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

Owens Corning (NYSE:OC - Get Free Report) had its target price hoisted by research analysts at Wells Fargo & Company from $160.00 to $165.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an "overweight" rating on the construction company's stock. Wells Fargo & Company's price objective points to a potential upside of 11.79% from the company's previous close.

Several other research firms have also recently commented on OC. Barclays reduced their price target on Owens Corning from $179.00 to $167.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. Wolfe Research raised Owens Corning from a "peer perform" rating to an "outperform" rating in a research note on Friday, May 9th. UBS Group dropped their price objective on Owens Corning from $235.00 to $218.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Deutsche Bank Aktiengesellschaft began coverage on Owens Corning in a research note on Tuesday, April 1st. They issued a "buy" rating and a $183.00 price objective for the company. Finally, Loop Capital dropped their price objective on Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, Owens Corning has a consensus rating of "Moderate Buy" and a consensus price target of $184.30.

Owens Corning Price Performance

Shares of OC traded down $2.63 during mid-day trading on Tuesday, hitting $147.60. The company's stock had a trading volume of 668,923 shares, compared to its average volume of 864,975. The company has a current ratio of 1.44, a quick ratio of 0.93 and a debt-to-equity ratio of 1.02. The firm has a 50-day simple moving average of $138.56 and a 200 day simple moving average of $151.86. The firm has a market capitalization of $12.55 billion, a P/E ratio of 51.97, a P/E/G ratio of 3.97 and a beta of 1.33. Owens Corning has a 1-year low of $123.41 and a 1-year high of $214.53.

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

Owens Corning declared that its board has authorized a stock repurchase program on Wednesday, May 14th that authorizes the company to buyback 12,000,000 shares. This buyback authorization authorizes the construction company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

Hedge Funds Weigh In On Owens Corning

Several hedge funds have recently bought and sold shares of OC. Wedge Capital Management L L P NC boosted its stake in Owens Corning by 6.6% in the 2nd quarter. Wedge Capital Management L L P NC now owns 77,622 shares of the construction company's stock worth $10,675,000 after buying an additional 4,774 shares during the last quarter. WealthBridge Investment Counsel Inc. boosted its position in shares of Owens Corning by 2.9% in the second quarter. WealthBridge Investment Counsel Inc. now owns 39,120 shares of the construction company's stock worth $5,380,000 after acquiring an additional 1,100 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in Owens Corning by 7.0% in the second quarter. Assenagon Asset Management S.A. now owns 96,167 shares of the construction company's stock valued at $13,225,000 after purchasing an additional 6,271 shares during the period. Livforsakringsbolaget Skandia Omsesidigt grew its holdings in Owens Corning by 20.8% in the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 55,750 shares of the construction company's stock valued at $7,667,000 after purchasing an additional 9,600 shares during the period. Finally, IFM Investors Pty Ltd increased its position in Owens Corning by 10.6% during the second quarter. IFM Investors Pty Ltd now owns 21,542 shares of the construction company's stock worth $2,962,000 after purchasing an additional 2,058 shares during the last quarter. Hedge funds and other institutional investors own 88.40% of the company's stock.

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.