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

Owens Corning (NYSE:OC) had its price objective raised by UBS Group from $169.00 to $192.00 in a report released on Thursday morning, Benzinga reports. They currently have a buy rating on the construction company’s stock.

A number of other equities analysts have also recently weighed in on the company. Evercore ISI upped their price target on Owens Corning from $154.00 to $172.00 and gave the stock an in-line rating in a report on Thursday. Truist Financial boosted their price objective on Owens Corning from $115.00 to $145.00 and gave the stock a hold rating in a research note on Thursday, February 15th. Citigroup boosted their price objective on Owens Corning from $150.00 to $169.00 and gave the stock a neutral rating in a research note on Friday, April 5th. Barclays lowered Owens Corning from an overweight rating to an equal weight rating and cut their price objective for the stock from $170.00 to $160.00 in a research note on Monday, February 12th. Finally, JPMorgan Chase & Co. cut their price objective on Owens Corning from $164.00 to $163.00 and set a neutral rating for the company in a research note on Tuesday, February 20th. 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 company’s stock. According to MarketBeat.com, Owens Corning presently has an average rating of Moderate Buy and an average target price of $168.21.

Owens Corning Stock Performance

NYSE OC opened at $168.50 on Thursday. The stock has a market capitalization of $14.60 billion, a price-to-earnings ratio of 13.64, a PEG ratio of 7.12 and a beta of 1.47. Owens Corning has a twelve month low of $99.49 and a twelve month high of $173.65. The company has a current ratio of 1.76, a quick ratio of 1.17 and a debt-to-equity ratio of 0.50. The stock has a 50-day moving average of $159.88 and a 200 day moving average of $146.41.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, April 24th. The construction company reported $3.59 earnings per share for the quarter, topping analysts’ consensus estimates of $3.04 by $0.55. The company had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.28 billion. Owens Corning had a return on equity of 26.52% and a net margin of 11.53%. Owens Corning’s quarterly revenue was down 1.3% compared to the same quarter last year. During the same quarter in the prior year, the firm 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 business also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Stockholders of record on Monday, March 4th were given a $0.60 dividend. The ex-dividend date was Friday, March 1st. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.42%. Owens Corning’s dividend payout ratio (DPR) is presently 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 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 in the company, valued at $3,307,878. The sale was disclosed in a document filed 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 stock was sold at an average price of $153.73, for a total value of $108,840.84. Following the completion of the transaction, the insider now directly owns 39,994 shares in the company, valued at $6,148,277.62. The sale was disclosed in a document filed 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 value of $609,930.00. Following the completion of the transaction, the executive vice president now 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 worth $3,325,799 over the last ninety days. 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 OC. LSV Asset Management lifted its stake in Owens Corning by 0.7% during the fourth 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 in the last quarter. Invesco Ltd. lifted its stake in Owens Corning by 156.1% during the third quarter. Invesco Ltd. now owns 1,487,665 shares of the construction company’s stock worth $202,932,000 after purchasing an additional 906,782 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Owens Corning by 2.5% during the fourth quarter. Victory Capital Management Inc. now owns 1,481,937 shares of the construction company’s stock worth $219,668,000 after purchasing an additional 35,530 shares in the last quarter. Allianz Asset Management GmbH lifted its stake in Owens Corning by 7.7% during the fourth quarter. Allianz Asset Management GmbH now owns 1,057,518 shares of the construction company’s stock worth $156,756,000 after purchasing an additional 75,594 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in Owens Corning by 4.9% during the third quarter. Northern Trust Corp now owns 1,014,106 shares of the construction company’s stock worth $138,334,000 after purchasing an additional 47,212 shares in the last quarter. 88.40% of the stock is currently 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.