Owens Corning (NYSE:OC) Price Target Cut to $135.00 by Analysts at Citigroup

Owens Corning (NYSE:OC) had its price objective dropped by research analysts at Citigroup from $137.00 to $135.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the construction company’s stock. Citigroup’s price target suggests a potential upside of 15.30% from the company’s previous close.

OC has been the subject of several other research reports. Weiss Ratings restated a “sell (d+)” rating on shares of Owens Corning in a report on Monday, December 29th. Wells Fargo & Company reduced their price objective on shares of Owens Corning from $150.00 to $130.00 and set an “overweight” rating for the company in a research report on Monday, December 15th. Jefferies Financial Group dropped their target price on shares of Owens Corning from $185.00 to $180.00 and set a “buy” rating on the stock in a report on Tuesday, October 7th. Evercore ISI cut their target price on shares of Owens Corning from $121.00 to $117.00 and set an “in-line” rating for the company in a research note on Thursday, December 4th. Finally, Zacks Research lowered shares of Owens Corning from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 15th. Ten research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $148.00.

Owens Corning Stock Performance

Shares of NYSE:OC traded up $5.34 on Thursday, hitting $117.09. The company’s stock had a trading volume of 566,158 shares, compared to its average volume of 973,185. Owens Corning has a 12 month low of $97.53 and a 12 month high of $192.96. The company has a market capitalization of $9.62 billion, a price-to-earnings ratio of -20.47, a price-to-earnings-growth ratio of 11.09 and a beta of 1.35. The stock’s 50-day moving average is $111.34 and its two-hundred day moving average is $131.56. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.86 and a current ratio of 1.40.

Owens Corning (NYSE:OC) last issued its quarterly earnings data on Wednesday, November 5th. The construction company reported $3.67 earnings per share for the quarter, beating analysts’ consensus estimates of $3.64 by $0.03. The business had revenue of $2.68 billion for the quarter, compared to analysts’ expectations of $2.71 billion. Owens Corning had a negative net margin of 4.46% and a positive return on equity of 24.42%. The company’s revenue was down 2.9% on a year-over-year basis. During the same period in the previous year, the business earned $4.38 earnings per share. On average, equities research analysts forecast that Owens Corning will post 15.49 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Owens Corning by 12.9% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 24,636 shares of the construction company’s stock valued at $2,899,000 after buying an additional 2,818 shares during the period. NorthCrest Asset Manangement LLC increased its holdings in Owens Corning by 0.8% in the fourth quarter. NorthCrest Asset Manangement LLC now owns 14,303 shares of the construction company’s stock worth $1,626,000 after buying an additional 117 shares during the last quarter. Precedent Wealth Partners LLC lifted its stake in shares of Owens Corning by 4.6% in the 4th quarter. Precedent Wealth Partners LLC now owns 10,614 shares of the construction company’s stock valued at $1,188,000 after purchasing an additional 466 shares during the last quarter. Leibman Financial Services Inc. acquired a new position in shares of Owens Corning during the 4th quarter valued at about $2,068,000. Finally, Davis Selected Advisers raised its position in shares of Owens Corning by 0.5% in the third quarter. Davis Selected Advisers now owns 1,777,367 shares of the construction company’s stock valued at $251,426,000 after purchasing an additional 8,274 shares during the period. 88.40% of the stock is owned by hedge funds and other institutional investors.

About Owens Corning

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.