Owens Corning (NYSE:OC) Price Target Raised to $121.00 at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. raised its price target on Owens Corning from $115 to $121 while keeping a neutral rating, implying only a slight downside from the prior close.
• Other analysts are mixed on the stock, with recent ratings ranging from sell to strong buy; MarketBeat says the consensus view is Moderate Buy with an average price target of $144.
• Owens Corning reported better-than-expected quarterly results, posting EPS of $1.22 versus $1.01 expected and revenue of $2.27 billion versus $2.18 billion expected, even as revenue fell 10.5% year over year.

Owens Corning (NYSE:OC - Get Free Report) had its price objective increased by analysts at JPMorgan Chase & Co. from $115.00 to $121.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a "neutral" rating on the construction company's stock. JPMorgan Chase & Co.'s price target points to a potential downside of 0.72% from the company's previous close.

Other equities analysts have also recently issued research reports about the company. Weiss Ratings reissued a "sell (d+)" rating on shares of Owens Corning in a research note on Friday, March 27th. The Goldman Sachs Group lifted their price target on Owens Corning from $125.00 to $141.00 and gave the stock a "neutral" rating in a research note on Thursday. Zacks Research raised Owens Corning from a "strong sell" rating to a "hold" rating in a research note on Monday, April 27th. Argus raised Owens Corning to a "strong-buy" rating in a research note on Wednesday, January 14th. Finally, Evercore set a $139.00 price target on Owens Corning in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $144.00.

Owens Corning Price Performance

OC stock traded up $0.07 during trading hours on Friday, hitting $121.88. 439,583 shares of the stock traded hands, compared to its average volume of 1,387,218. The stock has a 50-day simple moving average of $113.83 and a 200 day simple moving average of $117.00. Owens Corning has a one year low of $97.53 and a one year high of $159.42. The company has a market cap of $9.80 billion, a P/E ratio of -18.44, a P/E/G ratio of 2.08 and a beta of 1.35. The company has a current ratio of 1.24, a quick ratio of 0.70 and a debt-to-equity ratio of 1.27.

Owens Corning (NYSE:OC - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share for the quarter, topping analysts' consensus estimates of $1.01 by $0.21. The firm had revenue of $2.27 billion for the quarter, compared to analysts' expectations of $2.18 billion. Owens Corning had a positive return on equity of 19.86% and a negative net margin of 5.43%.Owens Corning's revenue was down 10.5% on a year-over-year basis. During the same quarter last year, the business posted $2.97 EPS. Equities analysts forecast that Owens Corning will post 9.45 earnings per share for the current year.

Hedge Funds Weigh In On Owens Corning

Institutional investors and hedge funds have recently bought and sold shares of the business. Itau Unibanco Holding S.A. purchased a new position in Owens Corning during the 4th quarter valued at about $29,000. Cassaday & Co Wealth Management LLC purchased a new position in Owens Corning during the 1st quarter valued at about $30,000. Harbour Investments Inc. lifted its holdings in shares of Owens Corning by 66.5% during the 4th quarter. Harbour Investments Inc. now owns 323 shares of the construction company's stock valued at $36,000 after buying an additional 129 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Owens Corning during the 4th quarter valued at about $37,000. Finally, Root Financial Partners LLC acquired a new stake in shares of Owens Corning during the 3rd quarter valued at about $39,000. Hedge funds and other institutional investors own 88.40% of the company's stock.

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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