Citigroup Cuts Owens Corning (NYSE:OC) Price Target to $135.00

Owens Corning (NYSE:OC) had its target price lowered by Citigroup from $137.00 to $135.00 in a research report sent to investors on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the construction company’s stock.

Several other analysts have also weighed in on OC. Weiss Ratings reiterated a “sell (d+)” rating on shares of Owens Corning in a research report on Monday, December 29th. Royal Bank Of Canada lowered their price objective on Owens Corning from $174.00 to $145.00 and set an “outperform” rating for the company in a research report on Thursday, November 6th. Barclays set a $130.00 price target on Owens Corning in a research report on Monday, December 8th. Evercore ISI reduced their price target on shares of Owens Corning from $121.00 to $117.00 and set an “in-line” rating on the stock in a research report on Thursday, December 4th. Finally, Wells Fargo & Company cut their price target on shares of Owens Corning from $150.00 to $130.00 and set an “overweight” rating on the stock in a research note on Monday, December 15th. Ten analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $147.83.

Owens Corning Stock Up 4.5%

OC stock opened at $122.34 on Thursday. The stock has a market capitalization of $10.06 billion, a price-to-earnings ratio of -21.39, a price-to-earnings-growth ratio of 11.68 and a beta of 1.35. The company has a 50-day moving average of $111.09 and a two-hundred day moving average of $131.32. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.40 and a quick ratio of 0.86. Owens Corning has a 52-week low of $97.53 and a 52-week high of $192.96.

Owens Corning (NYSE:OC) last issued its quarterly earnings results on Wednesday, November 5th. The construction company reported $3.67 EPS for the quarter, topping analysts’ consensus estimates of $3.64 by $0.03. Owens Corning had a positive return on equity of 24.42% and a negative net margin of 4.46%.The company had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.71 billion. During the same period in the previous year, the company earned $4.38 earnings per share. The company’s quarterly revenue was down 2.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Owens Corning will post 15.49 EPS for the current year.

Owens Corning Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 21st. Investors of record on Monday, January 5th will be issued a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Monday, January 5th. This is an increase from Owens Corning’s previous quarterly dividend of $0.69. Owens Corning’s payout ratio is -55.24%.

Institutional Investors Weigh In On Owens Corning

A number of large investors have recently added to or reduced their stakes in OC. Twin Peaks Wealth Advisors LLC bought a new stake in Owens Corning during the second quarter worth about $26,000. Bangor Savings Bank bought a new stake in shares of Owens Corning in the second quarter worth $28,000. Rexford Capital Inc. bought a new stake in Owens Corning in the second quarter valued at approximately $28,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Owens Corning during the 2nd quarter valued at about $30,000. Finally, Vermillion & White Wealth Management Group LLC increased its position in Owens Corning by 149.4% in the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 222 shares of the construction company’s stock valued at $31,000 after buying an additional 133 shares in the last quarter. Institutional investors and hedge funds own 88.40% of the company’s stock.

Owens Corning Company Profile

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company’s core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.