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

Owens Corning (NYSE:OC) had its target price increased by analysts at Royal Bank of Canada from $175.00 to $192.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the construction company’s stock. Royal Bank of Canada’s price objective would suggest a potential upside of 16.58% from the company’s current price.

Several other brokerages also recently commented on OC. Loop Capital upped their price objective on Owens Corning from $167.00 to $188.00 and gave the company a “buy” rating in a research report on Monday, April 1st. JPMorgan Chase & Co. dropped their price target on Owens Corning from $164.00 to $163.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 20th. Evercore ISI increased their price target on Owens Corning from $154.00 to $172.00 and gave the stock an “in-line” rating in a research report on Thursday. Truist Financial increased their price target on Owens Corning from $115.00 to $145.00 and gave the stock a “hold” rating in a research report on Thursday, February 15th. Finally, Barclays downgraded Owens Corning from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $170.00 to $160.00 in a research report on Monday, February 12th. Eight 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 company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $168.21.

Owens Corning Trading Down 0.3 %

NYSE:OC traded down $0.52 during midday trading on Thursday, hitting $164.70. 220,465 shares of the company traded hands, compared to its average volume of 667,978. The firm’s fifty day moving average is $158.41 and its 200-day moving average is $145.80. Owens Corning has a 12-month low of $98.02 and a 12-month high of $173.65. The firm has a market capitalization of $14.33 billion, a P/E ratio of 12.51, a P/E/G ratio of 7.08 and a beta of 1.47. The company has a current ratio of 1.69, a quick ratio of 1.17 and a debt-to-equity ratio of 0.50.

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, beating the consensus estimate of $3.04 by $0.55. The company had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.28 billion. Owens Corning had a return on equity of 25.88% and a net margin of 12.36%. 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. On average, sell-side analysts predict that Owens Corning will post 13.92 EPS for the current year.

Insider Buying and Selling

In other Owens Corning news, insider Gunner Smith sold 657 shares of the stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $153.36, for a total value of $100,757.52. Following the completion of the sale, the insider now directly owns 37,587 shares in the company, valued at $5,764,342.32. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CEO Brian Chambers sold 9,100 shares of the firm’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $153.57, for a total value of $1,397,487.00. Following the completion of the transaction, the chief executive officer now directly owns 269,696 shares in the company, valued at $41,417,214.72. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Gunner Smith sold 657 shares of the firm’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $153.36, for a total value of $100,757.52. Following the completion of the transaction, the insider now owns 37,587 shares of the company’s stock, valued at $5,764,342.32. The disclosure for this sale can be found here. Insiders sold 21,672 shares of company stock worth $3,325,799 in the last three months. 0.89% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. MV Capital Management Inc. grew its holdings in Owens Corning by 112.9% during the first quarter. MV Capital Management Inc. now owns 149 shares of the construction company’s stock worth $25,000 after acquiring an additional 79 shares during the period. NBC Securities Inc. acquired a new stake in Owens Corning in the first quarter valued at approximately $26,000. Contravisory Investment Management Inc. acquired a new stake in Owens Corning in the fourth quarter valued at approximately $27,000. Bruce G. Allen Investments LLC acquired a new stake in Owens Corning in the fourth quarter valued at approximately $27,000. Finally, Riverview Trust Co acquired a new stake in Owens Corning in the first quarter valued at approximately $28,000. 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.