Owens Corning (NYSE:OC) Stock Gets Price Target Cut from The Goldman Sachs Group

Owens Corning (NYSE:OC) had its price objective decreased by stock analysts at The Goldman Sachs Group from $169.00 to $128.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a “neutral” rating on the construction company’s stock. The Goldman Sachs Group’s price objective points to a potential upside of 12.92% from the company’s current price.

Several other research analysts have also recently issued reports on the company. Evercore set a $185.00 target price on Owens Corning in a research report on Thursday, October 1st. Truist Financial cut their price objective on shares of Owens Corning from $140.00 to $115.00 and set a “hold” rating on the stock in a report on Thursday. DA Davidson set a $143.00 target price on shares of Owens Corning in a research note on Friday. Royal Bank Of Canada lowered shares of Owens Corning from an “outperform” rating to a “sector perform” rating and reduced their target price for the stock from $172.00 to $127.00 in a research note on Wednesday, October 7th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Owens Corning in a report on Monday, September 21st. Three analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Owens Corning currently has an average rating of “Moderate Buy” and an average price target of $143.36.

Owens Corning Stock Down 0.7%

NYSE OC traded down $0.80 during trading hours on Monday, hitting $113.36. The company’s stock had a trading volume of 315,245 shares, compared to its average volume of 1,232,792. Owens Corning has a 52 week low of $97.53 and a 52 week high of $159.91. The company has a market capitalization of $8.96 billion, a PE ratio of -14.04, a price-to-earnings-growth ratio of 2.68 and a beta of 1.32. The company has a current ratio of 1.16, a quick ratio of 0.67 and a debt-to-equity ratio of 1.10. The company’s 50-day simple moving average is $135.34 and its two-hundred day simple moving average is $129.12.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.09 by $0.84. The business had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.66 billion. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%. The company’s quarterly revenue was up .3% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.21 EPS. Research analysts anticipate that Owens Corning will post 9.45 EPS for the current fiscal year.

Insider Activity at Owens Corning

In other news, insider Rachel Barthelemy Marcon sold 900 shares of Owens Corning stock in a transaction on Friday, August 28th. The stock was sold at an average price of $144.07, for a total transaction of $129,663.00. Following the sale, the insider directly owned 21,449 shares in the company, valued at $3,090,157.43. The trade was a 4.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in Owens Corning during the second quarter worth about $1,401,161,000. Dimensional Fund Advisors LP increased its position in shares of Owens Corning by 7.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,764,616 shares of the construction company’s stock valued at $299,167,000 after purchasing an additional 188,211 shares during the last quarter. First Trust Advisors LP increased its position in shares of Owens Corning by 22.7% during the 1st quarter. First Trust Advisors LP now owns 2,179,214 shares of the construction company’s stock valued at $235,835,000 after purchasing an additional 403,803 shares during the last quarter. Nykredit A S bought a new stake in Owens Corning in the 2nd quarter worth approximately $166,083,000. Finally, Arrowstreet Capital Limited Partnership lifted its position in Owens Corning by 460.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,313,019 shares of the construction company’s stock worth $146,940,000 after buying an additional 1,078,877 shares during the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Company Profile

Owens Corning (NYSE:OC) is a global building materials company that develops and manufactures products used in residential, commercial and industrial construction. Its portfolio includes insulation, roofing and composite materials designed to improve energy efficiency, weather protection, durability and structural performance.

The company’s insulation business offers products such as fiberglass and mineral wool insulation, along with related air-sealing and acoustic solutions. Its roofing operations produce shingles, underlayment and other components for residential and commercial roofing systems.