DA Davidson Upgrades Owens Corning (NYSE:OC) to "Strong-Buy"

Key Points

• DA Davidson upgraded Owens Corning to “strong buy,” adding to broadly positive analyst sentiment. The stock has an overall “Moderate Buy” rating and an average price target of $165.31.
• Other analysts also raised their targets, including RBC to $172, Deutsche Bank to $165, and Truist Financial at $198.
• Owens Corning reported quarterly EPS of $3.93, beating consensus by $0.84, while revenue reached $2.76 billion versus expectations of $2.66 billion.

Owens Corning (NYSE:OC - Get Free Report) was upgraded by analysts at DA Davidson to a "strong-buy" rating in a report issued on Monday,Zacks.com reports.

OC has been the topic of several other reports. Royal Bank Of Canada increased their price objective on shares of Owens Corning from $148.00 to $172.00 and gave the company an "outperform" rating in a research report on Friday, July 10th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Owens Corning from $136.00 to $165.00 and gave the stock a "buy" rating in a report on Tuesday, June 30th. Weiss Ratings upgraded shares of Owens Corning from a "sell (d)" rating to a "sell (d+)" rating in a research note on Wednesday, June 24th. Truist Financial set a $198.00 price target on shares of Owens Corning in a report on Thursday, August 6th. Finally, Wall Street Zen upgraded shares of Owens Corning from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $165.31.

Owens Corning Stock Performance

Shares of NYSE OC opened at $146.57 on Monday. The company has a current ratio of 1.16, a quick ratio of 0.67 and a debt-to-equity ratio of 1.10. The company has a market capitalization of $11.59 billion, a P/E ratio of -18.19, a P/E/G ratio of 2.21 and a beta of 1.32. Owens Corning has a 12 month low of $97.53 and a 12 month high of $159.91. The stock has a 50 day moving average of $144.10 and a 200-day moving average of $127.58.

Owens Corning (NYSE:OC - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share for the quarter, beating analysts' consensus estimates of $3.09 by $0.84. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%.The business had revenue of $2.76 billion for the quarter, compared to analysts' expectations of $2.66 billion. During the same quarter in the prior year, the business earned $4.21 EPS. The firm's revenue for the quarter was up .3% on a year-over-year basis. As a group, equities research analysts predict that Owens Corning will post 9.9 EPS for the current year.

Insiders Place Their Bets

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 700 shares of the business's stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $120.71, for a total value of $84,497.00. Following the completion of the sale, the insider owned 15,848 shares of the company's stock, valued at $1,913,012.08. The trade was a 4.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by company insiders.

Institutional Investors Weigh In On Owens Corning

Several institutional investors have recently made changes to their positions in the stock. HM Payson & Co. increased its stake in Owens Corning by 203.6% during the 2nd quarter. HM Payson & Co. now owns 167 shares of the construction company's stock worth $27,000 after acquiring an additional 112 shares during the period. Fiduciary Financial Advisors acquired a new stake in shares of Owens Corning during the 2nd quarter worth $35,000. Itau Unibanco Holding S.A. acquired a new stake in shares of Owens Corning during the 4th quarter worth $29,000. Cassaday & Co Wealth Management LLC bought a new position in shares of Owens Corning in the first quarter worth $30,000. Finally, NBH Bank acquired a new position in Owens Corning in the second quarter valued at about $47,000. 88.40% of the stock is currently owned by institutional investors.

Owens Corning Company Profile

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.

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