Nomura Raises Owens Corning Inc (NYSE:OC) Price Target to $83.00

Owens Corning Inc (NYSE:OC) had its price target boosted by equities researchers at Nomura from $79.00 to $83.00 in a research note issued to investors on Tuesday, October 31st. The brokerage currently has a “neutral” rating on the construction company’s stock. Nomura’s target price suggests a potential upside of 1.36% from the company’s current price.

OC has been the subject of several other research reports. Wells Fargo & Company upgraded Owens Corning from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $68.00 to $83.00 in a research note on Wednesday, August 30th. Royal Bank Of Canada restated a “buy” rating on shares of Owens Corning in a research note on Tuesday, October 3rd. Evercore ISI reiterated an “outperform” rating and set a $80.00 price target (down previously from $88.00) on shares of Owens Corning in a research report on Wednesday, October 11th. MKM Partners upgraded Owens Corning from a “sell” rating to a “neutral” rating and lifted their price target for the company from $47.00 to $62.00 in a research report on Thursday, July 27th. Finally, FBR & Co lifted their price target on Owens Corning from $63.00 to $70.00 and gave the company a “mkt perform” rating in a research report on Thursday, July 27th. Eight investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $76.95.

Shares of Owens Corning (NYSE:OC) opened at $81.89 on Tuesday. Owens Corning has a 12-month low of $49.80 and a 12-month high of $83.31. The stock has a market capitalization of $9,109.53, a price-to-earnings ratio of 20.37, a PEG ratio of 1.43 and a beta of 1.08. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.99 and a current ratio of 1.66.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, October 25th. The construction company reported $1.25 earnings per share for the quarter, missing the consensus estimate of $1.26 by ($0.01). Owens Corning had a return on equity of 11.40% and a net margin of 6.15%. The firm had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same period last year, the business posted $1.09 EPS. The company’s revenue was up 12.2% compared to the same quarter last year. sell-side analysts predict that Owens Corning will post 4.32 earnings per share for the current year.

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In other news, Chairman Michael H. Thaman sold 130,700 shares of the company’s stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $74.95, for a total transaction of $9,795,965.00. Following the transaction, the chairman now directly owns 847,992 shares of the company’s stock, valued at $63,557,000.40. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Kelly Schmidt sold 1,462 shares of the company’s stock in a transaction on Friday, August 25th. The shares were sold at an average price of $70.35, for a total value of $102,851.70. The disclosure for this sale can be found here. Insiders sold 196,266 shares of company stock worth $14,529,782 over the last three months. Corporate insiders own 1.80% of the company’s stock.

Large investors have recently made changes to their positions in the company. TIAA FSB bought a new position in shares of Owens Corning during the third quarter valued at $3,022,000. Geneva Advisors LLC increased its position in Owens Corning by 6.2% during the second quarter. Geneva Advisors LLC now owns 10,380 shares of the construction company’s stock valued at $695,000 after acquiring an additional 603 shares during the last quarter. Marshall Wace North America L.P. increased its position in Owens Corning by 317.3% during the second quarter. Marshall Wace North America L.P. now owns 92,940 shares of the construction company’s stock valued at $6,227,000 after acquiring an additional 70,667 shares during the last quarter. Aviva PLC increased its position in Owens Corning by 14.3% during the second quarter. Aviva PLC now owns 39,967 shares of the construction company’s stock valued at $2,674,000 after acquiring an additional 5,000 shares during the last quarter. Finally, Northpointe Capital LLC increased its position in Owens Corning by 4.6% during the second quarter. Northpointe Capital LLC now owns 40,348 shares of the construction company’s stock valued at $2,700,000 after acquiring an additional 1,778 shares during the last quarter. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Company Profile

Owens Corning is engaged in the business of composite and building materials systems, delivering a range of products and services. The Company’s products range from glass fiber used to reinforce composite materials for transportation, electronics, marine, infrastructure, wind-energy and other markets to insulation and roofing for residential, commercial and industrial applications.

Analyst Recommendations for Owens Corning (NYSE:OC)

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