Owens Corning (NYSE:OC) Given New $169.00 Price Target at Evercore ISI

Owens Corning (NYSE:OC) had its price target raised by stock analysts at Evercore ISI from $165.00 to $169.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an “in-line” rating on the construction company’s stock. Evercore ISI’s target price suggests a potential upside of 17.44% from the company’s current price.

Other equities research analysts have also recently issued reports about the stock. UBS Group reduced their price target on shares of Owens Corning from $218.00 to $210.00 and set a “buy” rating for the company in a report on Thursday. Wolfe Research raised Owens Corning from a “peer perform” rating to an “outperform” rating in a research report on Friday, May 9th. Wells Fargo & Company upped their price objective on shares of Owens Corning from $165.00 to $170.00 and gave the stock an “overweight” rating in a research report on Thursday. Barclays upped their price objective on Owens Corning from $167.00 to $173.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, Royal Bank Of Canada reduced their target price on shares of Owens Corning from $184.00 to $180.00 and set an “outperform” rating for the company in a research report on Thursday. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Owens Corning has an average rating of “Moderate Buy” and an average target price of $184.60.

Owens Corning Price Performance

Owens Corning stock opened at $143.90 on Friday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.93 and a current ratio of 1.52. The stock has a market capitalization of $12.03 billion, a P/E ratio of 37.38, a price-to-earnings-growth ratio of 3.80 and a beta of 1.32. Owens Corning has a 52 week low of $123.40 and a 52 week high of $214.53. The stock has a fifty day moving average of $140.16 and a 200-day moving average of $147.28.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, August 6th. The construction company reported $4.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.80 by $0.41. The company had revenue of $2.75 billion during the quarter, compared to the consensus estimate of $2.70 billion. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%. The firm’s revenue was up 10.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.64 earnings per share. On average, sell-side analysts expect that Owens Corning will post 15.49 earnings per share for the current fiscal year.

Owens Corning declared that its Board of Directors has initiated a stock repurchase program on Wednesday, May 14th that permits the company to repurchase 12,000,000 shares. This repurchase authorization permits the construction company to buy shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in OC. Bangor Savings Bank bought a new position in shares of Owens Corning during the second quarter valued at approximately $28,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in Owens Corning during the 2nd quarter valued at about $30,000. Chilton Capital Management LLC bought a new stake in Owens Corning during the 2nd quarter valued at about $37,000. Assetmark Inc. increased its stake in Owens Corning by 51.0% during the 2nd quarter. Assetmark Inc. now owns 299 shares of the construction company’s stock valued at $41,000 after purchasing an additional 101 shares in the last quarter. Finally, Ameritas Advisory Services LLC bought a new stake in Owens Corning during the 2nd quarter valued at about $42,000. Institutional investors own 88.40% of the company’s stock.

About Owens Corning

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.