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.
ILLEGAL ACTIVITY NOTICE: This piece was first published by Ticker Report and is the property of of Ticker Report. If you are accessing this piece on another publication, it was copied illegally and reposted in violation of United States & international copyright law. The correct version of this piece can be read at https://www.tickerreport.com/banking-finance/2958008/evercore-isi-reiterates-outperform-rating-for-owens-corning-inc-oc.html.
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.
Receive News & Ratings for Owens Corning Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Owens Corning Inc and related companies with MarketBeat.com's FREE daily email newsletter.