Goldman Sachs Upgrades Owens Corning to Neutral with Price Target $58.00

Brokerage firm Goldman Sachs Upgrades its rating on Owens Corning(NYSE:OC). In a research note issued to the investors, the brokerage major Raises the price-target to $58.00 per share. The shares have been rated Neutral. Previously, the analysts had a Sell rating on the shares. The rating by Goldman Sachs was issued on Jul 12, 2016.

In a different note, On Apr 28, 2016, FBR Capital said it Downgrades its rating on Owens Corning. The shares have been rated ‘Market Perform’ by the firm.

Owens Corning (OC) made into the market gainers list on Fridays trading session with the shares advancing 1.35% or 0.73 points. Due to strong positive momentum, the stock ended at $54.88, which is also near the day’s high of $54.94. The stock began the session at $54.51 and the volume stood at 14,09,895 shares. The 52-week high of the shares is $54.94 and the 52 week low is $38.95. The company has a current market capitalization of $6,338 M and it has 11,54,96,635 shares in outstanding.

Owens Corning(OC) last announced its earnings results on Apr 27, 2016 for Fiscal Year 2016 and Q1.Company reported revenue of $1.23B. Analysts had an estimated revenue of $1.24B. Earnings per share were $0.53. Analysts had estimated an EPS of $0.34.

Several Insider Transactions has been reported to the SEC. On Apr 13, 2016, Kelly Schmidt (Vice President, Controller) sold 2,000 shares at $50.00 per share price.Also, On Nov 25, 2015, W Howard Morris (director) sold 3,000 shares at $47.13 per share price.On Nov 19, 2015, F Philip Handy (director) sold 13,000 shares at $46.94 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.

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