The Goldman Sachs Group Issues Pessimistic Forecast for Owens Corning (NYSE:OC) Stock Price

Owens Corning (NYSE:OC) had its target price reduced by equities research analysts at The Goldman Sachs Group from $169.00 to $128.00 in a note issued to investors on Monday, Benzinga reports. The firm presently has a “neutral” rating on the construction company’s stock. The Goldman Sachs Group’s target price points to a potential upside of 12.92% from the company’s previous close.

OC has been the topic of several other research reports. Vertical Research downgraded Owens Corning from a “hold” rating to a “sell” rating and set a $106.00 price objective on the stock. in a report on Wednesday, October 7th. Deutsche Bank Aktiengesellschaft boosted their target price on Owens Corning from $136.00 to $165.00 and gave the company a “buy” rating in a research note on Tuesday, June 30th. Melius Research started coverage on Owens Corning in a research report on Tuesday, October 6th. They set a “sell” rating and a $118.00 price target on the stock. Zacks Research upgraded Owens Corning from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, September 15th. Finally, DA Davidson set a $143.00 price target on Owens Corning in a research note on Friday. Three investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Owens Corning has an average rating of “Moderate Buy” and a consensus target price of $143.36.

Owens Corning Trading Down 0.7%

NYSE:OC traded down $0.80 during trading hours on Monday, reaching $113.36. The company’s stock had a trading volume of 315,245 shares, compared to its average volume of 1,232,792. The firm has a market capitalization of $8.96 billion, a price-to-earnings ratio of -14.04, a PEG ratio of 2.68 and a beta of 1.32. The firm has a 50-day simple moving average of $135.34 and a 200-day simple moving average of $129.12. Owens Corning has a 1 year low of $97.53 and a 1 year high of $159.91. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.67 and a current ratio of 1.16.

Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share for the quarter, topping the consensus estimate of $3.09 by $0.84. Owens Corning had a negative net margin of 6.81% and a positive return on equity of 20.52%. The business had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.66 billion. During the same period in the previous year, the firm posted $4.21 earnings per share. The firm’s revenue for the quarter was up .3% on a year-over-year basis. Research analysts expect that Owens Corning will post 9.45 EPS for the current fiscal year.

Insider Activity

In other news, insider Rachel Barthelemy Marcon sold 900 shares of the company’s stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $144.07, for a total transaction of $129,663.00. Following the completion of the transaction, the insider directly owned 21,449 shares of the company’s stock, valued at approximately $3,090,157.43. This represents a 4.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.92% of the company’s stock.

Institutional Trading of Owens Corning

A number of institutional investors have recently modified their holdings of the company. Tiptree Advisors LLC purchased a new stake in Owens Corning in the 2nd quarter worth approximately $11,445,000. Louisiana State Employees Retirement System bought a new stake in shares of Owens Corning in the 1st quarter worth approximately $2,576,000. Nykredit A S purchased a new position in shares of Owens Corning during the second quarter valued at approximately $166,083,000. Cibc World Market Inc. purchased a new position in shares of Owens Corning during the second quarter valued at approximately $4,578,000. Finally, Bank of America Corp DE bought a new position in shares of Owens Corning during the second quarter valued at approximately $133,685,000. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

About Owens Corning

Owens Corning (NYSE:OC) is a global building materials company that develops and manufactures products used in residential, commercial and industrial construction. Its portfolio includes insulation, roofing and composite materials designed to improve energy efficiency, weather protection, durability and structural performance.

The company’s insulation business offers products such as fiberglass and mineral wool insulation, along with related air-sealing and acoustic solutions. Its roofing operations produce shingles, underlayment and other components for residential and commercial roofing systems.