Owens Corning $OC stock received an upgrade from Bank of America to Buy on October 18, 2022. The action by BofA seems to suggest that the dark pool trading in the stock might be an institutional investor increasing a long position.
Dark Pool Trading In Owens Corning $OC
Dark pool trades occurred in Owens Corning $OC stock on October 6, September 23, September 12, and September 2, 2022. We think the dark pool trading was from institutional investors increase long positions because of how $OC stock has rose since the trades were made public. The upgrade to a Buy rating from BofA seems to confirm that thesis. A narrative emerges that BofA or another institutional investor began accumulating Owens Corning $OC stock before making the Buy rating public on October 18, 2022.
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Owens Corning is a world leader in building materials systems and composite solutions. Its products include glass fiber that is used to support composite materials for transportation, electronics, marine, infrastructure, wind energy and other high-performance markets for insulation as well as roofing for residential, commercial and industrial applications. The company has three reportable segments: Composites, Insulation and Roofing. Composites segment includes vertically integrated downstream activities and specializes in the production of glass fiber reinforcement materials. Insulation segment products include thermal and acoustical batts, loose-fill insulation, foam sheathing and accessories, glass fiber pipe insulation, energy efficient flexible duct media, bonded and granulated mineral wool insulation, cellular glass insulation as well as foam insulation. Roofing segment products include laminate and strip asphalt roofing shingles, roofing components, synthetic packaging materials and oxidized asphalt.
Owens Corning double upgraded to Buy at BofA
On October 18, 2022, BofA analyst Rafe Jadrosich upgraded Owens Corning to Buy from Underperform with a price target of $95, up from $82, citing ongoing pricing tailwinds and what he sees as an attractive valuation. Jadrosich lowered estimates and price targets elsewhere in the building products space, because pro contractors are now seeing weakening orders for renovation projects and builders have cut the pace of starts after the spike in mortgage rates.
Owens Corning price target raised to $91 from $90 at Citi
On October 10, 2022, Citi analyst Anthony Pettinari raised the price target on Owens Corning to $91 from $90 and kept a Neutral rating on the shares. Pettinari lowered estimates in North America building products ahead of the Q3 earnings season to reflect softening residential demand, continued cost pressure, pockets of unfavorable weather, and sporadic labor and material availability issues. Within building products, Pettinari prefers aggregates producers as he expects accelerating public construction to largely offset deteriorating residential demand.
Owens Corning to Announce Third-Quarter Financial Results on October 26
Owens Corning (NYSE: OC) is scheduled to announce its third-quarter financial results on Wednesday, October 26, 2022, before the New York Stock Exchange opens. The company will host a call to discuss its financial results at 9 a.m. ET the same day.
A webcast replay will be available for one year using the above link.
Owens Corning $OC Stock Technical Analysis
Owens Corning $OC stock is in a technical downtrend. It is testing key downtrend channel resistance on October 18, 2022.