Owens Corning (NYSE:OC) Price Target Cut to $119.00 by Analysts at Royal Bank Of Canada

Owens Corning (NYSE:OC) had its target price decreased by investment analysts at Royal Bank Of Canada from $127.00 to $119.00 in a research report issued on Thursday, Benzinga reports. The firm presently has a “sector perform” rating on the construction company’s stock. Royal Bank Of Canada‘s price objective would indicate a potential downside of 2.68% from the stock’s current price.

Several other brokerages have also recently commented on OC. Zacks Research cut Owens Corning from a “strong-buy” rating to a “strong sell” rating in a report on Monday, October 12th. DA Davidson set a $143.00 price objective on shares of Owens Corning in a research report on Friday, October 9th. Truist Financial increased their price objective on shares of Owens Corning from $115.00 to $120.00 and gave the stock a “hold” rating in a research report on Thursday. Melius Research began coverage on shares of Owens Corning in a research note on Tuesday, October 6th. They set a “sell” rating and a $118.00 target price for the company. Finally, Evercore set a $185.00 target price on shares of Owens Corning in a report on Thursday, October 1st. Two 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 issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $142.43.

Owens Corning Trading Down 4.3%

Shares of NYSE OC traded down $5.53 during trading on Thursday, reaching $122.28. The company had a trading volume of 1,199,146 shares, compared to its average volume of 1,234,712. The company’s fifty day moving average price is $122.84 and its 200-day moving average price is $126.13. Owens Corning has a 12 month low of $97.53 and a 12 month high of $159.91. The stock has a market cap of $9.67 billion, a P/E ratio of -15.16, a PEG ratio of 3.47 and a beta of 1.31. The company has a quick ratio of 0.67, a current ratio of 1.16 and a debt-to-equity ratio of 1.10.

Owens Corning (NYSE:OC) last issued its quarterly earnings results on Wednesday, November 4th. The construction company reported $2.44 earnings per share for the quarter, missing the consensus estimate of $3.07 by ($0.63). Owens Corning had a negative net margin of 6.81% and a positive return on equity of 20.52%. The company had revenue of $2.49 billion during the quarter, compared to analyst estimates of $2.62 billion. During the same period in the previous year, the company posted $3.67 EPS. The company’s quarterly revenue was down 7.3% on a year-over-year basis. As a group, research analysts expect that Owens Corning will post 9.39 earnings per share for the current year.

Insider Activity

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 900 shares of the stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $144.07, for a total transaction of $129,663.00. Following the transaction, the insider directly 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 filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.92% of the company’s stock.

Institutional Trading of Owens Corning

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

Key Headlines Impacting Owens Corning

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

• Positive Sentiment: Wells Fargo raised its price target to $133 from $125 and reiterated an Overweight rating, implying potential upside from the then-current share price. Wells Fargo rating update
• Neutral Sentiment: Analyst updates were mixed: Truist lifted its target to $120 from $115 but kept a Hold rating, while Deutsche Bank cut its target to $134 from $145 but maintained Buy. Truist target update Deutsche Bank target update
• Neutral Sentiment: For Q4, Owens Corning forecast revenue of $2.0 billion–$2.2 billion and an adjusted EBITDA margin of about 10%–12%, while citing storm-related and inflation headwinds. Q4 outlook
• Negative Sentiment: Third-quarter adjusted EPS of $2.44 missed analyst expectations of about $3, while revenue of $2.49 billion fell short of estimates and declined 7.3% year over year. The company also recorded a $476 million non-cash impairment charge tied to its Doors business, contributing to a reported net loss. Operating cash flow was $813 million, and adjusted EBITDA margin was 20%. Third-quarter results

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.