Owens Corning (NYSE:OC) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Owens Corning (NYSE:OC) had its price target upped by equities researchers at Wells Fargo & Company from $150.00 to $160.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the construction company’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 10.34% from the company’s previous close.

A number of other brokerages have also weighed in on OC. Barclays dropped their price target on Owens Corning from $179.00 to $167.00 and set an “overweight” rating on the stock in a research note on Thursday, May 8th. Deutsche Bank Aktiengesellschaft started coverage on Owens Corning in a research report on Tuesday, April 1st. They issued a “buy” rating and a $183.00 target price on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Owens Corning from $200.00 to $176.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 4th. Royal Bank of Canada cut their target price on shares of Owens Corning from $199.00 to $184.00 and set an “outperform” rating for the company in a research note on Thursday, May 8th. Finally, Benchmark restated a “hold” rating on shares of Owens Corning in a report on Monday, March 3rd. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $189.45.

Owens Corning Price Performance

Shares of OC opened at $145.01 on Thursday. The company has a 50 day moving average of $141.15 and a two-hundred day moving average of $166.65. The company has a quick ratio of 0.85, a current ratio of 1.44 and a debt-to-equity ratio of 0.89. Owens Corning has a twelve month low of $123.41 and a twelve month high of $214.53. The company has a market cap of $12.33 billion, a price-to-earnings ratio of 12.34, a price-to-earnings-growth ratio of 1.88 and a beta of 1.44.

Owens Corning (NYSE:OC) last issued its quarterly earnings data on Wednesday, May 7th. The construction company reported $2.97 EPS for the quarter, beating the consensus estimate of $2.82 by $0.15. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The firm had revenue of $2.53 billion during the quarter, compared to analyst estimates of $2.52 billion. During the same quarter in the prior year, the business posted $3.40 EPS. The business’s revenue for the quarter was up 25.4% compared to the same quarter last year. As a group, analysts predict that Owens Corning will post 15.49 earnings per share for the current fiscal year.

Owens Corning declared that its board has approved a share buyback plan on Wednesday, May 14th that authorizes the company to repurchase 12,000,000 outstanding shares. This repurchase authorization authorizes the construction company to reacquire shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Empowered Funds LLC raised its stake in shares of Owens Corning by 162.4% in the 1st quarter. Empowered Funds LLC now owns 92,366 shares of the construction company’s stock valued at $13,192,000 after acquiring an additional 57,162 shares during the period. Arete Wealth Advisors LLC purchased a new stake in Owens Corning in the first quarter valued at approximately $600,000. Great Lakes Advisors LLC raised its position in Owens Corning by 3.2% in the first quarter. Great Lakes Advisors LLC now owns 255,848 shares of the construction company’s stock valued at $36,606,000 after purchasing an additional 7,915 shares during the period. Caxton Associates LLP acquired a new position in Owens Corning during the first quarter worth $1,501,000. Finally, Sciencast Management LP boosted its position in shares of Owens Corning by 95.6% during the first quarter. Sciencast Management LP now owns 3,520 shares of the construction company’s stock worth $503,000 after buying an additional 1,720 shares during the period. Hedge funds and other institutional investors own 88.40% of the company’s stock.

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.