Owens Corning (NYSE:OC) PT Raised to $172.00

Owens Corning (NYSE:OC) had its price objective hoisted by analysts at Evercore ISI from $154.00 to $172.00 in a report issued on Thursday, Benzinga reports. The firm presently has an “in-line” rating on the construction company’s stock. Evercore ISI’s price target would suggest a potential upside of 5.50% from the company’s current price.

Several other equities research analysts have also recently commented on the stock. JPMorgan Chase & Co. cut their price target 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 downgraded 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 note on Monday, February 12th. Citigroup increased their price objective 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. Royal Bank of Canada reduced their price target on shares of Owens Corning from $183.00 to $175.00 and set an “outperform” rating for the company in a report on Thursday, February 15th. Finally, Loop Capital raised their price target on shares of Owens Corning from $167.00 to $188.00 and gave the company a “buy” rating in a research report on Monday, April 1st. Eight research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Owens Corning presently has a consensus rating of “Moderate Buy” and an average target price of $163.43.

Owens Corning Stock Performance

Shares of NYSE:OC traded down $2.19 during midday trading on Thursday, hitting $163.03. The company’s stock had a trading volume of 47,013 shares, compared to its average volume of 665,808. The stock has a market capitalization of $14.19 billion, a price-to-earnings ratio of 12.36, a PEG ratio of 7.08 and a beta of 1.47. The stock’s 50 day simple moving average is $158.41 and its 200 day simple moving average is $145.80. Owens Corning has a fifty-two week low of $98.02 and a fifty-two week high of $173.65. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.17 and a current ratio of 1.69.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, April 24th. The construction company reported $3.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.04 by $0.55. Owens Corning had a net margin of 12.36% and a return on equity of 25.88%. The company had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.28 billion. During the same quarter in the previous year, the company posted $2.77 earnings per share. Owens Corning’s quarterly revenue was down 1.3% compared to the same quarter last year. As a group, research analysts anticipate that Owens Corning will post 13.92 earnings per share for the current year.

Insider Activity

In other Owens Corning news, insider Gunner Smith sold 7,442 shares of the firm’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $148.99, for a total value of $1,108,783.58. Following the transaction, the insider now owns 36,140 shares in the company, valued at approximately $5,384,498.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Owens Corning news, EVP Paula Russell sold 3,765 shares of Owens Corning stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $162.00, for a total value of $609,930.00. Following the completion of the transaction, 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 filing with the SEC, which is accessible through this hyperlink. Also, insider Gunner Smith sold 7,442 shares of Owens Corning stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $148.99, for a total value of $1,108,783.58. Following the completion of the transaction, the insider now owns 36,140 shares of the company’s stock, valued at approximately $5,384,498.60. The disclosure for this sale can be found here. Insiders have sold 21,672 shares of company stock worth $3,325,799 in the last quarter. Corporate insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Owens Corning

Several institutional investors have recently added to or reduced their stakes in OC. Invesco Ltd. increased its holdings in shares of Owens Corning by 156.1% in the third quarter. Invesco Ltd. now owns 1,487,665 shares of the construction company’s stock valued at $202,932,000 after purchasing an additional 906,782 shares during the period. Pacer Advisors Inc. lifted its position in Owens Corning by 6,116.6% during the fourth quarter. Pacer Advisors Inc. now owns 832,594 shares of the construction company’s stock worth $123,415,000 after buying an additional 819,201 shares during the period. Norges Bank acquired a new stake in Owens Corning during the fourth quarter worth about $118,251,000. Federated Hermes Inc. boosted its stake in Owens Corning by 1,602.4% during the 3rd quarter. Federated Hermes Inc. now owns 475,539 shares of the construction company’s stock valued at $64,868,000 after acquiring an additional 447,606 shares during the last quarter. Finally, Bank of Nova Scotia raised its stake in Owens Corning by 9,571.1% during the fourth quarter. Bank of Nova Scotia now owns 143,616 shares of the construction company’s stock valued at $21,287,000 after buying an additional 142,131 shares in the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

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.