Owens Corning (NYSE:OC) Given New $120.00 Price Target at Truist Financial

Owens Corning (NYSE:OC) had its target price boosted by equities researchers at Truist Financial from $115.00 to $120.00 in a report released on Thursday, Benzinga reports. The brokerage currently has a “hold” rating on the construction company’s stock. Truist Financial‘s price target points to a potential downside of 2.05% from the stock’s current price.

Other equities research analysts have also issued research reports about the stock. Melius Research started coverage on shares of Owens Corning in a report on Tuesday, October 6th. They issued a “sell” rating and a $118.00 price target on the stock. Barclays reduced their price objective on shares of Owens Corning from $177.00 to $162.00 and set an “overweight” rating for the company in a report on Tuesday, October 6th. The Goldman Sachs Group decreased their target price on shares of Owens Corning from $169.00 to $128.00 and set a “neutral” rating on the stock in a research report on Monday, October 12th. Vertical Research cut shares of Owens Corning from a “hold” rating to a “sell” rating and set a $106.00 target price on the stock. in a research note on Wednesday, October 7th. Finally, Royal Bank Of Canada lowered shares of Owens Corning from an “outperform” rating to a “sector perform” rating and dropped their price target for the stock from $172.00 to $127.00 in a research report on Wednesday, October 7th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, five have issued a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $142.43.

Owens Corning Stock Performance

Shares of NYSE:OC traded down $5.29 during trading on Thursday, hitting $122.51. 276,550 shares of the stock were exchanged, compared to its average volume of 1,230,258. Owens Corning has a 1-year low of $97.53 and a 1-year high of $159.91. The company has a market capitalization of $9.68 billion, a price-to-earnings ratio of -15.18, a price-to-earnings-growth ratio of 3.47 and a beta of 1.31. The company’s fifty day simple moving average is $122.84 and its 200-day simple moving average is $126.13. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.67 and a current ratio of 1.16.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, November 4th. The construction company reported $2.44 EPS for the quarter, missing analysts’ consensus estimates of $3.07 by ($0.63). The firm had revenue of $2.49 billion during the quarter, compared to analyst estimates 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 for the quarter 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. Sell-side analysts expect that Owens Corning will post 9.39 EPS for the current fiscal year.

Insider Transactions at Owens Corning

In related news, insider Rachel Barthelemy Marcon sold 900 shares of Owens Corning stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $144.07, for a total transaction of $129,663.00. Following the completion of the transaction, the insider directly owned 21,449 shares of the company’s stock, valued at $3,090,157.43. This trade represents a 4.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Owens Corning

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. acquired a new position in Owens Corning in the second quarter worth $1,401,161,000. Dimensional Fund Advisors LP increased its stake in shares of Owens Corning by 7.3% in the first quarter. Dimensional Fund Advisors LP now owns 2,764,616 shares of the construction company’s stock valued at $299,167,000 after buying an additional 188,211 shares in the last quarter. First Trust Advisors LP increased its stake in shares of Owens Corning by 22.7% in the first quarter. First Trust Advisors LP now owns 2,179,214 shares of the construction company’s stock valued at $235,835,000 after buying an additional 403,803 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Owens Corning by 721.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,170,179 shares of the construction company’s stock valued at $125,513,000 after buying an additional 1,027,800 shares during the last quarter. Finally, Nykredit A S bought a new position in shares of Owens Corning in the second quarter valued at about $166,083,000. 88.40% of the stock is owned by institutional investors and hedge funds.

Key Headlines Impacting Owens Corning

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

• Positive Sentiment: Owens Corning generated $813 million in operating cash flow during the quarter, a bright spot amid weaker earnings. Third-quarter results
• Negative Sentiment: Adjusted EPS was $2.44, below analyst expectations of $3.07, while revenue of $2.49 billion also missed estimates of $2.62 billion. Sales fell 7% year over year, and adjusted EPS declined from $3.67 a year earlier. Q3 earnings and revenue miss
• Negative Sentiment: The company reported a diluted loss of $3.15 per share, including $476 million in non-cash, pre-tax impairment charges related to its Doors business. The charge weighs on reported results, even though it is excluded from adjusted EPS. Third-quarter results
• Negative Sentiment: For Q4, Owens Corning expects revenue of $2.0 billion–$2.2 billion and an adjusted EBITDA margin of about 10%–12%, citing storm-related and inflation headwinds. The outlook suggests continued operating pressure. Q4 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.