Bank of America Cuts Owens Corning (NYSE:OC) Price Target to $138.00

Owens Corning (NYSE:OC) had its price target decreased by Bank of America from $140.00 to $138.00 in a research report sent to investors on Monday,Benzinga reports. Bank of America currently has a buy rating on the construction company’s stock.

A number of other brokerages have also recently commented on OC. Wells Fargo & Company raised their target price on Owens Corning from $125.00 to $135.00 and gave the company an “overweight” rating in a report on Thursday, April 16th. Argus upgraded Owens Corning to a “strong-buy” rating in a research note on Wednesday, January 14th. UBS Group lifted their price objective on Owens Corning from $160.00 to $172.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Royal Bank Of Canada set a $143.00 price objective on Owens Corning in a research note on Friday, January 9th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Owens Corning in a research note on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $143.91.

Owens Corning Stock Performance

Shares of Owens Corning stock opened at $122.82 on Monday. The business has a 50-day moving average of $115.40 and a 200 day moving average of $117.44. Owens Corning has a 12 month low of $97.53 and a 12 month high of $159.42. The stock has a market capitalization of $9.87 billion, a price-to-earnings ratio of -19.19, a price-to-earnings-growth ratio of 2.16 and a beta of 1.35. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.26 and a quick ratio of 0.70.

Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, February 25th. The construction company reported $1.10 EPS for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.26). Owens Corning had a negative net margin of 5.17% and a positive return on equity of 21.93%. The firm had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.17 billion. During the same quarter last year, the business earned $3.22 earnings per share. The business’s revenue was down 16.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Owens Corning will post 9.39 earnings per share for the current year.

Owens Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 9th. Stockholders of record on Monday, March 9th were paid a $0.79 dividend. This represents a $3.16 annualized dividend and a dividend yield of 2.6%. The ex-dividend date was Monday, March 9th. Owens Corning’s dividend payout ratio (DPR) is presently -49.38%.

Hedge Funds Weigh In On Owens Corning

Several hedge funds and other institutional investors have recently made changes to their positions in OC. Arrowstreet Capital Limited Partnership lifted its stake in Owens Corning by 460.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,313,019 shares of the construction company’s stock worth $146,940,000 after purchasing an additional 1,078,877 shares during the last quarter. Norges Bank purchased a new stake in Owens Corning during the fourth quarter worth approximately $119,748,000. Gendell Jeffrey L lifted its stake in Owens Corning by 349.3% during the fourth quarter. Gendell Jeffrey L now owns 922,063 shares of the construction company’s stock worth $103,188,000 after purchasing an additional 716,839 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Owens Corning by 33.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,576,405 shares of the construction company’s stock worth $288,332,000 after purchasing an additional 645,773 shares during the last quarter. Finally, First Trust Advisors LP lifted its stake in Owens Corning by 51.8% during the fourth quarter. First Trust Advisors LP now owns 1,775,411 shares of the construction company’s stock worth $198,686,000 after purchasing an additional 605,926 shares during the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Company Profile

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company’s core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.