Owens Corning (NYSE:OC) Given New $175.00 Price Target at Wells Fargo & Company

Owens Corning (NYSE:OC) had its target price increased by Wells Fargo & Company from $170.00 to $175.00 in a research report report published on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the construction company’s stock.

A number of other research analysts have also issued reports on the company. Evercore ISI lifted their target price on Owens Corning from $165.00 to $169.00 and gave the company an “in-line” rating in a report on Friday, August 8th. Royal Bank Of Canada decreased their target price on Owens Corning from $184.00 to $180.00 and set an “outperform” rating for the company in a report on Thursday, August 7th. Barclays lifted their target price on Owens Corning from $167.00 to $173.00 and gave the company an “overweight” rating in a report on Thursday, August 7th. Finally, UBS Group decreased their target price on Owens Corning from $218.00 to $210.00 and set a “buy” rating for the company in a report on Thursday, August 7th. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Owens Corning presently has an average rating of “Moderate Buy” and a consensus price target of $185.10.

Owens Corning Price Performance

Shares of OC opened at $157.65 on Thursday. The company has a market cap of $13.18 billion, a P/E ratio of 40.95, a PEG ratio of 10.84 and a beta of 1.32. The firm’s 50 day moving average price is $147.25 and its 200 day moving average price is $142.72. Owens Corning has a fifty-two week low of $123.40 and a fifty-two week high of $214.53. The company has a quick ratio of 0.95, a current ratio of 1.52 and a debt-to-equity ratio of 0.98.

Owens Corning (NYSE:OC) last released its earnings results on Wednesday, August 6th. The construction company reported $4.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.80 by $0.41. The firm had revenue of $2.75 billion during the quarter, compared to analyst estimates of $2.70 billion. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%.Owens Corning’s revenue was up 10.0% compared to the same quarter last year. During the same period last year, the business posted $4.64 earnings per share. On average, research analysts forecast that Owens Corning will post 15.49 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Monday, July 21st were issued a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend was Monday, July 21st. Owens Corning’s payout ratio is presently 71.69%.

Hedge Funds Weigh In On Owens Corning

Several institutional investors have recently added to or reduced their stakes in OC. Norges Bank acquired a new position in Owens Corning in the 2nd quarter valued at about $163,719,000. Vanguard Group Inc. increased its position in Owens Corning by 12.0% in the 1st quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company’s stock valued at $1,401,876,000 after acquiring an additional 1,053,855 shares during the period. Price T Rowe Associates Inc. MD increased its position in Owens Corning by 67.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,380,123 shares of the construction company’s stock valued at $339,930,000 after acquiring an additional 957,295 shares during the period. Nuveen LLC purchased a new position in Owens Corning during the 1st quarter worth $91,698,000. Finally, First Trust Advisors LP raised its position in Owens Corning by 164.6% during the 2nd quarter. First Trust Advisors LP now owns 920,726 shares of the construction company’s stock worth $126,618,000 after buying an additional 572,770 shares during the last quarter. Institutional investors and hedge funds 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.