Bank of America Issues Pessimistic Forecast for Owens Corning (NYSE:OC) Stock Price

Key Points

• Bank of America has reduced its target price for Owens Corning from $180.00 to $168.00, maintaining a "buy" rating while suggesting an 18.43% upside potential from the current price.
• Owens Corning reported $4.21 EPS in its latest earnings, exceeding the consensus estimate of $3.80, and achieved 10% revenue growth year-over-year.
• Despite recent target price cuts by various analysts, Owens Corning retains a consensus rating of "Moderate Buy" with an average target price of $183.55 from nine analysts.

Owens Corning (NYSE:OC - Get Free Report) had its target price cut by analysts at Bank of America from $180.00 to $168.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the construction company's stock. Bank of America's price target would indicate a potential upside of 18.43% from the company's current price.

Several other equities research analysts also recently issued reports on the stock. Evercore ISI raised their price objective on shares of Owens Corning from $165.00 to $169.00 and gave the stock an "in-line" rating in a research note on Friday, August 8th. Royal Bank Of Canada dropped their price objective on Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a research note on Thursday, August 7th. Wells Fargo & Company increased their price target on Owens Corning from $170.00 to $175.00 and gave the stock an "overweight" rating in a research report on Thursday, September 11th. UBS Group lowered their price target on shares of Owens Corning from $218.00 to $210.00 and set a "buy" rating for the company in a report on Thursday, August 7th. Finally, Barclays lifted their price objective on shares of Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Nine investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Owens Corning presently has a consensus rating of "Moderate Buy" and an average target price of $183.55.

Owens Corning Stock Up 0.3%

NYSE OC traded up $0.40 during trading on Wednesday, reaching $141.86. The company's stock had a trading volume of 110,741 shares, compared to its average volume of 934,321. The company has a current ratio of 1.52, a quick ratio of 0.95 and a debt-to-equity ratio of 0.98. Owens Corning has a 1-year low of $123.40 and a 1-year high of $214.53. The business has a 50-day moving average price of $147.71 and a 200-day moving average price of $142.57. The stock has a market capitalization of $11.86 billion, a PE ratio of 36.82, a PEG ratio of 9.99 and a beta of 1.32.

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

Hedge Funds Weigh In On Owens Corning

Several institutional investors have recently added to or reduced their stakes in OC. Ossiam raised its holdings in Owens Corning by 5.9% during the second quarter. Ossiam now owns 1,254 shares of the construction company's stock worth $172,000 after buying an additional 70 shares during the last quarter. NorthCrest Asset Manangement LLC grew its stake in shares of Owens Corning by 0.6% during the 1st quarter. NorthCrest Asset Manangement LLC now owns 13,043 shares of the construction company's stock worth $1,863,000 after acquiring an additional 74 shares during the period. Pitcairn Co. grew its stake in Owens Corning by 4.6% in the 2nd quarter. Pitcairn Co. now owns 1,821 shares of the construction company's stock valued at $250,000 after buying an additional 80 shares in the last quarter. UMB Bank n.a. boosted its stake in Owens Corning by 9.8% in the 1st quarter. UMB Bank n.a. now owns 1,000 shares of the construction company's stock worth $143,000 after purchasing an additional 89 shares during the period. Finally, Brown Advisory Inc. grew its position in Owens Corning by 0.8% during the second quarter. Brown Advisory Inc. now owns 11,847 shares of the construction company's stock worth $1,629,000 after buying an additional 96 shares in the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Owens Corning Company Profile

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.

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