Owens Corning (NYSE:OC) Stock Gets Price Target Reduction from Citigroup

Owens Corning (NYSE:OC) had its price objective decreased by Citigroup from $177.00 to $156.00 in a research report report published on Monday,Benzinga reports. Citigroup currently has a buy rating on the construction company’s stock.

Other equities analysts also recently issued research reports about the company. Zacks Research downgraded Owens Corning from a “strong-buy” rating to a “strong sell” rating in a report on Monday, October 12th. Weiss Ratings restated a “sell (d+)” rating on shares of Owens Corning in a report on Monday, September 21st. Royal Bank Of Canada lowered their price objective on shares of Owens Corning from $127.00 to $119.00 and set a “sector perform” rating on the stock in a research report on Thursday, November 5th. Truist Financial boosted their price objective on shares of Owens Corning from $115.00 to $120.00 and gave the company a “hold” rating in a research report on Thursday, November 5th. Finally, Barclays dropped their price objective on shares of Owens Corning from $177.00 to $162.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 6th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, five have given a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat, Owens Corning has a consensus rating of “Hold” and a consensus target price of $140.93.

Owens Corning Stock Down 0.5%

NYSE:OC opened at $122.39 on Monday. The firm has a market capitalization of $9.44 billion, a price-to-earnings ratio of -23.01, a PEG ratio of 2.96 and a beta of 1.31. Owens Corning has a 1-year low of $97.53 and a 1-year high of $159.91. The company has a current ratio of 1.13, a quick ratio of 0.58 and a debt-to-equity ratio of 1.33. The business’s fifty day moving average price is $121.09 and its 200 day moving average price is $126.12.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, November 4th. The construction company reported $2.44 EPS for the quarter, missing analysts’ consensus estimates of $3.07 by ($0.63). Owens Corning had a positive return on equity of 19.14% and a negative net margin of 4.42%. The business had revenue of $2.49 billion for the quarter, compared to analyst estimates of $2.62 billion. During the same quarter in the previous year, the business posted $3.67 earnings per share. The company’s revenue was down 7.3% compared to the same quarter last year. On average, sell-side analysts forecast that Owens Corning will post 8.47 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, November 5th. Shareholders of record on Monday, October 19th were given a $0.79 dividend. The ex-dividend date of this dividend was Monday, October 19th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.6%. Owens Corning’s payout ratio is currently -59.40%.

Insider Activity

In other news, insider Rachel Barthelemy Marcon sold 900 shares of the company’s stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $144.07, for a total transaction of $129,663.00. Following the completion of the sale, the insider owned 21,449 shares in the company, valued at approximately $3,090,157.43. This represents a 4.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.92% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in Owens Corning in the 2nd quarter worth approximately $1,401,161,000. Dimensional Fund Advisors LP grew its holdings in Owens Corning by 7.3% during the first 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 grew its holdings in Owens Corning by 22.7% during the first 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. Allspring Global Investments Holdings LLC grew its holdings in Owens Corning by 721.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,170,179 shares of the construction company’s stock valued at $125,513,000 after purchasing an additional 1,027,800 shares during the last quarter. Finally, Nykredit A S bought a new position in shares of Owens Corning in the second quarter valued at approximately $166,083,000. 88.40% of the stock is owned by institutional investors.

About Owens Corning

Owens Corning is a building-products company that develops and manufactures materials for residential and commercial construction. Its products include roofing shingles and components, insulation for buildings and industrial applications, and interior and exterior doors. Founded in 1938 through the combination of Owens-Illinois Glass Company and Corning Glass Works’ fiberglass operations, the company has a long history of developing glass-fiber-based materials. It is headquartered in Toledo, Ohio, and serves customers in North America and international markets.