Evercore ISI Raises Owens Corning (NYSE:OC) Price Target to $172.00

Owens Corning (NYSE:OC) had its price target increased by Evercore ISI from $154.00 to $172.00 in a research note released on Thursday, Benzinga reports. They currently have an in-line rating on the construction company’s stock.

Several other equities analysts have also recently issued reports on OC. Barclays cut shares of Owens Corning from an overweight rating to an equal weight rating and lowered their target price for the company from $170.00 to $160.00 in a research note on Monday, February 12th. Truist Financial upped their target price on shares of Owens Corning from $115.00 to $145.00 and gave the company a hold rating in a research note on Thursday, February 15th. UBS Group lowered their target price on shares of Owens Corning from $175.00 to $169.00 and set a buy rating on the stock in a research note on Thursday, February 15th. JPMorgan Chase & Co. lowered their target price on shares of Owens Corning from $164.00 to $163.00 and set a neutral rating on the stock in a research note on Tuesday, February 20th. Finally, Royal Bank of Canada lowered their target price on shares of Owens Corning from $183.00 to $175.00 and set an outperform rating on the stock in a research note on Thursday, February 15th. Eight analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $168.21.

Owens Corning Stock Performance

Shares of Owens Corning stock opened at $168.50 on Thursday. The stock has a market cap of $14.60 billion, a price-to-earnings ratio of 13.64, a PEG ratio of 7.12 and a beta of 1.47. The firm’s 50-day moving average is $159.88 and its 200 day moving average is $146.41. Owens Corning has a 1 year low of $99.49 and a 1 year high of $173.65. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.76 and a quick ratio of 1.17.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, April 24th. The construction company reported $3.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.04 by $0.55. The company had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.28 billion. Owens Corning had a net margin of 11.53% and a return on equity of 26.52%. Owens Corning’s revenue was down 1.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.77 EPS. Sell-side analysts anticipate that Owens Corning will post 14.74 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Stockholders of record on Monday, March 4th were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 1.42%. The ex-dividend date was Friday, March 1st. Owens Corning’s payout ratio is currently 19.43%.

Insider Activity

In related news, EVP Paula Russell sold 3,765 shares of the 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 completion of the sale, the executive vice president now directly owns 20,419 shares of the company’s stock, valued at approximately $3,307,878. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Gunner Smith sold 708 shares of the stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $153.73, for a total value of $108,840.84. Following the completion of the sale, the insider now directly owns 39,994 shares of the company’s stock, valued at approximately $6,148,277.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Paula Russell sold 3,765 shares of the stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $162.00, for a total transaction of $609,930.00. Following the completion of the sale, the executive vice president now directly owns 20,419 shares of the company’s stock, valued at $3,307,878. The disclosure for this sale can be found here. Insiders sold 21,672 shares of company stock valued at $3,325,799 in the last quarter. 0.89% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Owens Corning

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. LSV Asset Management grew 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 valued at $336,801,000 after buying an additional 15,714 shares in the last quarter. Invesco Ltd. grew its holdings in Owens Corning by 156.1% during the 3rd quarter. Invesco Ltd. now owns 1,487,665 shares of the construction company’s stock valued at $202,932,000 after buying an additional 906,782 shares in the last quarter. Victory Capital Management Inc. grew its holdings in Owens Corning by 2.5% during 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 buying an additional 35,530 shares in the last quarter. Allianz Asset Management GmbH grew its holdings in Owens Corning by 7.7% during 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 buying an additional 75,594 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in Owens Corning by 4.9% during the 3rd quarter. Northern Trust Corp now owns 1,014,106 shares of the construction company’s stock valued at $138,334,000 after buying an additional 47,212 shares in the last quarter. 88.40% of the stock is owned by hedge funds and other institutional investors.

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.