Owens Corning (NYSE:OC) Stock Picked Up by Analysts at Melius Research

Key Points

• Melius Research initiated coverage of Owens Corning with a “sell” rating and a $118 price target, implying roughly 0.5% upside from the prior close.
• Analyst sentiment remains mixed: despite the new sell rating, Owens Corning has a consensus “Moderate Buy” rating and an average price target of $159.21.
• The company recently exceeded quarterly expectations, reporting $3.93 in earnings per share versus the $3.09 consensus estimate and $2.76 billion in revenue, ahead of forecasts.

Research analysts at Melius Research started coverage on shares of Owens Corning (NYSE:OC - Get Free Report) in a research report issued to clients and investors on Tuesday, Briefing.com reports. The brokerage set a "sell" rating and a $118.00 price target on the construction company's stock. Melius Research's price target suggests a potential upside of 0.50% from the stock's previous close.

Several other research analysts have also recently weighed in on OC. Benchmark restated a "hold" rating on shares of Owens Corning in a research report on Wednesday, July 15th. Citigroup boosted their price target on shares of Owens Corning from $149.00 to $177.00 and gave the stock a "buy" rating in a research note on Friday, August 7th. Truist Financial set a $198.00 price target on shares of Owens Corning in a report on Thursday, August 6th. The Goldman Sachs Group raised their price objective on shares of Owens Corning from $141.00 to $159.00 and gave the company a "neutral" rating in a research report on Friday, July 10th. Finally, Wall Street Zen raised shares of Owens Corning from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Three research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $159.21.

Owens Corning Trading Down 0.8%

Shares of OC stock opened at $117.41 on Tuesday. The company has a market capitalization of $9.28 billion, a PE ratio of -14.57, a price-to-earnings-growth ratio of 1.91 and a beta of 1.32. Owens Corning has a 52-week low of $97.53 and a 52-week high of $159.91. The business's fifty day moving average is $137.18 and its 200 day moving average is $128.78. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.67 and a current ratio of 1.16.

Owens Corning (NYSE:OC - Get Free Report) last posted its earnings results on Wednesday, August 5th. The construction company reported $3.93 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts' expectations of $2.66 billion. During the same period in the previous year, the business earned $4.21 earnings per share. The firm's revenue was up .3% on a year-over-year basis. On average, equities research analysts anticipate that Owens Corning will post 9.89 EPS for the current fiscal year.

Insider Activity at Owens Corning

In other news, insider Rachel Barthelemy Marcon sold 900 shares of the company's stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $144.07, for a total transaction of $129,663.00. Following the completion of the transaction, the insider directly owned 21,449 shares of the company's stock, valued at approximately $3,090,157.43. This represents a 4.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Owens Corning

Several institutional investors and hedge funds have recently bought and sold shares of OC. HM Payson & Co. raised its holdings in shares of Owens Corning by 203.6% during the second quarter. HM Payson & Co. now owns 167 shares of the construction company's stock valued at $27,000 after acquiring an additional 112 shares in the last quarter. Fiduciary Financial Advisors bought a new stake in Owens Corning in the second quarter valued at $35,000. Cassaday & Co Wealth Management LLC bought a new stake in Owens Corning in the first quarter valued at $30,000. NBH Bank purchased a new position in Owens Corning during the 2nd quarter valued at $47,000. Finally, Root Financial Partners LLC raised its holdings in Owens Corning by 212.7% in the 1st quarter. Root Financial Partners LLC now owns 419 shares of the construction company's stock worth $45,000 after purchasing an additional 285 shares in the last quarter. Hedge funds and other institutional investors own 88.40% of the company's stock.

Owens Corning Company Profile

Owens Corning NYSE: OC is a global building materials company that develops and manufactures products used in residential, commercial and industrial construction. Its portfolio includes insulation, roofing and composite materials designed to improve energy efficiency, weather protection, durability and structural performance.

The company's insulation business offers products such as fiberglass and mineral wool insulation, along with related air-sealing and acoustic solutions. Its roofing operations produce shingles, underlayment and other components for residential and commercial roofing systems.

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