Royal Bank Of Canada Has Lowered Expectations for Owens Corning (NYSE:OC) Stock Price

Owens Corning (NYSE:OC) had its target price lowered by analysts at Royal Bank Of Canada from $127.00 to $119.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has a “sector perform” rating on the construction company’s stock. Royal Bank Of Canada‘s price target would suggest a potential downside of 1.66% from the company’s current price.

A number of other research analysts have also recently commented on the company. Citigroup raised their price target on Owens Corning from $149.00 to $177.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. Melius Research initiated coverage on shares of Owens Corning in a research note on Tuesday, October 6th. They set a “sell” rating and a $118.00 price objective on the stock. Vertical Research lowered shares of Owens Corning from a “hold” rating to a “sell” rating and set a $106.00 target price on the stock. in a report on Wednesday, October 7th. Evercore set a $185.00 target price on shares of Owens Corning in a research report on Thursday, October 1st. Finally, The Goldman Sachs Group cut their price target on shares of Owens Corning from $169.00 to $128.00 and set a “neutral” rating for the company in a report on Monday, October 12th. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have assigned a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $142.43.

Owens Corning Price Performance

Owens Corning stock traded down $3.25 during mid-day trading on Thursday, reaching $121.01. 1,197,502 shares of the company were exchanged, compared to its average volume of 1,023,514. The company has a fifty day simple moving average of $121.95 and a 200-day simple moving average of $126.13. Owens Corning has a 12 month low of $97.53 and a 12 month high of $159.91. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.16 and a quick ratio of 0.67. The firm has a market cap of $9.57 billion, a PE ratio of -22.75, a PEG ratio of 3.70 and a beta of 1.31.

Owens Corning (NYSE:OC) last released its earnings results on Wednesday, November 4th. The construction company reported $2.44 earnings per share for the quarter, missing analysts’ consensus estimates of $3.07 by ($0.63). The company had revenue of $2.49 billion for the quarter, compared to the consensus estimate of $2.62 billion. Owens Corning had a negative net margin of 6.81% and a positive return on equity of 20.52%. The business’s revenue was down 7.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.67 earnings per share. As a group, equities research analysts expect that Owens Corning will post 9.39 earnings per share for the current fiscal year.

Insiders Place Their Bets

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 value of $129,663.00. Following the transaction, the insider owned 21,449 shares in the company, valued at $3,090,157.43. The trade was a 4.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at 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.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in OC. Tiptree Advisors LLC bought a new position in Owens Corning in the 2nd quarter valued at approximately $11,445,000. Nykredit A S acquired a new stake in Owens Corning in the second quarter valued at approximately $166,083,000. Bank of America Corp DE bought a new stake in shares of Owens Corning during the second quarter worth $133,685,000. Cibc World Market Inc. bought a new stake in shares of Owens Corning during the second quarter worth $4,578,000. Finally, Empowered Funds LLC acquired a new position in shares of Owens Corning during the second quarter worth $3,582,000. Institutional investors own 88.40% of the company’s stock.

Owens Corning News Roundup

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

• Positive Sentiment: Wells Fargo raised its price target from $125 to $133 and maintained an Overweight rating, implying potential upside from the then-current share price. Wells Fargo recommendation
• Neutral Sentiment: Truist raised its target from $115 to $120 but kept a Hold rating, while a separate analyst roundup described Owens Corning as a bullish industrial-goods pick without providing further details. Truist target update Analyst roundup
• Negative Sentiment: UBS cut its target sharply from $198 to $170, although it retained a Buy rating. Deutsche Bank also lowered its target, from $145 to $134, while keeping Buy. UBS target update Deutsche Bank target update
• Negative Sentiment: RBC lowered its target from $127 to $119 and assigned Sector Perform, signaling limited upside at the time of the call. RBC recommendation
• Negative Sentiment: Owens Corning forecast fourth-quarter revenue of $2.0 billion–$2.2 billion and adjusted EBITDA margins of about 10%–12%, citing storm-related disruption and inflation. Its latest reported quarter also missed earnings and revenue estimates, with revenue down 7.3% year over year. Owens Corning fourth-quarter outlook

About Owens Corning

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.