Owens Corning (NYSE:OC) Raised to Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded Owens Corning to “Buy” from “Hold.” The broader analyst consensus is “Moderate Buy,” with an average price target of $163.25; recent targets range up to $198.
• Owens Corning shares opened at $157.22, near their 52-week high of $159.91, and were trading 4.4% higher. The company has a market capitalization of approximately $12.43 billion.
• The company reported quarterly earnings of $3.93 per share, beating estimates of $3.09, while revenue of $2.76 billion also exceeded expectations. Revenue increased 0.3% year over year, though the company reported a negative net margin of 6.81%.

Owens Corning (NYSE:OC - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report released on Saturday.

A number of other analysts have also recently weighed in on OC. Truist Financial set a $198.00 price target on Owens Corning in a research report on Thursday. Royal Bank Of Canada boosted their price objective on Owens Corning from $148.00 to $172.00 and gave the company an "outperform" rating in a research report on Friday, July 10th. Deutsche Bank Aktiengesellschaft boosted their price objective on Owens Corning from $136.00 to $165.00 and gave the company a "buy" rating in a research report on Tuesday, June 30th. JPMorgan Chase & Co. increased their target price on Owens Corning from $115.00 to $121.00 and gave the stock a "neutral" rating in a research report on Friday, May 8th. Finally, Evercore reiterated an "outperform" rating and issued a $193.00 target price on shares of Owens Corning in a research note on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $163.25.

Owens Corning Trading Up 4.4%

Owens Corning stock opened at $157.22 on Friday. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.74 and a current ratio of 1.16. Owens Corning has a 1 year low of $97.53 and a 1 year high of $159.91. The firm's 50-day moving average is $136.74 and its 200-day moving average is $125.16. The company has a market cap of $12.43 billion, a P/E ratio of -19.51, a PEG ratio of 2.89 and a beta of 1.32.

Owens Corning (NYSE:OC - Get Free Report) last released 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 negative net margin of 6.81% and a positive return on equity of 20.52%. The firm had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.66 billion. During the same quarter in the prior year, the business earned $4.21 earnings per share. Owens Corning's quarterly revenue was up .3% on a year-over-year basis. On average, equities analysts expect that Owens Corning will post 9.65 earnings per share for the current year.

Insider Activity

In related news, insider Rachel Barthelemy Marcon sold 700 shares of the stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $120.71, for a total value of $84,497.00. Following the completion of the transaction, the insider directly owned 15,848 shares of the company's stock, valued at $1,913,012.08. This represents a 4.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.92% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in OC. HM Payson & Co. increased its holdings in shares of Owens Corning by 203.6% during the second 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 period. Itau Unibanco Holding S.A. bought a new stake in shares of Owens Corning during the fourth quarter valued at about $29,000. Cassaday & Co Wealth Management LLC acquired a new stake in Owens Corning in the first quarter worth about $30,000. Harbour Investments Inc. grew its position in Owens Corning by 66.5% in 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 in the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new position in Owens Corning in the 4th quarter valued at about $37,000. Institutional investors and hedge funds 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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