Owens Corning (NYSE:OC) Price Target Cut to $168.00 by Analysts at Bank of America

Owens Corning (NYSE:OC) had its price objective reduced by Bank of America from $180.00 to $168.00 in a report released on Wednesday morning,Benzinga reports. Bank of America currently has a buy rating on the construction company’s stock.

OC has been the topic of several other reports. UBS Group cut their price target on shares of Owens Corning from $218.00 to $210.00 and set a “buy” rating on the stock in a report on Thursday, August 7th. Barclays upped their price target on shares of Owens Corning from $167.00 to $173.00 and gave the company an “overweight” rating in a report on Thursday, August 7th. Royal Bank Of Canada cut their price target on shares of Owens Corning from $184.00 to $180.00 and set an “outperform” rating on the stock in a report on Thursday, August 7th. Evercore ISI upped their price target on shares of Owens Corning from $165.00 to $169.00 and gave the company an “in-line” rating in a report on Friday, August 8th. Finally, Wells Fargo & Company upped their price target on shares of Owens Corning from $170.00 to $175.00 and gave the company an “overweight” rating in a report on Thursday, September 11th. Nine analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $183.55.

Owens Corning Stock Performance

Shares of NYSE:OC opened at $138.64 on Wednesday. Owens Corning has a 52 week low of $123.40 and a 52 week high of $214.53. The stock has a market capitalization of $11.59 billion, a P/E ratio of 36.01, a PEG ratio of 10.12 and a beta of 1.32. The firm has a fifty day simple moving average of $147.39 and a two-hundred day simple moving average of $142.49. The company has a quick ratio of 0.95, a current ratio of 1.52 and a debt-to-equity ratio of 0.98.

Owens Corning (NYSE:OC) last issued its quarterly earnings data on Wednesday, August 6th. The construction company reported $4.21 EPS for the quarter, topping analysts’ consensus estimates of $3.80 by $0.41. The business had revenue of $2.75 billion during the quarter, compared to analysts’ expectations of $2.70 billion. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. The business’s revenue was up 10.0% on a year-over-year basis. During the same period last year, the company posted $4.64 EPS. On average, analysts expect that Owens Corning will post 15.49 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 6th. Shareholders of record on Monday, October 20th will be given a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Monday, October 20th. Owens Corning’s payout ratio is 71.69%.

Institutional Investors Weigh In On Owens Corning

Hedge funds have recently modified their holdings of the business. OneDigital Investment Advisors LLC lifted its position in shares of Owens Corning by 33.3% in the 1st quarter. OneDigital Investment Advisors LLC now owns 1,639 shares of the construction company’s stock worth $234,000 after purchasing an additional 409 shares during the period. Cambridge Investment Research Advisors Inc. lifted its position in shares of Owens Corning by 11.9% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 30,921 shares of the construction company’s stock worth $4,416,000 after purchasing an additional 3,298 shares during the period. Wedge Capital Management L L P NC lifted its position in shares of Owens Corning by 32.0% in the 1st quarter. Wedge Capital Management L L P NC now owns 72,848 shares of the construction company’s stock worth $10,404,000 after purchasing an additional 17,660 shares during the period. Moran Wealth Management LLC lifted its position in shares of Owens Corning by 31.4% in the 1st quarter. Moran Wealth Management LLC now owns 140,568 shares of the construction company’s stock worth $20,076,000 after purchasing an additional 33,631 shares during the period. Finally, Wealth Enhancement Advisory Services LLC lifted its position in shares of Owens Corning by 21.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 8,720 shares of the construction company’s stock worth $1,245,000 after purchasing an additional 1,558 shares during the period. Hedge funds and other institutional investors own 88.40% of the company’s stock.

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.