Evercore ISI Increases Owens Corning (NYSE:OC) Price Target to $169.00

Key Points

• Evercore ISI raised its price target for Owens Corning from $165.00 to $169.00, suggesting a potential upside of 15.35% from the current stock price.
• In its latest earnings report, Owens Corning beat consensus estimates with an EPS of $4.21 and revenue of $2.75 billion, reflecting a 10% increase year-over-year.
• The company has approved a stock buyback plan allowing it to repurchase up to 12 million shares, which indicates the board's belief that the stock is undervalued.

Owens Corning (NYSE:OC - Get Free Report) had its price target hoisted by equities researchers at Evercore ISI from $165.00 to $169.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an "in-line" rating on the construction company's stock. Evercore ISI's target price points to a potential upside of 17.44% from the stock's current price.

OC has been the subject of several other research reports. Royal Bank Of Canada dropped their price target on Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a research note on Thursday. Wolfe Research raised Owens Corning from a "peer perform" rating to an "outperform" rating in a research note on Friday, May 9th. Loop Capital dropped their price target on Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Barclays lifted their price target on Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a research note on Thursday. Finally, Wells Fargo & Company lifted their price target on Owens Corning from $165.00 to $170.00 and gave the stock an "overweight" rating in a research note on Thursday. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $184.60.

Owens Corning Stock Performance

Shares of NYSE OC traded down $3.27 during mid-day trading on Friday, hitting $143.90. The company had a trading volume of 778,124 shares, compared to its average volume of 815,397. The company has a market capitalization of $12.03 billion, a price-to-earnings ratio of 37.38, a P/E/G ratio of 3.80 and a beta of 1.32. Owens Corning has a 1 year low of $123.40 and a 1 year high of $214.53. The company has a current ratio of 1.52, a quick ratio of 0.93 and a debt-to-equity ratio of 0.98. The stock's 50-day moving average price is $140.16 and its 200-day moving average price is $147.28.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The construction company reported $4.21 earnings per share for the quarter, beating the consensus estimate of $3.80 by $0.41. The company had revenue of $2.75 billion during the quarter, compared to analysts' expectations of $2.70 billion. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%. The firm's quarterly revenue was up 10.0% compared to the same quarter last year. During the same period in the previous year, the business earned $4.64 earnings per share. On average, sell-side analysts forecast that Owens Corning will post 15.49 earnings per share for the current year.

Owens Corning declared that its board has approved a share repurchase plan on Wednesday, May 14th that allows the company to buyback 12,000,000 shares. This buyback authorization allows the construction company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company's board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of OC. Bank Pictet & Cie Europe AG bought a new position in Owens Corning during the 4th quarter valued at approximately $28,651,000. Wells Fargo & Company MN grew its holdings in shares of Owens Corning by 153.7% during the 4th quarter. Wells Fargo & Company MN now owns 148,284 shares of the construction company's stock worth $25,256,000 after acquiring an additional 89,825 shares during the period. Envestnet Asset Management Inc. grew its holdings in shares of Owens Corning by 0.9% during the 4th quarter. Envestnet Asset Management Inc. now owns 194,032 shares of the construction company's stock worth $33,048,000 after acquiring an additional 1,645 shares during the period. Wedbush Securities Inc. purchased a new position in shares of Owens Corning during the 4th quarter worth approximately $247,000. Finally, Bank of Montreal Can grew its holdings in shares of Owens Corning by 8.7% during the 4th quarter. Bank of Montreal Can now owns 17,143 shares of the construction company's stock worth $2,920,000 after acquiring an additional 1,365 shares during the period. 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.