Owens Corning (NYSE:OC – Get Free Report) had its price objective lifted by research analysts at Wells Fargo & Company from $125.00 to $133.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the construction company’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 9.41% from the stock’s previous close.
Several other brokerages have also recently issued reports on OC. Bank of America reduced their price target on shares of Owens Corning from $155.00 to $145.00 and set a “buy” rating on the stock in a research report on Tuesday, October 27th. Melius Research started coverage on shares of Owens Corning in a research note on Tuesday, October 6th. They set a “sell” rating and a $118.00 target price on the stock. Barclays decreased their price target on shares of Owens Corning from $177.00 to $162.00 and set an “overweight” rating for the company in a research report on Tuesday, October 6th. Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a research report on Wednesday, July 15th. Finally, The Goldman Sachs Group reduced their price objective on Owens Corning from $169.00 to $128.00 and set a “neutral” rating on the stock in a research note on Monday, October 12th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have given a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $143.00.
Get Our Latest Stock Report on Owens Corning
Owens Corning Trading Down 4.9%
Shares of Owens Corning stock traded down $6.24 on Thursday, reaching $121.56. The company had a trading volume of 336,473 shares, compared to its average volume of 1,230,372. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.67 and a current ratio of 1.16. The firm has a market cap of $9.61 billion, a PE ratio of -15.16, a PEG ratio of 3.47 and a beta of 1.31. The firm’s 50 day moving average price is $122.84 and its two-hundred day moving average price is $126.13. Owens Corning has a 52-week low of $97.53 and a 52-week high of $159.91.
Owens Corning (NYSE:OC – Get Free Report) last released its quarterly earnings results on Wednesday, November 4th. The construction company reported $2.44 EPS for the quarter, missing analysts’ consensus estimates of $3.07 by ($0.63). Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%. The firm had revenue of $2.49 billion for the quarter, compared to analyst estimates of $2.62 billion. During the same quarter last year, the company earned $3.67 earnings per share. The firm’s revenue for the quarter was down 7.3% on a year-over-year basis. Sell-side analysts predict that Owens Corning will post 9.39 earnings per share for the current fiscal year.
Insider Activity at Owens Corning
In other Owens Corning news, insider Rachel Barthelemy Marcon sold 900 shares of Owens Corning stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $144.07, for a total transaction of $129,663.00. Following the completion of the transaction, the insider owned 21,449 shares in the company, valued at approximately $3,090,157.43. The trade was a 4.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by company insiders.
Hedge Funds Weigh In On Owens Corning
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Basecamp Wealth Advisors LLC lifted its stake in shares of Owens Corning by 3.0% in the first quarter. Basecamp Wealth Advisors LLC now owns 3,317 shares of the construction company’s stock worth $359,000 after acquiring an additional 97 shares in the last quarter. HM Payson & Co. grew its position in shares of Owens Corning by 203.6% during the second quarter. HM Payson & Co. now owns 167 shares of the construction company’s stock worth $27,000 after buying an additional 112 shares in the last quarter. V Square Quantitative Management LLC increased its stake in shares of Owens Corning by 26.9% in the third quarter. V Square Quantitative Management LLC now owns 556 shares of the construction company’s stock worth $65,000 after buying an additional 118 shares during the last quarter. Versant Capital Management Inc increased its stake in shares of Owens Corning by 13.8% in the second quarter. Versant Capital Management Inc now owns 1,017 shares of the construction company’s stock worth $162,000 after buying an additional 123 shares during the last quarter. Finally, Cidel Asset Management Inc. grew its holdings in Owens Corning by 7.9% during the 3rd quarter. Cidel Asset Management Inc. now owns 1,841 shares of the construction company’s stock worth $215,000 after acquiring an additional 135 shares in the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.
Owens Corning News Summary
Here are the key news stories impacting Owens Corning this week:
- Positive Sentiment: Owens Corning generated $813 million in operating cash flow during the quarter, a bright spot amid weaker earnings. Third-quarter results
- Negative Sentiment: Adjusted EPS was $2.44, below analyst expectations of $3.07, while revenue of $2.49 billion also missed estimates of $2.62 billion. Sales fell 7% year over year, and adjusted EPS declined from $3.67 a year earlier. Q3 earnings and revenue miss
- Negative Sentiment: The company reported a diluted loss of $3.15 per share, including $476 million in non-cash, pre-tax impairment charges related to its Doors business. The charge weighs on reported results, even though it is excluded from adjusted EPS. Third-quarter results
- Negative Sentiment: For Q4, Owens Corning expects revenue of $2.0 billion–$2.2 billion and an adjusted EBITDA margin of about 10%–12%, citing storm-related and inflation headwinds. The outlook suggests continued operating pressure. Q4 outlook
Owens Corning Company Profile
Owens Corning (NYSE:OC) is a global building materials company that develops and manufactures products used in residential, commercial and industrial construction. Its offerings are designed to improve energy efficiency, weather protection, durability and comfort in buildings.
The company’s primary businesses include roofing, insulation and doors. Its products include asphalt roofing shingles and components, fiberglass and mineral wool insulation, and residential and commercial door systems.
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