Owens Corning (NYSE:OC) Price Target Lowered to $135.00 at Citigroup

Owens Corning (NYSE:OC) had its price target reduced by Citigroup from $137.00 to $135.00 in a report released on Thursday,Benzinga reports. Citigroup currently has a buy rating on the construction company’s stock.

OC has been the subject of several other research reports. Wells Fargo & Company dropped their price target on shares of Owens Corning from $150.00 to $130.00 and set an “overweight” rating for the company in a research report on Monday, December 15th. Evercore ISI dropped their target price on Owens Corning from $121.00 to $117.00 and set an “in-line” rating for the company in a report on Thursday, December 4th. JPMorgan Chase & Co. decreased their price target on Owens Corning from $157.00 to $113.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 11th. Zacks Research cut Owens Corning from a “hold” rating to a “strong sell” rating in a report on Wednesday, October 15th. Finally, Truist Financial lowered their target price on shares of Owens Corning from $165.00 to $135.00 and set a “hold” rating on the stock in a report on Thursday, October 9th. Ten research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Owens Corning has a consensus rating of “Hold” and an average target price of $148.00.

Owens Corning Stock Up 4.9%

Shares of OC stock opened at $117.18 on Thursday. Owens Corning has a one year low of $97.53 and a one year high of $192.96. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.40 and a quick ratio of 0.86. The stock has a fifty day moving average price of $111.19 and a 200 day moving average price of $131.46. The stock has a market cap of $9.63 billion, a P/E ratio of -20.49, a price-to-earnings-growth ratio of 10.66 and a beta of 1.35.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, November 5th. The construction company reported $3.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.64 by $0.03. The firm had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.71 billion. Owens Corning had a negative net margin of 4.46% and a positive return on equity of 24.42%. The business’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.38 EPS. Analysts predict that Owens Corning will post 15.49 earnings per share for the current year.

Owens Corning Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 21st. Investors of record on Monday, January 5th will be issued a $0.79 dividend. This is an increase from Owens Corning’s previous quarterly dividend of $0.69. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Monday, January 5th. Owens Corning’s dividend payout ratio (DPR) is -55.24%.

Institutional Investors Weigh In On Owens Corning

Institutional investors and hedge funds have recently made changes to their positions in the company. Norges Bank acquired a new stake in Owens Corning in the second quarter worth about $163,719,000. First Trust Advisors LP grew its holdings 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 acquiring an additional 572,770 shares during the period. Clean Energy Transition LLP acquired a new position in shares of Owens Corning in the 3rd quarter valued at $75,203,000. Amundi boosted its position in shares of Owens Corning by 92.9% in the 2nd quarter. Amundi now owns 1,086,735 shares of the construction company’s stock worth $157,279,000 after purchasing an additional 523,376 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of Owens Corning by 99.4% during the third quarter. JPMorgan Chase & Co. now owns 911,334 shares of the construction company’s stock worth $128,917,000 after purchasing an additional 454,382 shares during the period. Institutional investors own 88.40% of the company’s stock.

About Owens Corning

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company’s core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.