Owens Corning (NYSE:OC) Given New $177.00 Price Target at Citigroup

Key Points

• Citigroup raised Owens Corning’s price target to $177 from $149 and maintained a “buy” rating, implying 12.58% upside from the prior close.
• Analyst sentiment is broadly positive, with a consensus rating of “Moderate Buy” and an average target price of $163.25; Evercore’s $193 target is the highest cited.
• Owens Corning beat quarterly expectations, reporting $3.93 in EPS versus the $3.09 estimate and $2.76 billion in revenue versus $2.66 billion expected. Shares closed at $157.22 after rising $6.62.

Owens Corning (NYSE:OC - Get Free Report) had its price objective increased by analysts at Citigroup from $149.00 to $177.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a "buy" rating on the construction company's stock. Citigroup's price objective suggests a potential upside of 12.58% from the company's previous close.

A number of other research firms also recently weighed in on OC. Deutsche Bank Aktiengesellschaft raised their price target on shares of Owens Corning from $136.00 to $165.00 and gave the company a "buy" rating in a research note on Tuesday, June 30th. Barclays increased their price objective on shares of Owens Corning from $170.00 to $177.00 and gave the company an "overweight" rating in a research note on Thursday. The Goldman Sachs Group raised their target price on shares of Owens Corning from $141.00 to $159.00 and gave the company a "neutral" rating in a research report on Friday, July 10th. Evercore reiterated an "outperform" rating and set a $193.00 price target on shares of Owens Corning in a report on Thursday, July 23rd. Finally, Bank of America cut their price objective on Owens Corning from $140.00 to $138.00 and set a "buy" rating on the stock in a report on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $163.25.

Owens Corning Price Performance

Shares of OC traded up $6.62 during midday trading on Friday, hitting $157.22. The company's stock had a trading volume of 1,106,026 shares, compared to its average volume of 1,297,688. The company has a quick ratio of 0.74, a current ratio of 1.16 and a debt-to-equity ratio of 1.10. Owens Corning has a one year low of $97.53 and a one year high of $159.91. The stock has a market capitalization of $12.66 billion, a price-to-earnings ratio of -19.51, a price-to-earnings-growth ratio of 2.96 and a beta of 1.32. The company's fifty day simple moving average is $136.11 and its two-hundred day simple moving average is $124.93.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The construction company reported $3.93 earnings per share for the quarter, topping the consensus estimate of $3.09 by $0.84. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%.The business had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.66 billion. During the same period in the prior year, the company earned $4.21 EPS. Owens Corning's revenue for the quarter was up .3% on a year-over-year basis. As a group, equities analysts expect that Owens Corning will post 9.55 earnings per share for the current fiscal year.

Insider Activity at Owens Corning

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 700 shares of the company's stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $120.71, for a total value of $84,497.00. Following the sale, the insider owned 15,848 shares in the company, valued at approximately $1,913,012.08. The trade was a 4.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.92% of the company's stock.

Hedge Funds Weigh In On Owens Corning

A number of hedge funds and other institutional investors have recently made changes to their positions in OC. HM Payson & Co. boosted its stake in shares of Owens Corning by 203.6% in the 2nd quarter. HM Payson & Co. now owns 167 shares of the construction company's stock valued at $27,000 after purchasing an additional 112 shares during the last quarter. Itau Unibanco Holding S.A. bought a new stake in Owens Corning during the fourth quarter valued at $29,000. Cassaday & Co Wealth Management LLC acquired a new stake in Owens Corning during the 1st quarter worth about $30,000. Measured Wealth Private Client Group LLC acquired a new stake in Owens Corning during the 3rd quarter worth about $42,000. Finally, Harbour Investments Inc. raised its position in shares of Owens Corning by 66.5% in the 4th quarter. Harbour Investments Inc. now owns 323 shares of the construction company's stock worth $36,000 after acquiring an additional 129 shares in the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Owens Corning Company Profile

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company's core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.

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