Owens Corning (NYSE:OC) Price Target Raised to $140.00

Owens Corning (NYSE:OC) had its target price hoisted by Truist Financial from $125.00 to $140.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “hold” rating on the construction company’s stock. Truist Financial’s price target indicates a potential downside of 8.89% from the stock’s previous close.

Several other equities analysts have also recently weighed in on OC. JPMorgan Chase & Co. boosted their price objective on Owens Corning from $115.00 to $121.00 and gave the stock a “neutral” rating in a research report on Friday, May 8th. The Goldman Sachs Group lifted their target price on Owens Corning from $141.00 to $159.00 and gave the stock a “neutral” rating in a research report on Friday, July 10th. Royal Bank Of Canada lifted their price objective on Owens Corning from $148.00 to $172.00 and gave the stock an “outperform” rating in a report on Friday, July 10th. Deutsche Bank Aktiengesellschaft raised their target price on Owens Corning from $136.00 to $165.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. Finally, Evercore reaffirmed an “outperform” rating and set a $193.00 price objective on shares of Owens Corning in a report on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $159.75.

Owens Corning Price Performance

Shares of NYSE:OC traded up $1.19 during trading on Thursday, reaching $153.66. The company had a trading volume of 218,105 shares, compared to its average volume of 1,294,834. Owens Corning has a twelve month low of $97.53 and a twelve month high of $159.91. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.74 and a current ratio of 1.24. The firm has a market capitalization of $12.37 billion, a PE ratio of -23.21, a price-to-earnings-growth ratio of 2.83 and a beta of 1.32. The firm’s fifty day moving average is $135.59 and its 200 day moving average is $124.75.

Owens Corning (NYSE:OC) last released its earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share for the quarter, beating the consensus estimate of $3.09 by $0.84. The company had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.66 billion. Owens Corning had a positive return on equity of 19.86% and a negative net margin of 5.43%.The business’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.21 EPS. On average, equities analysts forecast that Owens Corning will post 9.55 EPS for the current year.

Insider Activity

In other news, insider Rachel Barthelemy Marcon sold 700 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $120.71, for a total value of $84,497.00. Following the completion of the transaction, the insider directly owned 15,848 shares in the company, valued at approximately $1,913,012.08. This trade represents a 4.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mari Doerfler sold 1,926 shares of Owens Corning stock in a transaction on Friday, May 8th. The shares were sold at an average price of $120.92, for a total value of $232,891.92. Following the sale, the vice president directly owned 3,093 shares of the company’s stock, valued at $374,005.56. This represents a 38.37% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.92% of the company’s stock.

Institutional Trading of Owens Corning

Institutional investors have recently made changes to their positions in the stock. Geneos Wealth Management Inc. lifted its holdings in Owens Corning by 61.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company’s stock worth $69,000 after buying an additional 184 shares during the period. Sivia Capital Partners LLC purchased a new position in Owens Corning during the second quarter valued at $277,000. EverSource Wealth Advisors LLC lifted its position in Owens Corning by 1,433.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,273 shares of the construction company’s stock valued at $175,000 after acquiring an additional 1,190 shares during the period. Cerity Partners LLC grew its stake in shares of Owens Corning by 294.3% in the second quarter. Cerity Partners LLC now owns 17,372 shares of the construction company’s stock worth $2,389,000 after acquiring an additional 12,966 shares during the last quarter. Finally, Bank of Nova Scotia raised its position in shares of Owens Corning by 12.2% in the 2nd quarter. Bank of Nova Scotia now owns 3,059 shares of the construction company’s stock worth $421,000 after purchasing an additional 333 shares during the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Company Profile

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company’s core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.