UBS Group Increases Owens Corning (NYSE:OC) Price Target to $192.00

Owens Corning (NYSE:OC) had its price objective raised by UBS Group from $169.00 to $192.00 in a research note published on Thursday, Benzinga reports. UBS Group currently has a buy rating on the construction company’s stock.

Several other research firms have also weighed in on OC. JPMorgan Chase & Co. cut their target price on Owens Corning from $164.00 to $163.00 and set a neutral rating on the stock in a report on Tuesday, February 20th. Citigroup raised their price target on Owens Corning from $150.00 to $169.00 and gave the company a neutral rating in a research report on Friday, April 5th. Evercore ISI raised their price target on Owens Corning from $154.00 to $172.00 and gave the company an in-line rating in a research report on Thursday. Royal Bank of Canada lowered their price target on Owens Corning from $183.00 to $175.00 and set an outperform rating on the stock in a research report on Thursday, February 15th. Finally, Loop Capital raised their price target on Owens Corning from $167.00 to $188.00 and gave the company a buy rating in a research report on Monday, April 1st. Eight equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $168.21.

Owens Corning Price Performance

NYSE OC opened at $167.30 on Thursday. Owens Corning has a fifty-two week low of $99.49 and a fifty-two week high of $173.65. The stock’s 50-day moving average is $158.86 and its two-hundred day moving average is $145.94. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.76 and a quick ratio of 1.17. The firm has a market cap of $14.56 billion, a P/E ratio of 13.36, a price-to-earnings-growth ratio of 6.98 and a beta of 1.47.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, April 24th. The construction company reported $3.59 earnings per share for the quarter, beating the consensus estimate of $3.04 by $0.55. Owens Corning had a return on equity of 26.52% and a net margin of 11.53%. The company had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.28 billion. During the same period last year, the company earned $2.77 earnings per share. The business’s revenue was down 1.3% compared to the same quarter last year. On average, analysts anticipate that Owens Corning will post 13.92 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 4th. Investors of record on Monday, March 4th were given a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 1.43%. The ex-dividend date of this dividend was Friday, March 1st. Owens Corning’s dividend payout ratio (DPR) is presently 19.43%.

Insider Buying and Selling

In other Owens Corning news, insider Gunner Smith sold 708 shares of Owens Corning stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $153.73, for a total transaction of $108,840.84. Following the completion of the sale, the insider now owns 39,994 shares of the company’s stock, valued at approximately $6,148,277.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Brian Chambers sold 9,100 shares of the company’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $153.57, for a total value of $1,397,487.00. Following the completion of the transaction, the chief executive officer now directly owns 269,696 shares of the company’s stock, valued at approximately $41,417,214.72. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Gunner Smith sold 708 shares of the company’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $153.73, for a total transaction of $108,840.84. Following the completion of the transaction, the insider now directly owns 39,994 shares of the company’s stock, valued at $6,148,277.62. The disclosure for this sale can be found here. Insiders sold 21,672 shares of company stock worth $3,325,799 in the last quarter. Insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Owens Corning

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. LSV Asset Management grew its holdings in Owens Corning by 0.7% during the fourth quarter. LSV Asset Management now owns 2,272,150 shares of the construction company’s stock worth $336,801,000 after purchasing an additional 15,714 shares during the period. Invesco Ltd. lifted its position in Owens Corning by 156.1% during the third quarter. Invesco Ltd. now owns 1,487,665 shares of the construction company’s stock worth $202,932,000 after acquiring an additional 906,782 shares during the last quarter. Victory Capital Management Inc. raised its position in shares of Owens Corning by 2.5% in the fourth quarter. Victory Capital Management Inc. now owns 1,481,937 shares of the construction company’s stock valued at $219,668,000 after buying an additional 35,530 shares in the last quarter. Allianz Asset Management GmbH raised its position in shares of Owens Corning by 7.7% in the fourth quarter. Allianz Asset Management GmbH now owns 1,057,518 shares of the construction company’s stock valued at $156,756,000 after buying an additional 75,594 shares in the last quarter. Finally, Northern Trust Corp raised its position in shares of Owens Corning by 4.9% in the third quarter. Northern Trust Corp now owns 1,014,106 shares of the construction company’s stock valued at $138,334,000 after buying an additional 47,212 shares in the last quarter. 88.40% of the stock is owned by institutional investors.

About Owens Corning

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.