Owens Corning (NYSE:OC) Price Target Cut to $119.00 by Analysts at Royal Bank Of Canada

Owens Corning (NYSE:OC) had its target price lowered by Royal Bank Of Canada from $127.00 to $119.00 in a research report report published on Thursday,Benzinga reports. The firm currently has a sector perform rating on the construction company’s stock.

A number of other research firms have also weighed in on OC. Vertical Research lowered Owens Corning from a “hold” rating to a “sell” rating and set a $106.00 price target for the company. in a research report on Wednesday, October 7th. Weiss Ratings reissued a “sell (d+)” rating on shares of Owens Corning in a research report on Monday, September 21st. The Goldman Sachs Group lowered their target price on Owens Corning from $169.00 to $128.00 and set a “neutral” rating on the stock in a research note on Monday, October 12th. Benchmark reiterated a “hold” rating on shares of Owens Corning in a research report on Wednesday, July 15th. Finally, Bank of America lowered their price target on shares of Owens Corning from $155.00 to $145.00 and set a “buy” rating on the stock in a report on Tuesday, October 27th. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, five have issued a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, Owens Corning presently has an average rating of “Hold” and a consensus price target of $142.43.

Owens Corning Price Performance

Shares of NYSE:OC opened at $124.10 on Thursday. The stock has a market cap of $9.81 billion, a price-to-earnings ratio of -23.33, a PEG ratio of 3.77 and a beta of 1.31. The company has a debt-to-equity ratio of 1.33, a current ratio of 1.13 and a quick ratio of 0.67. Owens Corning has a 12 month low of $97.53 and a 12 month high of $159.91. The stock’s 50 day moving average price is $122.42 and its 200 day moving average price is $126.13.

Owens Corning (NYSE:OC) last announced its quarterly earnings data 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). Owens Corning had a negative net margin of 4.42% and a positive return on equity of 19.14%. The firm had revenue of $2.49 billion during the quarter, compared to analyst estimates of $2.62 billion. During the same quarter last year, the company earned $3.67 EPS. The company’s quarterly revenue was down 7.3% compared to the same quarter last year. Equities research analysts anticipate that Owens Corning will post 9.39 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 5th. Stockholders of record on Monday, October 19th were given a $0.79 dividend. This represents a $3.16 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Monday, October 19th. Owens Corning’s dividend payout ratio is currently -59.40%.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Owens Corning during the 2nd quarter valued at about $1,401,161,000. Dimensional Fund Advisors LP raised its holdings in shares of Owens Corning by 7.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,764,616 shares of the construction company’s stock worth $299,167,000 after buying an additional 188,211 shares in the last quarter. First Trust Advisors LP raised its holdings in shares of Owens Corning by 22.7% in the 1st quarter. First Trust Advisors LP now owns 2,179,214 shares of the construction company’s stock worth $235,835,000 after buying an additional 403,803 shares in the last quarter. Nykredit A S bought a new position in shares of Owens Corning during the 2nd quarter worth approximately $166,083,000. Finally, Bank of America Corp DE bought a new position in shares of Owens Corning during the 2nd quarter worth approximately $133,685,000. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Owens Corning News Summary

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

• Positive Sentiment: Wells Fargo raised its price target to $133 from $125 and upgraded its rating to overweight, implying potential upside. Wells Fargo recommendation
• Neutral Sentiment: Deutsche Bank kept its buy rating but lowered its target to $134 from $145. Truist raised its target to $120 from $115 while retaining a hold rating, and RBC cut its target to $119 from $127 with a sector-perform rating. Deutsche Bank target update Truist target update
• Negative Sentiment: Q3 adjusted EPS of $2.44 missed consensus estimates of about $3, while revenue of $2.49 billion was below forecasts and fell 7.3% year over year. Adjusted EPS also declined from $3.67 a year earlier. Q3 results
• Negative Sentiment: Management expects Q4 revenue of $2 billion–$2.2 billion and an adjusted EBITDA margin of roughly 10%–12%, citing storm-related and inflationary headwinds. The weaker margin outlook adds to concerns about near-term earnings. Q4 outlook

About Owens Corning

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.