Owens Corning (NYSE:OC) Price Target Raised to $165.00

Owens Corning (NYSE:OC - Get Free Report) had its target price lifted by equities researchers at Wells Fargo & Company from $160.00 to $165.00 in a research 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 target would suggest a potential upside of 11.74% from the company's current price.

Several other research firms have also recently commented on OC. Wolfe Research raised Owens Corning from a "peer perform" rating to an "outperform" rating in a research note on Friday, May 9th. UBS Group decreased their price target on Owens Corning from $235.00 to $218.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Evercore ISI set a $165.00 price target on Owens Corning in a report on Thursday, May 15th. Royal Bank Of Canada decreased their price target on Owens Corning from $199.00 to $184.00 and set an "outperform" rating for the company in a report on Thursday, May 8th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Owens Corning in a report on Tuesday, April 1st. They set a "buy" rating and a $183.00 price target for the company. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $184.30.

Owens Corning Stock Up 2.0%

OC traded up $2.96 on Tuesday, hitting $147.66. 819,759 shares of the company were exchanged, compared to its average volume of 863,727. Owens Corning has a twelve month low of $123.41 and a twelve month high of $214.53. The company has a market cap of $12.56 billion, a price-to-earnings ratio of 51.99, a price-to-earnings-growth ratio of 3.82 and a beta of 1.33. 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 moving average price of $138.47 and a two-hundred day moving average price of $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 return on equity of 25.03% and a net margin of 2.28%. 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 previous year, the firm posted $3.40 EPS. Owens Corning's revenue for the quarter was up 25.4% on a year-over-year basis. On average, equities analysts predict that Owens Corning will post 15.49 earnings per share for the current year.

Owens Corning announced that its board has authorized a stock buyback plan on Wednesday, May 14th that permits the company to repurchase 12,000,000 shares. This repurchase authorization permits the construction company to repurchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company's board believes its shares are undervalued.

Institutional Trading of Owens Corning

Several institutional investors and hedge funds have recently made changes to their positions in OC. Sivia Capital Partners LLC acquired a new position in Owens Corning in the 2nd quarter valued at about $277,000. Pallas Capital Advisors LLC increased its position in Owens Corning by 170.2% in the 2nd quarter. Pallas Capital Advisors LLC now owns 3,877 shares of the construction company's stock valued at $533,000 after acquiring an additional 2,442 shares during the period. First Bank & Trust increased its position in Owens Corning by 7.9% in the 2nd quarter. First Bank & Trust now owns 3,990 shares of the construction company's stock valued at $549,000 after acquiring an additional 292 shares during the period. Bangor Savings Bank acquired a new position in Owens Corning in the 2nd quarter valued at about $28,000. Finally, Doliver Advisors LP increased its position in Owens Corning by 2.4% in the 2nd quarter. Doliver Advisors LP now owns 9,381 shares of the construction company's stock valued at $1,290,000 after acquiring an additional 221 shares during the period. 88.40% of the stock is owned by hedge funds and other institutional investors.

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.