Owens Corning (NYSE:OC) Given New $133.00 Price Target at Wells Fargo & Company

Owens Corning (NYSE:OC) had its target price lifted by investment analysts at Wells Fargo & Company from $125.00 to $133.00 in a report released on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the construction company’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 9.41% from the company’s previous close.

Several other analysts have also recently issued reports on the company. Truist Financial increased their target price on Owens Corning from $115.00 to $120.00 and gave the stock a “hold” rating in a research report on Thursday. Citigroup increased their price objective on shares of Owens Corning from $149.00 to $177.00 and gave the company a “buy” rating in a report on Friday, August 7th. Bank of America reduced their price objective on shares of Owens Corning from $155.00 to $145.00 and set a “buy” rating on the stock in a research report on Tuesday, October 27th. Royal Bank Of Canada lowered shares of Owens Corning from an “outperform” rating to a “sector perform” rating and dropped their target price for the stock from $172.00 to $127.00 in a research report on Wednesday, October 7th. Finally, Vertical Research cut shares of Owens Corning from a “hold” rating to a “sell” rating and set a $106.00 target price for the company. in a research note on Wednesday, October 7th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, five have assigned a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $143.00.

Owens Corning Stock Performance

Shares of NYSE:OC traded down $6.24 during midday trading on Thursday, hitting $121.56. The company had a trading volume of 336,473 shares, compared to its average volume of 1,230,372. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.16 and a quick ratio of 0.67. The company has a market cap of $9.61 billion, a price-to-earnings ratio of -15.16, a PEG ratio of 3.47 and a beta of 1.31. Owens Corning has a 12-month low of $97.53 and a 12-month high of $159.91. The company has a fifty day moving average of $122.84 and a two-hundred day moving average of $126.13.

Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, November 4th. The construction company reported $2.44 EPS for the quarter, missing the consensus estimate of $3.07 by ($0.63). Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%. The company had revenue of $2.49 billion during the quarter, compared to the consensus estimate of $2.62 billion. During the same period last year, the business earned $3.67 EPS. The firm’s quarterly revenue was down 7.3% compared to the same quarter last year. On average, equities research analysts expect that Owens Corning will post 9.39 EPS for the current fiscal year.

Insider Activity at Owens Corning

In related news, insider Rachel Barthelemy Marcon sold 900 shares of the stock in a transaction dated 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 of the company’s stock, valued at $3,090,157.43. This represents a 4.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.92% of the company’s stock.

Institutional Investors Weigh In On Owens Corning

Institutional investors have recently added to or reduced their stakes in the stock. Tiptree Advisors LLC acquired a new stake in Owens Corning in the second quarter valued at approximately $11,445,000. Nykredit A S acquired a new position in Owens Corning during the second quarter worth $166,083,000. Cibc World Market Inc. acquired a new stake in shares of Owens Corning in the second quarter valued at about $4,578,000. Bank of America Corp DE acquired a new stake in shares of Owens Corning in the second quarter valued at about $133,685,000. Finally, Empowered Funds LLC acquired a new stake in shares of Owens Corning in the second quarter valued at about $3,582,000. Institutional investors own 88.40% of the company’s stock.

Key Owens Corning News

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

• Positive Sentiment: Owens Corning generated $813 million in operating cash flow during the quarter, a bright spot amid weaker earnings. Third-quarter results
• Negative Sentiment: Adjusted EPS was $2.44, below analyst expectations of $3.07, while revenue of $2.49 billion also missed estimates of $2.62 billion. Sales fell 7% year over year, and adjusted EPS declined from $3.67 a year earlier. Q3 earnings and revenue miss
• Negative Sentiment: The company reported a diluted loss of $3.15 per share, including $476 million in non-cash, pre-tax impairment charges related to its Doors business. The charge weighs on reported results, even though it is excluded from adjusted EPS. Third-quarter results
• Negative Sentiment: For Q4, Owens Corning expects revenue of $2.0 billion–$2.2 billion and an adjusted EBITDA margin of about 10%–12%, citing storm-related and inflation headwinds. The outlook suggests continued operating pressure. 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.