Truist Financial Issues Positive Forecast for Owens Corning (NYSE:OC) Stock Price

Owens Corning (NYSE:OC) had its price target lifted by stock analysts at Truist Financial from $125.00 to $140.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “hold” rating on the construction company’s stock. Truist Financial’s price target suggests a potential downside of 8.89% from the company’s previous close.

OC has been the subject of a number of other research reports. Deutsche Bank Aktiengesellschaft raised their price target on shares of Owens Corning from $136.00 to $165.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. Zacks Research upgraded shares of Owens Corning from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Weiss Ratings raised shares of Owens Corning from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday, June 24th. Wells Fargo & Company increased their price objective on shares of Owens Corning from $150.00 to $165.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 14th. Finally, Evercore reissued an “outperform” rating and issued a $193.00 target price on shares of Owens Corning in a research report on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $159.75.

Owens Corning Price Performance

Owens Corning stock traded up $1.19 during trading on Thursday, reaching $153.66. The company had a trading volume of 218,105 shares, compared to its average volume of 1,294,834. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.74 and a current ratio of 1.24. The firm has a market capitalization of $12.37 billion, a PE ratio of -23.21, a price-to-earnings-growth ratio of 2.83 and a beta of 1.32. Owens Corning has a 1-year low of $97.53 and a 1-year high of $159.91. The firm’s 50-day simple moving average is $135.59 and its 200 day simple moving average is $124.75.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.09 by $0.84. The company had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.66 billion. Owens Corning had a positive return on equity of 19.86% and a negative net margin of 5.43%.The firm’s quarterly revenue was up .3% on a year-over-year basis. During the same period in the prior year, the business earned $4.21 EPS. As a group, equities research analysts anticipate that Owens Corning will post 9.55 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Owens Corning

Institutional investors have recently modified their holdings of the company. Geneos Wealth Management Inc. grew its stake in shares of Owens Corning by 61.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company’s stock valued at $69,000 after purchasing an additional 184 shares during the last quarter. Sivia Capital Partners LLC purchased a new stake in Owens Corning during the second quarter worth about $277,000. EverSource Wealth Advisors LLC increased its holdings in Owens Corning by 1,433.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,273 shares of the construction company’s stock valued at $175,000 after buying an additional 1,190 shares in the last quarter. Cerity Partners LLC increased 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 in the last quarter. Finally, Bank of Nova Scotia raised its stake in shares of Owens Corning by 12.2% during the 2nd quarter. Bank of Nova Scotia now owns 3,059 shares of the construction company’s stock worth $421,000 after buying an additional 333 shares during the last quarter. 88.40% of the stock is owned by hedge funds and other institutional investors.

About Owens Corning

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.