Owens Corning (NYSE:OC) Stock Gets Price Target Boost from Wells Fargo & Company

Owens Corning (NYSE:OC) had its price objective lifted by analysts at Wells Fargo & Company from $125.00 to $133.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the construction company’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 9.91% from the stock’s previous close.

OC has been the subject of several other reports. Zacks Research downgraded Owens Corning from a “strong-buy” rating to a “strong sell” rating in a report on Monday, October 12th. Truist Financial lifted their price objective on Owens Corning from $115.00 to $120.00 and gave the company a “hold” rating in a report on Thursday. Royal Bank Of Canada lowered Owens Corning from an “outperform” rating to a “sector perform” rating and decreased their price objective for the company from $172.00 to $127.00 in a research report on Wednesday, October 7th. Wall Street Zen cut Owens Corning from a “buy” rating to a “hold” rating in a research note on Saturday, October 10th. Finally, Vertical Research downgraded shares of Owens Corning from a “hold” rating to a “sell” rating and set a $106.00 target price on the stock. in a report on Wednesday, October 7th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have assigned a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, Owens Corning presently has a consensus rating of “Hold” and an average target price of $142.43.

Owens Corning Trading Down 2.6%

Shares of OC traded down $3.25 during trading hours on Thursday, reaching $121.01. The stock had a trading volume of 1,197,502 shares, compared to its average volume of 1,023,514. The company has a market cap of $9.57 billion, a P/E ratio of -22.75, a P/E/G ratio of 3.70 and a beta of 1.31. Owens Corning has a 52 week low of $97.53 and a 52 week high of $159.91. The company has a quick ratio of 0.67, a current ratio of 1.16 and a debt-to-equity ratio of 1.10. The firm has a 50-day moving average of $121.95 and a 200 day moving average of $126.13.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, November 4th. The construction company reported $2.44 earnings per share for the quarter, missing the consensus estimate of $3.07 by ($0.63). The business had revenue of $2.49 billion for the quarter, compared to the consensus estimate of $2.62 billion. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%. The business’s revenue was down 7.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.67 earnings per share. On average, sell-side analysts expect that Owens Corning will post 9.39 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Rachel Barthelemy Marcon sold 900 shares of the business’s stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $144.07, for a total value of $129,663.00. Following the sale, the insider directly owned 21,449 shares in the company, valued at $3,090,157.43. The trade was a 4.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of OC. Maryland State Retirement & Pension System bought a new stake in Owens Corning in the 3rd quarter valued at approximately $627,000. Ritholtz Wealth Management boosted its position in Owens Corning by 9.1% during the 3rd quarter. Ritholtz Wealth Management now owns 10,851 shares of the construction company’s stock worth $1,267,000 after acquiring an additional 907 shares during the last quarter. Lido Advisors LLC grew its stake in shares of Owens Corning by 25.1% during the 3rd quarter. Lido Advisors LLC now owns 22,380 shares of the construction company’s stock worth $2,613,000 after acquiring an additional 4,495 shares in the last quarter. New York Life Investment Management LLC grew its stake in shares of Owens Corning by 12.9% during the 3rd quarter. New York Life Investment Management LLC now owns 11,170 shares of the construction company’s stock worth $1,304,000 after acquiring an additional 1,274 shares in the last quarter. Finally, M&G PLC bought a new position in shares of Owens Corning during the 3rd quarter worth approximately $10,496,000. 88.40% of the stock is currently owned by institutional investors.

Key Headlines Impacting Owens Corning

Here are the key news stories impacting Owens Corning this week:

• Positive Sentiment: Wells Fargo raised its price target from $125 to $133 and maintained an Overweight rating, implying potential upside from the then-current share price. Wells Fargo recommendation
• Neutral Sentiment: Truist raised its target from $115 to $120 but kept a Hold rating, while a separate analyst roundup described Owens Corning as a bullish industrial-goods pick without providing further details. Truist target update Analyst roundup
• Negative Sentiment: UBS cut its target sharply from $198 to $170, although it retained a Buy rating. Deutsche Bank also lowered its target, from $145 to $134, while keeping Buy. UBS target update Deutsche Bank target update
• Negative Sentiment: RBC lowered its target from $127 to $119 and assigned Sector Perform, signaling limited upside at the time of the call. RBC recommendation
• Negative Sentiment: Owens Corning forecast fourth-quarter revenue of $2.0 billion–$2.2 billion and adjusted EBITDA margins of about 10%–12%, citing storm-related disruption and inflation. Its latest reported quarter also missed earnings and revenue estimates, with revenue down 7.3% year over year. Owens Corning fourth-quarter outlook

Owens Corning Company Profile

Owens Corning (NYSE:OC) is a global building materials company that develops and manufactures products used in residential, commercial and industrial construction. Its offerings are designed to improve energy efficiency, weather protection, durability and comfort in buildings.

The company’s primary businesses include roofing, insulation and doors. Its products include asphalt roofing shingles and components, fiberglass and mineral wool insulation, and residential and commercial door systems.