Wells Fargo & Company Has Lowered Expectations for Owens Corning (NYSE:OC) Stock Price

Owens Corning (NYSE:OC) had its target price lowered by stock analysts at Wells Fargo & Company from $155.00 to $125.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the construction company’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 11.40% from the company’s current price.

Several other brokerages have also commented on OC. Barclays dropped their price target on shares of Owens Corning from $138.00 to $135.00 and set an “overweight” rating on the stock in a research note on Wednesday. UBS Group increased their price target on shares of Owens Corning from $160.00 to $172.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Citigroup dropped their price target on shares of Owens Corning from $137.00 to $135.00 and set a “buy” rating on the stock in a research note on Thursday, January 8th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Owens Corning in a research note on Friday, March 27th. Finally, Argus upgraded shares of Owens Corning to a “strong-buy” rating in a research note on Wednesday, January 14th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $145.73.

Owens Corning Stock Up 6.7%

Shares of NYSE:OC traded up $7.08 during trading hours on Wednesday, reaching $112.20. The stock had a trading volume of 808,289 shares, compared to its average volume of 1,445,976. Owens Corning has a 1 year low of $97.53 and a 1 year high of $159.42. The firm’s 50 day moving average is $117.71 and its 200-day moving average is $119.06. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.70 and a current ratio of 1.26. The stock has a market capitalization of $9.02 billion, a price-to-earnings ratio of -17.53, a P/E/G ratio of 1.71 and a beta of 1.35.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, February 25th. The construction company reported $1.10 EPS for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.26). The firm had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.17 billion. Owens Corning had a negative net margin of 5.17% and a positive return on equity of 21.93%. The company’s revenue for the quarter was down 16.8% on a year-over-year basis. During the same period in the prior year, the company posted $3.22 earnings per share. Research analysts predict that Owens Corning will post 15.49 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Owens Corning

Several large investors have recently modified their holdings of OC. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Owens Corning by 460.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,313,019 shares of the construction company’s stock valued at $146,940,000 after acquiring an additional 1,078,877 shares during the period. Norges Bank acquired a new stake in shares of Owens Corning in the fourth quarter valued at approximately $119,748,000. Gendell Jeffrey L boosted its holdings in shares of Owens Corning by 349.3% in the fourth quarter. Gendell Jeffrey L now owns 922,063 shares of the construction company’s stock valued at $103,188,000 after acquiring an additional 716,839 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Owens Corning by 33.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,576,405 shares of the construction company’s stock worth $288,332,000 after purchasing an additional 645,773 shares during the period. Finally, First Trust Advisors LP lifted its holdings in shares of Owens Corning by 51.8% during the fourth quarter. First Trust Advisors LP now owns 1,775,411 shares of the construction company’s stock worth $198,686,000 after purchasing an additional 605,926 shares during the period. 88.40% of the stock is owned by institutional investors and hedge funds.

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.