Evercore ISI Reiterates “Outperform” Rating for Owens Corning Inc (OC)

Owens Corning Inc (NYSE:OC)‘s stock had its “outperform” rating reiterated by research analysts at Evercore ISI in a research note issued on Wednesday. They currently have a $80.00 price target on the construction company’s stock, down from their prior price target of $88.00. Evercore ISI’s price target would suggest a potential upside of 0.62% from the company’s current price.

Several other analysts have also commented on the stock. Stifel Nicolaus reissued a “buy” rating and set a $83.00 price target on shares of Owens Corning in a research report on Friday, September 1st. Wells Fargo & Company raised shares of Owens Corning from a “market perform” rating to an “outperform” rating and increased their price target for the company from $68.00 to $83.00 in a research report on Wednesday, August 30th. Instinet lowered shares of Owens Corning from a “buy” rating to a “neutral” rating and increased their price target for the company from $74.00 to $79.00 in a research report on Monday, September 11th. Jefferies Group LLC reissued a “buy” rating and set a $72.00 price target on shares of Owens Corning in a research report on Sunday, July 9th. Finally, KeyCorp reissued a “buy” rating and set a $84.00 price target on shares of Owens Corning in a research report on Wednesday, September 13th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and fourteen have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $73.53.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, July 26th. The construction company reported $1.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.12. The business had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.48 billion. Owens Corning had a net margin of 6.61% and a return on equity of 11.12%. The company’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.29 earnings per share.

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In other news, Chairman Michael H. Thaman sold 130,700 shares of the firm’s stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $74.95, for a total transaction of $9,795,965.00. Following the sale, the chairman now owns 847,992 shares of the company’s stock, valued at approximately $63,557,000.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Kelly Schmidt sold 1,462 shares of the firm’s stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $70.35, for a total transaction of $102,851.70. The disclosure for this sale can be found here. Insiders have sold a total of 212,866 shares of company stock worth $15,644,970 in the last ninety days. Corporate insiders own 1.80% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of OC. BlackRock Inc. grew its stake in Owens Corning by 4,010.8% in the 1st quarter. BlackRock Inc. now owns 6,496,203 shares of the construction company’s stock valued at $398,669,000 after acquiring an additional 6,338,177 shares during the period. Renaissance Technologies LLC grew its stake in Owens Corning by 71.7% in the 1st quarter. Renaissance Technologies LLC now owns 1,169,800 shares of the construction company’s stock valued at $71,791,000 after acquiring an additional 488,500 shares during the period. PGGM Investments acquired a new stake in Owens Corning in the 2nd quarter valued at $26,366,000. Boston Partners acquired a new stake in Owens Corning in the 2nd quarter valued at $26,195,000. Finally, FMR LLC grew its stake in Owens Corning by 118.4% in the 2nd quarter. FMR LLC now owns 572,911 shares of the construction company’s stock valued at $38,339,000 after acquiring an additional 310,559 shares during the period. 96.84% of the stock is currently owned by institutional investors and hedge funds.

Owens Corning Company Profile

Owens Corning is engaged in the business of composite and building materials systems, delivering a range of products and services. The Company’s products range from glass fiber used to reinforce composite materials for transportation, electronics, marine, infrastructure, wind-energy and other markets to insulation and roofing for residential, commercial and industrial applications.

Analyst Recommendations for Owens Corning (NYSE:OC)

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