Owens Corning (NYSE:OC) Stock Price Expected to Rise, Truist Financial Analyst Says

Owens Corning (NYSE:OC) had its price objective upped by investment analysts at Truist Financial from $115.00 to $120.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “hold” rating on the construction company’s stock. Truist Financial‘s target price would indicate a potential downside of 0.84% from the company’s previous close.

A number of other research firms have also issued reports on OC. Melius Research initiated coverage on shares of Owens Corning in a research note on Tuesday, October 6th. They issued a “sell” rating and a $118.00 target price on the stock. Citigroup raised their price target on Owens Corning from $149.00 to $177.00 and gave the company a “buy” rating in a research report on Friday, August 7th. Zacks Research downgraded Owens Corning from a “strong-buy” rating to a “strong sell” rating in a research note on Monday, October 12th. DA Davidson set a $143.00 target price on Owens Corning in a report on Friday, October 9th. Finally, Royal Bank Of Canada lowered Owens Corning from an “outperform” rating to a “sector perform” rating and cut their price target for the stock from $172.00 to $127.00 in a report on Wednesday, October 7th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, five have assigned a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $142.43.

Owens Corning Stock Down 2.6%

Shares of NYSE:OC traded down $3.25 on Thursday, reaching $121.01. The company had a trading volume of 1,197,502 shares, compared to its average volume of 1,023,514. The stock has a market capitalization of $9.57 billion, a P/E ratio of -22.75, a P/E/G ratio of 3.70 and a beta of 1.31. The stock has a 50-day moving average price of $121.95 and a 200 day moving average price of $126.13. Owens Corning has a twelve month low of $97.53 and a twelve month high of $159.91. The company has a quick ratio of 0.67, a current ratio of 1.16 and a debt-to-equity ratio of 1.10.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, November 4th. The construction company reported $2.44 earnings per share for the quarter, missing the consensus estimate of $3.07 by ($0.63). The company had revenue of $2.49 billion during the quarter, compared to analyst estimates of $2.62 billion. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%. The firm’s revenue for the quarter was down 7.3% compared to the same quarter last year. During the same quarter last year, the firm posted $3.67 earnings per share. On average, equities analysts expect that Owens Corning will post 9.39 EPS for the current year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Owens Corning

Hedge funds have recently made changes to their positions in the business. Maryland State Retirement & Pension System acquired a new position in Owens Corning in the third quarter worth about $627,000. Ritholtz Wealth Management grew its stake in shares of Owens Corning by 9.1% in the 3rd quarter. Ritholtz Wealth Management now owns 10,851 shares of the construction company’s stock valued at $1,267,000 after purchasing an additional 907 shares during the period. Lido Advisors LLC grew its stake in shares of Owens Corning by 25.1% in the 3rd quarter. Lido Advisors LLC now owns 22,380 shares of the construction company’s stock valued at $2,613,000 after purchasing an additional 4,495 shares during the period. New York Life Investment Management LLC raised its holdings in shares of Owens Corning by 12.9% in the 3rd quarter. New York Life Investment Management LLC now owns 11,170 shares of the construction company’s stock worth $1,304,000 after buying an additional 1,274 shares in the last quarter. Finally, M&G PLC acquired a new position in shares of Owens Corning in the 3rd quarter worth approximately $10,496,000. Institutional investors and hedge funds own 88.40% of the company’s stock.

Owens Corning News Roundup

Here are the key news stories impacting Owens Corning this week:

• Positive Sentiment: Wells Fargo raised its price target from $125 to $133 and maintained an Overweight rating, implying potential upside from the then-current share price. Wells Fargo recommendation
• Neutral Sentiment: Truist raised its target from $115 to $120 but kept a Hold rating, while a separate analyst roundup described Owens Corning as a bullish industrial-goods pick without providing further details. Truist target update Analyst roundup
• Negative Sentiment: UBS cut its target sharply from $198 to $170, although it retained a Buy rating. Deutsche Bank also lowered its target, from $145 to $134, while keeping Buy. UBS target update Deutsche Bank target update
• Negative Sentiment: RBC lowered its target from $127 to $119 and assigned Sector Perform, signaling limited upside at the time of the call. RBC recommendation
• Negative Sentiment: Owens Corning forecast fourth-quarter revenue of $2.0 billion–$2.2 billion and adjusted EBITDA margins of about 10%–12%, citing storm-related disruption and inflation. Its latest reported quarter also missed earnings and revenue estimates, with revenue down 7.3% year over year. Owens Corning fourth-quarter outlook

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 offerings are designed to improve energy efficiency, weather protection, durability and comfort in buildings.

The company’s primary businesses include roofing, insulation and doors. Its products include asphalt roofing shingles and components, fiberglass and mineral wool insulation, and residential and commercial door systems.