Owens Corning (NYSE:OC) Given New $165.00 Price Target at Wells Fargo & Company

Owens Corning (NYSE:OC - Get Free Report) had its price objective increased by analysts at Wells Fargo & Company from $160.00 to $165.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has an "overweight" rating on the construction company's stock. Wells Fargo & Company's price objective would suggest a potential upside of 9.86% from the stock's current price.

OC has been the subject of several other research reports. Royal Bank Of Canada reduced their target price on shares of Owens Corning from $199.00 to $184.00 and set an "outperform" rating for the company in a research note on Thursday, May 8th. Barclays reduced 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 note on Thursday, May 8th. Deutsche Bank Aktiengesellschaft began coverage on shares of Owens Corning in a research note on Tuesday, April 1st. They issued a "buy" rating and a $183.00 price objective for the company. Wolfe Research upgraded shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a research note on Friday, May 9th. Finally, UBS Group reduced their price objective on shares of Owens Corning from $235.00 to $218.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Owens Corning currently has an average rating of "Moderate Buy" and an average target price of $184.30.

Owens Corning Stock Performance

Shares of OC stock traded up $2.90 during mid-day trading on Tuesday, hitting $150.19. The stock had a trading volume of 1,295,005 shares, compared to its average volume of 865,445. Owens Corning has a fifty-two week low of $123.41 and a fifty-two week high of $214.53. The firm has a market cap of $12.77 billion, a PE ratio of 52.88, a PEG ratio of 3.82 and a beta of 1.33. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.44 and a quick ratio of 0.93. The company's 50-day simple moving average is $138.47 and its 200-day simple moving average is $152.16.

Owens Corning (NYSE:OC - Get Free Report) last released its earnings results on Wednesday, May 7th. The construction company reported $2.97 EPS for the quarter, topping the consensus estimate of $2.82 by $0.15. Owens Corning had a net margin of 2.28% and a return on equity of 25.03%. The company had revenue of $2.53 billion during the quarter, compared to analysts' expectations of $2.52 billion. During the same quarter last year, the business earned $3.40 EPS. The business's revenue was up 25.4% on a year-over-year basis. Sell-side analysts anticipate that Owens Corning will post 15.49 earnings per share for the current year.

Owens Corning declared that its Board of Directors has initiated a share repurchase program on Wednesday, May 14th that allows the company to buyback 12,000,000 shares. This buyback authorization allows the construction company to buy shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

Hedge Funds Weigh In On Owens Corning

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bangor Savings Bank acquired a new position in Owens Corning during the second quarter worth about $28,000. Assetmark Inc. grew its holdings in shares of Owens Corning by 195.1% during the fourth quarter. Assetmark Inc. now owns 239 shares of the construction company's stock worth $41,000 after buying an additional 158 shares in the last quarter. Bessemer Group Inc. grew its holdings in shares of Owens Corning by 45.5% during the fourth quarter. Bessemer Group Inc. now owns 339 shares of the construction company's stock worth $57,000 after buying an additional 106 shares in the last quarter. Wayfinding Financial LLC purchased a new stake in shares of Owens Corning during the first quarter worth about $60,000. Finally, Geneos Wealth Management Inc. grew its holdings in shares of Owens Corning by 61.7% during the first quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company's stock worth $69,000 after buying an additional 184 shares in the last quarter. 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.