Owens Corning (NYSE:OC) Price Target Cut to $156.00 by Analysts at Citigroup

Key Points

• Citigroup cut its price target on Owens Corning to $156 from $177 but maintained a Buy rating; the new target implies 23.24% upside from the prior close.
• Analyst views are mixed: Owens Corning has a consensus Hold rating and an average price target of $140.93.
• The company reported quarterly EPS of $2.44, below the $3.07 consensus estimate, while revenue of $2.49 billion fell 7.3% year over year.

Owens Corning (NYSE:OC - Get Free Report) had its target price cut by investment analysts at Citigroup from $177.00 to $156.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has a "buy" rating on the construction company's stock. Citigroup's price target suggests a potential upside of 23.24% from the stock's previous close.

Several other brokerages have also recently weighed in on OC. DA Davidson set a $143.00 target price on Owens Corning in a research note on Friday, October 9th. Zacks Research cut shares of Owens Corning from a "strong-buy" rating to a "strong sell" rating in a research report on Monday, October 12th. Royal Bank Of Canada cut their price target on shares of Owens Corning from $127.00 to $119.00 and set a "sector perform" rating for the company in a report on Thursday. Barclays reduced their price objective on shares of Owens Corning from $177.00 to $162.00 and set an "overweight" rating for the company in a research report on Tuesday, October 6th. Finally, Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Owens Corning in a research note on Monday, September 21st. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, five have issued a Hold rating and four have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $140.93.

Owens Corning Price Performance

NYSE:OC traded up $5.27 during midday trading on Monday, hitting $126.58. 551,425 shares of the stock were exchanged, compared to its average volume of 1,235,483. Owens Corning has a one year low of $97.53 and a one year high of $159.91. The company has a market capitalization of $9.76 billion, a price-to-earnings ratio of -23.68, a P/E/G ratio of 2.92 and a beta of 1.31. The business has a 50-day moving average price of $121.95 and a two-hundred day moving average price of $126.13. The company has a current ratio of 1.13, a quick ratio of 0.58 and a debt-to-equity ratio of 1.33.

Owens Corning (NYSE:OC - Get Free Report) last issued its quarterly earnings results on Wednesday, November 4th. The construction company reported $2.44 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.07 by ($0.63). Owens Corning had a negative net margin of 4.42% and a positive return on equity of 19.14%. The firm had revenue of $2.49 billion for the quarter, compared to the consensus estimate of $2.62 billion. During the same period in the previous year, the business posted $3.67 earnings per share. The business's revenue for the quarter was down 7.3% compared to the same quarter last year. Sell-side analysts predict that Owens Corning will post 8.47 EPS for the current year.

Insider Activity

In other news, insider Rachel Barthelemy Marcon sold 900 shares of the company's stock in a transaction on Friday, August 28th. The stock was sold at an average price of $144.07, for a total transaction of $129,663.00. Following the completion of the sale, the insider directly owned 21,449 shares of the company's stock, valued at $3,090,157.43. This represents a 4.03% decrease in their ownership of the stock. The sale 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 Trading of Owens Corning

Institutional investors and hedge funds have recently bought and sold shares of the stock. Tiptree Advisors LLC acquired a new position in Owens Corning during the 2nd quarter worth $11,445,000. Nykredit A S acquired a new stake in shares of Owens Corning in the second quarter valued at about $166,083,000. Cibc World Market Inc. bought a new position in shares of Owens Corning in the second quarter worth about $4,578,000. Bank of America Corp DE bought a new position in shares of Owens Corning in the second quarter worth about $133,685,000. Finally, Empowered Funds LLC acquired a new position in shares of Owens Corning during the 2nd quarter worth about $3,582,000. Institutional investors and hedge funds own 88.40% of the company's stock.

Owens Corning Company Profile

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