Owens Corning (NYSE:OC) Rating Lowered to Hold at Zacks Investment Research

Owens Corning (NYSE:OC – Get Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday, Zacks.com reports. They presently have a $91.00 price objective on the construction company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 3.69% from the company’s previous close.

According to Zacks, “Owens Corning’s shares have outperformed the industry in the year-to-date period. The company has been benefitting from strong demand across markets served as well as commercial and operational execution. Also, focus on acquisition initiatives bode well. The company continues to invest in new insulation materials and systems in nonresidential applications to expand its global product offerings. However, supply chain disruptions and inflationary pressures in material and transportation remain headwinds. Although the company has been working to recover higher commodity cost through various price increases, it expects this ongoing volatility in material and transportation costs to persist in the near term. Meanwhile, earnings estimates for 2022 have declined in the past 30 days, depicting analysts concern regarding the stock growth potential.”

Several other brokerages have also commented on OC. Barclays decreased their price objective on Owens Corning from $116.00 to $111.00 in a report on Thursday, March 31st. JPMorgan Chase & Co. decreased their price objective on Owens Corning from $123.00 to $108.00 and set a “neutral” rating for the company in a report on Wednesday, March 30th. Loop Capital decreased their price objective on Owens Corning from $120.00 to $105.00 and set a “buy” rating for the company in a report on Friday, April 8th. Credit Suisse Group initiated coverage on Owens Corning in a report on Tuesday, April 5th. They set a “neutral” rating and a $105.00 price objective for the company. Finally, Evercore ISI raised their target price on Owens Corning from $132.00 to $140.00 and gave the stock an “outperform” rating in a research note on Thursday, February 17th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $111.67.

Owens Corning stock traded up $1.39 during mid-day trading on Tuesday, reaching $87.76. 12,511 shares of the company were exchanged, compared to its average volume of 1,028,926. The business has a fifty day moving average of $91.23 and a 200 day moving average of $91.02. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.19 and a current ratio of 1.83. The firm has a market cap of $8.69 billion, a P/E ratio of 9.21, a PEG ratio of 0.59 and a beta of 1.47. Owens Corning has a 12-month low of $79.35 and a 12-month high of $109.89.

Owens Corning (NYSE:OC – Get Rating) last posted its earnings results on Wednesday, February 16th. The construction company reported $2.20 earnings per share for the quarter, topping analysts’ consensus estimates of $1.90 by $0.30. The company had revenue of $2.13 billion during the quarter, compared to analyst estimates of $2.04 billion. Owens Corning had a return on equity of 22.58% and a net margin of 11.71%. Owens Corning’s revenue was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.90 earnings per share. Sell-side analysts predict that Owens Corning will post 10.38 EPS for the current year.

Several large investors have recently bought and sold shares of the company. Sageworth Trust Co of South Dakota purchased a new position in Owens Corning in the 4th quarter valued at about $33,000. UMB Bank N A MO purchased a new position in Owens Corning in the 4th quarter valued at about $35,000. Confluence Wealth Services Inc. purchased a new position in Owens Corning in the 4th quarter valued at about $41,000. Quent Capital LLC purchased a new position in Owens Corning in the 4th quarter valued at about $48,000. Finally, Moors & Cabot Inc. purchased a new position in Owens Corning in the 3rd quarter valued at about $50,000. Hedge funds and other institutional investors own 92.08% of the company’s stock.

About Owens Corning (Get Rating)

Owens Corning manufactures and markets insulation, roofing, and fiberglass composite materials in the United States, Canada, Europe, the Asia Pacific, and internationally. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and glass fiber products in the form of fabrics, non-wovens, and other specialized products.

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