Royal Bank Of Canada Raises Owens Corning (NYSE:OC) Price Target to $172.00

Owens Corning (NYSE:OC) had its target price raised by research analysts at Royal Bank Of Canada from $148.00 to $172.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the construction company’s stock. Royal Bank Of Canada’s target price would indicate a potential upside of 20.21% from the stock’s previous close.

A number of other brokerages also recently commented on OC. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Owens Corning from $136.00 to $165.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. Truist Financial increased their price objective on shares of Owens Corning from $120.00 to $125.00 and gave the company a “hold” rating in a research report on Thursday, May 7th. The Goldman Sachs Group reaffirmed a “neutral” rating on shares of Owens Corning in a research report on Friday. Barclays upped their price objective on shares of Owens Corning from $135.00 to $144.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Finally, Evercore upgraded Owens Corning from an “in-line” rating to an “outperform” rating and set a $188.00 target price on the stock in a research note on Tuesday, June 30th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $152.58.

Owens Corning Stock Up 2.0%

NYSE:OC opened at $143.08 on Friday. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.24 and a quick ratio of 0.74. Owens Corning has a 1-year low of $97.53 and a 1-year high of $159.91. The company has a 50-day moving average of $126.57 and a 200 day moving average of $121.23. The firm has a market cap of $11.52 billion, a PE ratio of -21.65, a price-to-earnings-growth ratio of 2.49 and a beta of 1.30.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, May 6th. The construction company reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.01 by $0.21. Owens Corning had a negative net margin of 5.43% and a positive return on equity of 19.86%. The business had revenue of $2.27 billion for the quarter, compared to the consensus estimate of $2.18 billion. During the same quarter last year, the firm posted $2.97 EPS. The company’s revenue for the quarter was down 10.5% on a year-over-year basis. As a group, research analysts anticipate that Owens Corning will post 9.53 EPS for the current fiscal year.

Insider Buying and Selling at Owens Corning

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 700 shares of the stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $120.71, for a total transaction of $84,497.00. Following the transaction, the insider directly owned 15,848 shares of the company’s stock, valued at $1,913,012.08. This trade represents a 4.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mari Doerfler sold 1,926 shares of Owens Corning stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $120.92, for a total transaction of $232,891.92. Following the completion of the sale, the vice president owned 3,093 shares in the company, valued at approximately $374,005.56. This trade represents a 38.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.92% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of OC. Geneos Wealth Management Inc. lifted its position in shares of Owens Corning by 61.7% in the first quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company’s stock valued at $69,000 after acquiring an additional 184 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in shares of Owens Corning during the second quarter worth approximately $277,000. EverSource Wealth Advisors LLC increased its position in shares of Owens Corning by 1,433.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,273 shares of the construction company’s stock worth $175,000 after purchasing an additional 1,190 shares in the last quarter. Cerity Partners LLC raised its stake in Owens Corning by 294.3% in the 2nd quarter. Cerity Partners LLC now owns 17,372 shares of the construction company’s stock valued at $2,389,000 after purchasing an additional 12,966 shares during the last quarter. Finally, Bank of Nova Scotia lifted its holdings in Owens Corning by 12.2% in the 2nd quarter. Bank of Nova Scotia now owns 3,059 shares of the construction company’s stock valued at $421,000 after purchasing an additional 333 shares in the last quarter. 88.40% of the stock is owned by hedge funds and other institutional investors.

Owens Corning Company Profile

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company’s core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.