.49.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for OC since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With OC analysts setting a high price target of $145.00 and a low target of $87.00, the average target price over the next 12 months is $117.33. Based on these targets, OC could surge 32.82% to reach the target high and fall by -20.31% to reach the target low. Reaching the average price target will result in a growth of 7.47% from current levels.

EPS: Estimates vs Actual

It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.

Summary of Insider Activity:

Insiders traded OC stock several times over the past three months with 25 Buys and 4 Sells. In these transactions, 15,988 shares were bought while 29,688 shares were sold. The number of buy transactions has increased to 111 while that of sell transactions has risen to 55 over the past year. The total number of shares bought during that period was 318,641 while 181,271 shares were sold.

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