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 boosted by equities researchers 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 target suggests a potential upside of 11.51% from the company's previous close.

OC has been the subject of a number of other research reports. Deutsche Bank Aktiengesellschaft began coverage on shares of Owens Corning in a report on Tuesday, April 1st. They set a "buy" rating and a $183.00 price objective for the company. Evercore ISI set a $165.00 price objective on shares of Owens Corning in a report on Thursday, May 15th. UBS Group decreased their price objective on shares of Owens Corning from $235.00 to $218.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Wolfe Research upgraded shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a report on Friday, May 9th. Finally, 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 report on Thursday, May 8th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $184.30.

Owens Corning Price Performance

OC traded down $2.26 during trading on Tuesday, hitting $147.98. 216,151 shares of the company traded hands, compared to its average volume of 863,015. The company has a market cap of $12.59 billion, a PE ratio of 52.13, a P/E/G ratio of 3.89 and a beta of 1.33. The stock's 50-day simple moving average is $138.56 and its two-hundred day simple moving average is $152.02. Owens Corning has a 1 year low of $123.41 and a 1 year high of $214.53. The company has a current ratio of 1.44, a quick ratio of 0.93 and a debt-to-equity ratio of 1.02.

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

Owens Corning declared that its Board of Directors has initiated a share repurchase program on Wednesday, May 14th that permits the company to repurchase 12,000,000 outstanding shares. This repurchase authorization permits the construction company to reacquire shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Norges Bank purchased a new stake in Owens Corning during the 4th quarter worth approximately $208,519,000. Vanguard Group Inc. grew its position in Owens Corning by 12.0% during the 1st quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company's stock worth $1,401,876,000 after purchasing an additional 1,053,855 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Owens Corning by 67.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,380,123 shares of the construction company's stock worth $339,930,000 after purchasing an additional 957,295 shares during the last quarter. Nuveen LLC purchased a new stake in Owens Corning during the 1st quarter worth approximately $91,698,000. Finally, Millennium Management LLC grew its position in Owens Corning by 179.0% during the 1st quarter. Millennium Management LLC now owns 863,230 shares of the construction company's stock worth $123,287,000 after purchasing an additional 553,864 shares during the last quarter. Hedge funds and other institutional investors 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.