Owens Corning Inc (NYSE:OC) had its target price upped by Nomura from $79.00 to $83.00 in a report issued on Tuesday, October 31st. The brokerage currently has a “neutral” rating on the construction company’s stock. Nomura’s target price suggests a potential downside of 3.07% from the stock’s previous close.
Several other equities analysts have also recently issued reports on the company. Stifel Nicolaus reaffirmed a “buy” rating and issued a $83.00 price objective on shares of Owens Corning in a research report on Friday, September 1st. Wells Fargo & Company raised Owens Corning from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $68.00 to $83.00 in a research report on Wednesday, August 30th. SunTrust Banks, Inc. upped their price objective on Owens Corning from $66.00 to $75.00 and gave the company a “hold” rating in a research report on Thursday, October 26th. Instinet lowered shares of Owens Corning from a “buy” rating to a “neutral” rating and boosted their target price for the company from $74.00 to $79.00 in a research note on Monday, September 11th. Finally, KeyCorp reiterated a “buy” rating and set a $84.00 target price on shares of Owens Corning in a research note on Wednesday, September 13th. Eight research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $78.20.
Shares of Owens Corning (NYSE OC) traded up $1.84 on Tuesday, hitting $85.63. The stock had a trading volume of 1,875,670 shares, compared to its average volume of 1,355,490. 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 has a 12-month low of $50.77 and a 12-month high of $85.76. The company has a market cap of $9,525.57, a PE ratio of 21.30, a P/E/G ratio of 1.49 and a beta of 1.08.
Owens Corning (NYSE:OC) last issued its quarterly earnings results on Wednesday, October 25th. The construction company reported $1.25 EPS for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.01). The company had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.63 billion. Owens Corning had a return on equity of 11.40% and a net margin of 6.15%. The business’s revenue for the quarter was up 12.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.09 earnings per share. sell-side analysts forecast that Owens Corning will post 4.32 EPS for the current fiscal year.
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In other news, VP Kelly Schmidt sold 1,462 shares of the firm’s stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $70.35, for a total transaction of $102,851.70. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Michael H. Thaman sold 130,700 shares of Owens Corning stock in a transaction that occurred on Thursday, September 14th. The shares were 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 in the company, valued at $63,557,000.40. The disclosure for this sale can be found here. Insiders sold a total of 198,779 shares of company stock worth $14,735,728 over the last three months. 1.80% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in Owens Corning by 1.8% during the second quarter. Vanguard Group Inc. now owns 10,562,420 shares of the construction company’s stock valued at $706,837,000 after buying an additional 190,866 shares during the period. Dimensional Fund Advisors LP increased its holdings in Owens Corning by 0.8% during the second quarter. Dimensional Fund Advisors LP now owns 3,666,185 shares of the construction company’s stock valued at $245,337,000 after buying an additional 27,809 shares during the period. State Street Corp increased its holdings in Owens Corning by 0.4% during the first quarter. State Street Corp now owns 2,305,764 shares of the construction company’s stock valued at $141,507,000 after buying an additional 8,490 shares during the period. Allianz Asset Management GmbH increased its holdings in Owens Corning by 22.4% during the third quarter. Allianz Asset Management GmbH now owns 1,798,466 shares of the construction company’s stock valued at $139,112,000 after buying an additional 328,726 shares during the period. Finally, LSV Asset Management increased its holdings in Owens Corning by 21.2% during the second quarter. LSV Asset Management now owns 1,680,100 shares of the construction company’s stock valued at $112,432,000 after buying an additional 294,400 shares during the period. 95.58% of the stock is currently owned by 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.
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