Owens Corning (NYSE:OC) Stock Price Target Raised at Truist Financial

by · The Markets Daily

Owens Corning (NYSE:OC – Free Report) had its target price upped by Truist Financial from $115.00 to $120.00 in a research report report published on Thursday morning,Benzinga reports. They currently have a hold rating on the construction company’s stock.

A number of other brokerages have also weighed in on OC. The Goldman Sachs Group lowered their target price 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. Bank of America cut their price objective on shares of Owens Corning from $155.00 to $145.00 and set a “buy” rating for the company in a report on Tuesday, October 27th. Wells Fargo & Company dropped their price target on shares of Owens Corning from $150.00 to $125.00 and set an “overweight” rating for the company in a research report on Friday, October 16th. Barclays lowered their price objective on Owens Corning from $177.00 to $162.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 6th. Finally, Evercore set a $185.00 price target on Owens Corning in a research note on Thursday, October 1st. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, five have given a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, Owens Corning currently has a consensus rating of “Hold” and an average price target of $142.43.

View Our Latest Stock Analysis on Owens Corning

Owens Corning Stock Down 2.9%

OC stock opened at $124.10 on Thursday. Owens Corning has a twelve month low of $97.53 and a twelve month high of $159.91. The company has a quick ratio of 0.67, a current ratio of 1.13 and a debt-to-equity ratio of 1.33. The business has a 50 day moving average price of $122.42 and a two-hundred day moving average price of $126.13. The company has a market cap of $9.81 billion, a price-to-earnings ratio of -23.33, a P/E/G ratio of 3.77 and a beta of 1.31.

Owens Corning (NYSE:OC – Get Free Report) last released its quarterly earnings data on Wednesday, November 4th. The construction company reported $2.44 earnings per share for the quarter, missing the consensus estimate of $3.07 by ($0.63). Owens Corning had a positive return on equity of 19.14% and a negative net margin of 4.42%. The firm had revenue of $2.49 billion for the quarter, compared to analyst estimates of $2.62 billion. During the same quarter in the prior year, the firm earned $3.67 earnings per share. The firm’s revenue for the quarter was down 7.3% on a year-over-year basis. Analysts anticipate that Owens Corning will post 9.39 EPS for the current fiscal year.

Owens Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 5th. Investors of record on Monday, October 19th were paid a $0.79 dividend. The ex-dividend date of this dividend was Monday, October 19th. This represents a $3.16 annualized dividend and a dividend yield of 2.5%. Owens Corning’s payout ratio is currently -59.40%.

Insider Transactions 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 stock was sold at an average price of $144.07, for a total transaction of $129,663.00. Following the transaction, the insider directly owned 21,449 shares of the company’s stock, valued at approximately $3,090,157.43. The trade was a 4.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Owens Corning

A number of hedge funds have recently bought and sold shares of OC. BlackRock Inc. purchased a new stake in Owens Corning during the second quarter worth about $1,401,161,000. Dimensional Fund Advisors LP lifted its holdings in Owens Corning by 7.3% during the first quarter. Dimensional Fund Advisors LP now owns 2,764,616 shares of the construction company’s stock valued at $299,167,000 after purchasing an additional 188,211 shares during the last quarter. First Trust Advisors LP increased its stake in shares of Owens Corning by 22.7% in the first quarter. First Trust Advisors LP now owns 2,179,214 shares of the construction company’s stock worth $235,835,000 after purchasing an additional 403,803 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Owens Corning by 721.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,170,179 shares of the construction company’s stock worth $125,513,000 after buying an additional 1,027,800 shares during the period. Finally, Nykredit A S bought a new position in Owens Corning in the 2nd quarter worth approximately $166,083,000. Institutional investors own 88.40% of the company’s stock.

Key Stories Impacting Owens Corning

Here are the key news stories impacting Owens Corning this week:

  • Positive Sentiment: Wells Fargo raised its price target to $133 from $125 and upgraded its rating to overweight, implying potential upside. Wells Fargo recommendation
  • Neutral Sentiment: Deutsche Bank kept its buy rating but lowered its target to $134 from $145. Truist raised its target to $120 from $115 while retaining a hold rating, and RBC cut its target to $119 from $127 with a sector-perform rating. Deutsche Bank target update Truist target update
  • Negative Sentiment: Q3 adjusted EPS of $2.44 missed consensus estimates of about $3, while revenue of $2.49 billion was below forecasts and fell 7.3% year over year. Adjusted EPS also declined from $3.67 a year earlier. Q3 results
  • Negative Sentiment: Management expects Q4 revenue of $2 billion–$2.2 billion and an adjusted EBITDA margin of roughly 10%–12%, citing storm-related and inflationary headwinds. The weaker margin outlook adds to concerns about near-term earnings. Q4 outlook

Owens Corning Company Profile

(Get Free Report)

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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