Owens Corning (NYSE:OC) Upgraded by Wells Fargo & Company to “Overweight” Rating

Owens Corning (NYSE:OC) was upgraded by research analysts at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a research report issued to clients and investors on Tuesday, MarketBeat Ratings reports. The firm currently has a $225.00 price objective on the construction company’s stock, up from their prior price objective of $195.00. Wells Fargo & Company‘s price target points to a potential upside of 28.98% from the stock’s previous close.

A number of other brokerages also recently commented on OC. StockNews.com raised shares of Owens Corning from a “hold” rating to a “buy” rating in a research note on Saturday, November 9th. The Goldman Sachs Group upped their price objective on Owens Corning from $178.00 to $198.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. UBS Group lifted their target price on Owens Corning from $197.00 to $218.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Royal Bank of Canada increased their price target on shares of Owens Corning from $213.00 to $217.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Finally, Barclays raised shares of Owens Corning from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $192.00 to $245.00 in a research report on Wednesday, December 11th. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $200.83.

Owens Corning Price Performance

Shares of OC stock opened at $174.44 on Tuesday. Owens Corning has a twelve month low of $138.70 and a twelve month high of $214.53. The company has a current ratio of 1.44, a quick ratio of 0.85 and a debt-to-equity ratio of 0.89. The stock has a fifty day simple moving average of $191.28 and a two-hundred day simple moving average of $178.02. The stock has a market capitalization of $14.96 billion, a price-to-earnings ratio of 14.85, a P/E/G ratio of 2.14 and a beta of 1.42.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, November 6th. The construction company reported $4.38 earnings per share for the quarter, topping analysts’ consensus estimates of $4.05 by $0.33. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The company had revenue of $3.05 billion during the quarter, compared to analyst estimates of $3.04 billion. During the same period in the prior year, the firm earned $4.15 earnings per share. The firm’s revenue for the quarter was up 22.9% compared to the same quarter last year. On average, analysts predict that Owens Corning will post 15.46 EPS for the current fiscal year.

Insider Activity at Owens Corning

In related news, insider Gunner Smith sold 17,450 shares of the stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $191.19, for a total value of $3,336,265.50. Following the transaction, the insider now owns 18,866 shares in the company, valued at approximately $3,606,990.54. This represents a 48.05 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.90% of the stock is owned by insiders.

Institutional Trading of Owens Corning

Several large investors have recently made changes to their positions in OC. Innealta Capital LLC acquired a new position in Owens Corning during the second quarter valued at $32,000. Tobam lifted its holdings in shares of Owens Corning by 115.7% in the 2nd quarter. Tobam now owns 192 shares of the construction company’s stock valued at $33,000 after buying an additional 103 shares during the period. Brooklyn Investment Group purchased a new stake in shares of Owens Corning in the third quarter worth about $38,000. Quarry LP grew its holdings in Owens Corning by 165.5% during the second quarter. Quarry LP now owns 231 shares of the construction company’s stock worth $40,000 after acquiring an additional 144 shares during the period. Finally, Blue Trust Inc. raised its position in Owens Corning by 46.2% during the second quarter. Blue Trust Inc. now owns 367 shares of the construction company’s stock valued at $61,000 after acquiring an additional 116 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.