Nomura Increases Owens Corning Inc (OC) Price Target to $83.00
Owens Corning Inc (NYSE:OC) had its price objective boosted by investment analysts at Nomura from $79.00 to $83.00 in a research note issued to investors on Tuesday. The brokerage currently has a “neutral” rating on the construction company’s stock. Nomura’s price target would suggest a potential upside of 0.37% from the stock’s previous close.
Several other research firms have also recently weighed in on OC. Credit Suisse Group set a $90.00 target price on Owens Corning and gave the stock an “outperform” rating in a research note on Tuesday, October 17th. Evercore ISI restated an “outperform” rating and set a $80.00 target price (down from $88.00) on shares of Owens Corning in a research note on Wednesday, October 11th. Citigroup Inc. upgraded Owens Corning from a “sell” rating to a “neutral” rating and set a $80.00 target price for the company in a research note on Friday, October 20th. Stifel Nicolaus restated a “buy” rating and set a $83.00 target price on shares of Owens Corning in a research note on Thursday, October 26th. Finally, Jefferies Group LLC restated a “buy” rating and set a $82.00 target price on shares of Owens Corning in a research note on Friday, October 6th. Eight research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Owens Corning has an average rating of “Buy” and a consensus target price of $76.95.
Owens Corning (NYSE:OC) last released its earnings results 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 business had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the previous year, the company earned $1.09 earnings per share. The firm’s revenue for the quarter was up 12.2% on a year-over-year basis.
In related news, insider Brian Chambers sold 16,600 shares of the firm’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $67.18, for a total transaction of $1,115,188.00. Following the completion of the transaction, the insider now directly owns 39,957 shares of the company’s stock, valued at approximately $2,684,311.26. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Kelly Schmidt sold 1,462 shares of the firm’s stock in a transaction on Friday, August 25th. The stock was 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. Over the last ninety days, insiders have sold 212,866 shares of company stock valued at $15,644,970. 1.80% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in OC. PGGM Investments bought a new position in Owens Corning during the 2nd quarter worth $26,366,000. Boston Partners bought a new position in Owens Corning during the 2nd quarter worth $26,195,000. FMR LLC raised its position in Owens Corning by 118.4% during the 2nd quarter. FMR LLC now owns 572,911 shares of the construction company’s stock worth $38,339,000 after purchasing an additional 310,559 shares during the last quarter. LSV Asset Management raised its position in Owens Corning by 21.2% during the 2nd quarter. LSV Asset Management now owns 1,680,100 shares of the construction company’s stock worth $112,432,000 after purchasing an additional 294,400 shares during the last quarter. Finally, Alleghany Corp DE bought a new position in Owens Corning during the 2nd quarter worth $16,061,000. 98.75% of the stock is owned by institutional investors and hedge funds.
About Owens Corning
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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