Brokerages Set Owens Corning (NYSE:OC) PT at $189.45

Owens Corning (NYSE:OC - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the twelve ratings firms that are presently covering the company, MarketBeat reports. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $183.80.

A number of brokerages recently weighed in on OC. Benchmark reaffirmed a "hold" rating on shares of Owens Corning in a research report on Monday, March 3rd. Royal Bank of Canada decreased their price objective on shares of Owens Corning from $199.00 to $184.00 and set an "outperform" rating for the company in a research report on Thursday, May 8th. Loop Capital decreased their price objective on shares of Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. JPMorgan Chase & Co. decreased their price objective on shares of Owens Corning from $200.00 to $176.00 and set a "neutral" rating for the company in a research report on Tuesday, March 4th. Finally, Barclays decreased their price objective on shares of Owens Corning from $179.00 to $167.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th.

Owens Corning Stock Down 0.9%

Owens Corning stock traded down $1.23 during trading on Friday, reaching $133.92. 654,415 shares of the company's stock were exchanged, compared to its average volume of 834,966. The company's 50-day moving average is $140.61 and its two-hundred day moving average is $165.18. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44. Owens Corning has a 52-week low of $123.41 and a 52-week high of $214.53. The firm has a market cap of $11.39 billion, a price-to-earnings ratio of 11.40, a PEG ratio of 1.88 and a beta of 1.44.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The construction company reported $2.97 earnings per share for the quarter, topping analysts' consensus estimates of $2.82 by $0.15. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The firm had revenue of $2.53 billion during the quarter, compared to analysts' expectations of $2.52 billion. During the same period in the prior year, the company earned $3.40 EPS. The firm's revenue was up 25.4% on a year-over-year basis. On average, analysts predict that Owens Corning will post 15.49 earnings per share for the current year.

Owens Corning announced that its Board of Directors has initiated a share repurchase plan on Wednesday, May 14th that authorizes the company to repurchase 12,000,000 outstanding shares. This repurchase authorization authorizes the construction company to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Institutional Investors Weigh In On Owens Corning

A number of institutional investors have recently modified their holdings of OC. Norges Bank acquired a new stake in shares of Owens Corning in the 4th quarter valued at about $208,519,000. Vanguard Group Inc. raised its stake in Owens Corning by 12.0% during the first quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company's stock worth $1,401,876,000 after acquiring an additional 1,053,855 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Owens Corning by 67.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,380,123 shares of the construction company's stock worth $339,930,000 after acquiring an additional 957,295 shares during the period. Nuveen LLC acquired a new stake in Owens Corning during the first quarter worth about $91,698,000. Finally, Millennium Management LLC raised its stake in Owens Corning by 179.0% during the first quarter. Millennium Management LLC now owns 863,230 shares of the construction company's stock worth $123,287,000 after acquiring an additional 553,864 shares during the period. Institutional investors and hedge funds own 88.40% of the company's stock.

About Owens Corning

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.