Owens Corning (NYSE:OC) Price Target Cut to $175.00 by Analysts at Evercore ISI

Owens Corning (NYSE:OC) had its price objective cut by Evercore ISI from $188.00 to $175.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have an in-line rating on the construction company’s stock.

A number of other research analysts have also weighed in on the company. Barclays dropped their price objective on Owens Corning from $190.00 to $189.00 and set an equal weight rating on the stock in a report on Friday, July 12th. Argus upped their price objective on Owens Corning from $175.00 to $182.00 and gave the stock a buy rating in a report on Thursday, April 25th. Loop Capital boosted their target price on Owens Corning from $188.00 to $215.00 and gave the stock a buy rating in a research report on Friday, June 21st. The Goldman Sachs Group reiterated a neutral rating and set a $187.00 target price on shares of Owens Corning in a research report on Monday, June 17th. Finally, UBS Group boosted their target price on Owens Corning from $169.00 to $192.00 and gave the stock a buy rating in a research report on Thursday, April 25th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Owens Corning currently has a consensus rating of Moderate Buy and an average price target of $184.23.

Owens Corning Stock Performance

Shares of NYSE:OC traded up $1.91 during trading on Wednesday, reaching $157.03. The company had a trading volume of 752,849 shares, compared to its average volume of 673,026. The firm has a market capitalization of $13.61 billion, a price-to-earnings ratio of 12.71, a price-to-earnings-growth ratio of 1.62 and a beta of 1.42. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.76 and a quick ratio of 1.22. The stock’s fifty day moving average price is $173.72 and its 200 day moving average price is $166.38. Owens Corning has a fifty-two week low of $109.95 and a fifty-two week high of $191.13.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Tuesday, August 6th. The construction company reported $4.64 earnings per share for the quarter, topping analysts’ consensus estimates of $4.37 by $0.27. Owens Corning had a return on equity of 26.52% and a net margin of 11.53%. The firm had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.92 billion. During the same quarter in the prior year, the company posted $4.22 earnings per share. Owens Corning’s quarterly revenue was up 8.8% on a year-over-year basis. As a group, equities research analysts predict that Owens Corning will post 15.63 EPS for the current year.

Owens Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Monday, July 15th were given a $0.60 dividend. The ex-dividend date of this dividend was Monday, July 15th. This represents a $2.40 annualized dividend and a dividend yield of 1.53%. Owens Corning’s dividend payout ratio is currently 19.43%.

Insider Activity

In related news, VP Mari Doerfler sold 240 shares of the company’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $182.05, for a total value of $43,692.00. Following the completion of the transaction, the vice president now directly owns 4,954 shares in the company, valued at $901,875.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP Mari Doerfler sold 240 shares of the company’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $182.05, for a total value of $43,692.00. Following the completion of the transaction, the vice president now directly owns 4,954 shares in the company, valued at $901,875.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Marcio A. Sandri sold 9,697 shares of the company’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $178.00, for a total value of $1,726,066.00. Following the completion of the transaction, the insider now owns 62,895 shares of the company’s stock, valued at $11,195,310. The disclosure for this sale can be found here. Insiders have sold 19,360 shares of company stock worth $3,437,315 over the last three months. 0.89% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Owens Corning

Several institutional investors and hedge funds have recently added to or reduced their stakes in OC. Arizona State Retirement System increased its stake in Owens Corning by 0.4% during the fourth quarter. Arizona State Retirement System now owns 24,690 shares of the construction company’s stock worth $3,660,000 after acquiring an additional 106 shares during the last quarter. Allworth Financial LP grew its stake in shares of Owens Corning by 401.8% in the fourth quarter. Allworth Financial LP now owns 1,706 shares of the construction company’s stock valued at $253,000 after buying an additional 1,366 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Owens Corning by 14.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,898 shares of the construction company’s stock valued at $1,912,000 after buying an additional 1,652 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Owens Corning by 26.6% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 146,724 shares of the construction company’s stock valued at $21,749,000 after buying an additional 30,815 shares in the last quarter. Finally, Soltis Investment Advisors LLC acquired a new stake in shares of Owens Corning in the fourth quarter valued at about $211,000. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Owens Corning Company Profile

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.