Owens Corning (NYSE:OC) Price Target Raised to $192.00

Owens Corning (NYSE:OC) had its price objective boosted by analysts at Royal Bank of Canada from $175.00 to $192.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the construction company’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 16.58% from the stock’s current price.

Several other brokerages have also weighed in on OC. JPMorgan Chase & Co. dropped their price objective on shares of Owens Corning from $164.00 to $163.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 20th. Barclays lowered shares of Owens Corning from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $170.00 to $160.00 in a research report on Monday, February 12th. Truist Financial raised their price target on shares of Owens Corning from $115.00 to $145.00 and gave the stock a “hold” rating in a research report on Thursday, February 15th. Argus raised their price target on shares of Owens Corning from $175.00 to $182.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Citigroup raised their price target on shares of Owens Corning from $150.00 to $169.00 and gave the stock a “neutral” rating in a research report on Friday, April 5th. Eight equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Owens Corning has a consensus rating of “Moderate Buy” and an average price target of $168.21.

Owens Corning Stock Performance

NYSE OC traded down $0.52 on Thursday, hitting $164.70. 220,465 shares of the stock were exchanged, compared to its average volume of 667,978. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.69 and a quick ratio of 1.17. The business’s fifty day moving average is $158.41 and its 200 day moving average is $145.80. Owens Corning has a 52 week low of $98.02 and a 52 week high of $173.65. The company has a market capitalization of $14.33 billion, a PE ratio of 12.51, a P/E/G ratio of 7.08 and a beta of 1.47.

Owens Corning (NYSE:OC) last issued its quarterly earnings data on Wednesday, April 24th. The construction company reported $3.59 earnings per share for the quarter, beating the consensus estimate of $3.04 by $0.55. The company had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.28 billion. Owens Corning had a net margin of 12.36% and a return on equity of 25.88%. The company’s revenue was down 1.3% on a year-over-year basis. During the same period in the prior year, the firm earned $2.77 earnings per share. Research analysts anticipate that Owens Corning will post 13.92 EPS for the current fiscal year.

Insider Activity

In other news, EVP Paula Russell sold 3,765 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $162.00, for a total value of $609,930.00. Following the sale, the executive vice president now directly owns 20,419 shares in the company, valued at approximately $3,307,878. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, EVP Paula Russell sold 3,765 shares of Owens Corning stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $162.00, for a total transaction of $609,930.00. Following the sale, the executive vice president now directly owns 20,419 shares in the company, valued at approximately $3,307,878. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Brian Chambers sold 9,100 shares of Owens Corning stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $153.57, for a total transaction of $1,397,487.00. Following the sale, the chief executive officer now owns 269,696 shares in the company, valued at $41,417,214.72. The disclosure for this sale can be found here. In the last three months, insiders have sold 21,672 shares of company stock worth $3,325,799. Corporate insiders own 0.89% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. LSV Asset Management raised its holdings in Owens Corning by 0.7% during the 4th quarter. LSV Asset Management now owns 2,272,150 shares of the construction company’s stock worth $336,801,000 after purchasing an additional 15,714 shares during the last quarter. Invesco Ltd. increased its stake in shares of Owens Corning by 156.1% in the 3rd quarter. Invesco Ltd. now owns 1,487,665 shares of the construction company’s stock valued at $202,932,000 after acquiring an additional 906,782 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of Owens Corning by 2.5% in the 4th quarter. Victory Capital Management Inc. now owns 1,481,937 shares of the construction company’s stock valued at $219,668,000 after acquiring an additional 35,530 shares in the last quarter. Allianz Asset Management GmbH increased its stake in shares of Owens Corning by 7.7% in the 4th quarter. Allianz Asset Management GmbH now owns 1,057,518 shares of the construction company’s stock valued at $156,756,000 after acquiring an additional 75,594 shares in the last quarter. Finally, Northern Trust Corp increased its stake in shares of Owens Corning by 4.9% in the 3rd quarter. Northern Trust Corp now owns 1,014,106 shares of the construction company’s stock valued at $138,334,000 after acquiring an additional 47,212 shares in the last quarter. Institutional investors own 88.40% of the company’s stock.

Owens Corning Company Profile

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.