Owens Corning (NYSE:OC) Stock Price Expected to Rise, Evercore ISI Analyst Says

Owens Corning (NYSE:OC) had its target price raised by equities researchers at Evercore ISI from $189.00 to $196.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “in-line” rating on the construction company’s stock. Evercore ISI’s price objective would suggest a potential upside of 3.76% from the company’s current price.

A number of other brokerages have also recently weighed in on OC. Wells Fargo & Company boosted their price target on Owens Corning from $165.00 to $175.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Barclays cut their target price on shares of Owens Corning from $190.00 to $189.00 and set an “equal weight” rating for the company in a research report on Friday, July 12th. StockNews.com lowered Owens Corning from a “buy” rating to a “hold” rating in a research note on Friday, November 1st. UBS Group increased their target price on Owens Corning from $192.00 to $197.00 and gave the company a “buy” rating in a research note on Wednesday, August 7th. Finally, Citigroup upgraded shares of Owens Corning from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $178.00 to $191.00 in a research note on Thursday, July 11th. Eight research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Owens Corning has a consensus rating of “Hold” and an average price target of $188.31.

Owens Corning Stock Up 2.3 %

Shares of NYSE OC traded up $4.25 during mid-day trading on Thursday, reaching $188.89. The company had a trading volume of 23,589 shares, compared to its average volume of 678,818. Owens Corning has a 12-month low of $120.17 and a 12-month high of $191.44. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.79 and a current ratio of 1.37. The company has a market capitalization of $16.42 billion, a price-to-earnings ratio of 15.58, a PEG ratio of 2.20 and a beta of 1.41. The stock has a fifty day moving average of $174.98 and a two-hundred day moving average of $173.36.

Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share for the quarter, topping analysts’ consensus estimates of $4.01 by $0.37. The business had revenue of $3.05 billion for the quarter, compared to the consensus estimate of $3.04 billion. Owens Corning had a net margin of 10.66% and a return on equity of 26.33%. Owens Corning’s revenue for the quarter was up 22.9% compared to the same quarter last year. During the same period in the prior year, the business posted $4.15 earnings per share. As a group, equities research analysts expect that Owens Corning will post 15.34 EPS for the current year.

Insider Activity

In related news, insider Marcio A. Sandri sold 3,051 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $176.50, for a total transaction of $538,501.50. Following the completion of the transaction, the insider now owns 57,079 shares in the company, valued at $10,074,443.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Owens Corning news, insider Marcio A. Sandri sold 3,051 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $176.50, for a total value of $538,501.50. Following the transaction, the insider now directly owns 57,079 shares in the company, valued at $10,074,443.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Marcio A. Sandri sold 3,050 shares of Owens Corning stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $170.00, for a total transaction of $518,500.00. Following the completion of the transaction, the insider now owns 60,130 shares of the company’s stock, valued at $10,222,100. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Owens Corning

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Pacer Advisors Inc. raised its position in shares of Owens Corning by 38.9% during the 2nd quarter. Pacer Advisors Inc. now owns 1,592,536 shares of the construction company’s stock valued at $276,655,000 after acquiring an additional 446,073 shares during the last quarter. Point72 Asset Management L.P. increased its stake in Owens Corning by 168.3% during the 2nd quarter. Point72 Asset Management L.P. now owns 741,262 shares of the construction company’s stock worth $128,772,000 after purchasing an additional 464,981 shares in the last quarter. Skandinaviska Enskilda Banken AB publ increased its stake in Owens Corning by 6.4% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 716,704 shares of the construction company’s stock worth $124,506,000 after purchasing an additional 43,180 shares in the last quarter. AustralianSuper Pty Ltd raised its holdings in Owens Corning by 2.2% during the 2nd quarter. AustralianSuper Pty Ltd now owns 590,977 shares of the construction company’s stock worth $102,665,000 after buying an additional 12,707 shares during the period. Finally, Victory Capital Management Inc. lifted its stake in Owens Corning by 54.1% in the third quarter. Victory Capital Management Inc. now owns 523,001 shares of the construction company’s stock valued at $92,320,000 after buying an additional 183,666 shares in the last quarter. Institutional investors and hedge funds own 88.40% of the company’s stock.

About Owens Corning

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.