Stock of the Day

January 3, 2024

Owens Corning (OC)

$113.41
+$2.15 (+1.9%)
Market Cap: $8.79B

About Owens Corning

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications. This segment sells its products through distributors, home centers, and lumberyards, as well as to roofing contractors for built-up roofing asphalt systems; and manufacturers in automotive, chemical, rubber, and construction industries. The Insulation segment manufactures and sells thermal and acoustical batts, loosefill insulation, spray foam insulation, foam sheathing and accessories under the Owens Corning PINK, and FIBERGLAS brands; and glass fiber pipe insulation, energy efficient flexible duct media, bonded and granulated mineral wool insulation, cellular glass insulation, and foam insulation under the FOAMULAR, FOAMGLAS, and Paroc brand names used in construction applications. This segment sells its products primarily to the insulation installers, home centers, lumberyards, retailers, and distributors. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and glass fiber products in the form of fabrics, non-wovens, and composite lumber. Its products are used in building structures, roofing shingles, tubs and showers, pools, decking, flooring, pipes and tanks, poles, electrical equipment, and wind-energy turbine blades. This segment sells its products directly to parts molders, fabricators, and shingle manufacturers. The company was incorporated in 1938 and is headquartered in Toledo, Ohio.

Today's Trend

Owens Corning Inc. (NYSE: OC) advanced in the latest session even as the broader market weakened, suggesting some relative strength after a sharp analyst-driven selloff. However, recent rating cuts and lower price targets remain important risks for investors.

  • Relative strength: Owens Corning shares rose while the overall market declined, indicating buying interest and a possible rebound following the previous session’s pressure. Owens Corning Ascends While Market Falls: Some Facts to Note
  • Investor attention remains elevated: Owens Corning has been among the most heavily searched stocks on Zacks, which may be supporting trading activity but does not itself change the company’s earnings outlook. Investors Heavily Search Owens Corning
  • Vertical Research downgraded OC from Hold to Sell and assigned a $106 price target, implying downside from the stock’s recent trading level. Vertical Research Downgrades Owens Corning
  • RBC Capital downgraded Owens Corning from Outperform to Sector Perform and cut its price target sharply, from $172 to $127. The move signals reduced expectations for outperformance, although the revised target remains above the recent share price. RBC Downgrades Owens Corning
  • The analyst downgrades triggered a sharp decline in Owens Corning shares in the prior session, reinforcing concerns about valuation, construction-sector demand, and the company’s near-term outlook. Owens Corning Shares Fall After Vertical Research Downgrade
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