Bank of America Cuts Owens Corning (NYSE:OC) Price Target to $168.00

Owens Corning (NYSE:OC) had its price target lowered by Bank of America from $180.00 to $168.00 in a research report released on Wednesday,Benzinga reports. The firm currently has a buy rating on the construction company’s stock.

A number of other brokerages also recently weighed in on OC. Royal Bank Of Canada lowered their price objective on shares of Owens Corning from $184.00 to $180.00 and set an “outperform” rating on the stock in a research report on Thursday, August 7th. Evercore ISI lifted their price target on shares of Owens Corning from $165.00 to $169.00 and gave the stock an “in-line” rating in a research note on Friday, August 8th. Wells Fargo & Company lifted their price target on shares of Owens Corning from $170.00 to $175.00 and gave the stock an “overweight” rating in a research note on Thursday, September 11th. Barclays lifted their price target on shares of Owens Corning from $167.00 to $173.00 and gave the stock an “overweight” rating in a research note on Thursday, August 7th. Finally, UBS Group dropped their price target on shares of Owens Corning from $218.00 to $210.00 and set a “buy” rating on the stock in a research note on Thursday, August 7th. Nine equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $183.55.

Owens Corning Stock Down 1.6%

Shares of Owens Corning stock opened at $138.64 on Wednesday. The company has a market cap of $11.59 billion, a price-to-earnings ratio of 36.01, a price-to-earnings-growth ratio of 10.12 and a beta of 1.32. The company’s 50 day moving average is $147.39 and its 200 day moving average is $142.49. Owens Corning has a twelve month low of $123.40 and a twelve month high of $214.53. The company has a quick ratio of 0.95, a current ratio of 1.52 and a debt-to-equity ratio of 0.98.

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

Owens Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 6th. Shareholders of record on Monday, October 20th will be issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Monday, October 20th. Owens Corning’s payout ratio is currently 71.69%.

Institutional Trading of Owens Corning

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in Owens Corning by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 9,947,480 shares of the construction company’s stock valued at $1,367,977,000 after acquiring an additional 131,795 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Owens Corning by 67.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,380,123 shares of the construction company’s stock worth $339,930,000 after buying an additional 957,295 shares in the last quarter. Nordea Investment Management AB grew its stake in shares of Owens Corning by 0.7% in the 2nd quarter. Nordea Investment Management AB now owns 2,225,800 shares of the construction company’s stock worth $305,291,000 after buying an additional 15,927 shares in the last quarter. LSV Asset Management grew its stake in shares of Owens Corning by 1.9% in the 1st quarter. LSV Asset Management now owns 1,476,067 shares of the construction company’s stock worth $210,812,000 after buying an additional 27,185 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Owens Corning in the 2nd quarter worth $163,719,000. 88.40% of the stock is currently owned by institutional investors.

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.