Owens Corning (NYSE:OC) Given New $172.00 Price Target at Royal Bank Of Canada

Owens Corning (NYSE:OC) had its target price boosted by Royal Bank Of Canada from $148.00 to $172.00 in a research report released on Friday morning,Benzinga reports. Royal Bank Of Canada currently has an outperform rating on the construction company’s stock.

Several other analysts have also commented on OC. JPMorgan Chase & Co. increased their price target on shares of Owens Corning from $115.00 to $121.00 and gave the company a “neutral” rating in a research report on Friday, May 8th. Wells Fargo & Company raised their price target on shares of Owens Corning from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Truist Financial raised their target price on Owens Corning from $120.00 to $125.00 and gave the stock a “hold” rating in a report on Thursday, May 7th. Bank of America cut their price objective on shares of Owens Corning from $140.00 to $138.00 and set a “buy” rating for the company in a report on Monday, April 20th. Finally, Barclays lifted their price target on shares of Owens Corning from $135.00 to $144.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $154.08.

Owens Corning Price Performance

Shares of NYSE:OC traded up $3.01 on Friday, reaching $143.27. The company’s stock had a trading volume of 812,035 shares, compared to its average volume of 1,371,610. The company has a 50-day simple moving average of $127.01 and a 200 day simple moving average of $121.39. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.74 and a current ratio of 1.24. Owens Corning has a 52-week low of $97.53 and a 52-week high of $159.91. The company has a market cap of $11.54 billion, a P/E ratio of -21.67, a PEG ratio of 2.54 and a beta of 1.30.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, May 6th. The construction company reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.01 by $0.21. Owens Corning had a negative net margin of 5.43% and a positive return on equity of 19.86%. The firm had revenue of $2.27 billion during the quarter, compared to analysts’ expectations of $2.18 billion. During the same period in the previous year, the company earned $2.97 EPS. The firm’s revenue for the quarter was down 10.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Owens Corning will post 9.53 EPS for the current fiscal year.

Owens Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 6th. Investors of record on Monday, July 20th will be paid a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Monday, July 20th. Owens Corning’s payout ratio is presently -47.81%.

Insider Activity at Owens Corning

In other news, VP Mari Doerfler sold 1,926 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $120.92, for a total transaction of $232,891.92. Following the completion of the sale, the vice president owned 3,093 shares in the company, valued at approximately $374,005.56. The trade was a 38.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Rachel Barthelemy Marcon sold 700 shares of the business’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $120.71, for a total value of $84,497.00. Following the completion of the sale, the insider directly owned 15,848 shares of the company’s stock, valued at $1,913,012.08. The trade was a 4.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.92% of the company’s stock.

Institutional Trading of Owens Corning

Several institutional investors and hedge funds have recently added to or reduced their stakes in OC. Boothbay Fund Management LLC raised its stake in shares of Owens Corning by 130.5% during the 3rd quarter. Boothbay Fund Management LLC now owns 81,295 shares of the construction company’s stock worth $11,500,000 after buying an additional 46,022 shares in the last quarter. Banque Pictet & Cie SA boosted its stake in shares of Owens Corning by 5.0% in the fourth quarter. Banque Pictet & Cie SA now owns 412,579 shares of the construction company’s stock valued at $46,172,000 after buying an additional 19,553 shares in the last quarter. BNP Paribas Financial Markets raised its position in Owens Corning by 178.2% in the fourth quarter. BNP Paribas Financial Markets now owns 186,652 shares of the construction company’s stock worth $20,888,000 after acquiring an additional 119,566 shares in the last quarter. Interval Partners LP lifted its holdings in Owens Corning by 365.8% in the third quarter. Interval Partners LP now owns 184,513 shares of the construction company’s stock valued at $26,101,000 after acquiring an additional 144,897 shares during the period. Finally, Louisiana State Employees Retirement System purchased a new stake in shares of Owens Corning during the 1st quarter worth $2,576,000. 88.40% of the stock is owned by hedge funds and other institutional investors.

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.