Royal Bank Of Canada Forecasts Strong Price Appreciation for Owens Corning (NYSE:OC) Stock

Owens Corning (NYSE:OC) had its price target hoisted by analysts at Royal Bank Of Canada from $148.00 to $172.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the construction company’s stock. Royal Bank Of Canada’s price objective would indicate a potential upside of 20.21% from the company’s current price.

A number of other equities analysts also recently commented on OC. Truist Financial lifted their price objective on Owens Corning from $120.00 to $125.00 and gave the stock a “hold” rating in a research report on Thursday, May 7th. Evercore upgraded Owens Corning from an “in-line” rating to an “outperform” rating and set a $188.00 target price for the company in a report on Tuesday, June 30th. Wells Fargo & Company raised their target price on Owens Corning from $135.00 to $150.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Zacks Research raised shares of Owens Corning from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Finally, Bank of America cut their price objective on shares of Owens Corning from $140.00 to $138.00 and set a “buy” rating for the company in a research report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $152.58.

Owens Corning Stock Up 2.0%

OC stock opened at $143.08 on Friday. The company has a current ratio of 1.24, a quick ratio of 0.74 and a debt-to-equity ratio of 1.27. The firm has a 50-day moving average of $126.57 and a two-hundred day moving average of $121.23. Owens Corning has a 12 month low of $97.53 and a 12 month high of $159.91. The company has a market cap of $11.52 billion, a price-to-earnings ratio of -21.65, a PEG ratio of 2.49 and a beta of 1.30.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.21. The business had revenue of $2.27 billion for the quarter, compared to analysts’ expectations of $2.18 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 down 10.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.97 EPS. As a group, analysts forecast that Owens Corning will post 9.53 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of OC. Itau Unibanco Holding S.A. acquired a new position in Owens Corning during the 4th quarter worth about $29,000. Cassaday & Co Wealth Management LLC acquired a new position in shares of Owens Corning in the first quarter valued at approximately $30,000. Measured Wealth Private Client Group LLC purchased a new stake in Owens Corning during the 3rd quarter worth approximately $42,000. Harbour Investments Inc. lifted its holdings in Owens Corning by 66.5% during the 4th quarter. Harbour Investments Inc. now owns 323 shares of the construction company’s stock worth $36,000 after buying an additional 129 shares in the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Owens Corning in the fourth quarter worth $37,000. 88.40% of the stock is currently 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.