Wells Fargo & Company Issues Positive Forecast for Owens Corning (NYSE:OC) Stock Price

Key Points

• Wells Fargo & Company increased Owens Corning's price target from $170.00 to $175.00, maintaining an "overweight" rating, which implies a potential upside of 14.25% from the current stock price.
• Other analysts have mixed ratings, with UBS lowering their target price to $210.00, while Barclays raised theirs to $173.00, indicating differing views on the company’s performance.
• Owens Corning recently reported earnings per share of $4.21 for the quarter, surpassing estimates and showing a 10% increase in revenue compared to the same quarter last year.

Owens Corning (NYSE:OC - Free Report) had its price objective raised by Wells Fargo & Company from $170.00 to $175.00 in a research note issued to investors on Thursday morning,Benzinga reports. They currently have an overweight rating on the construction company's stock.

Other analysts also recently issued research reports about the stock. UBS Group dropped their target price on shares of Owens Corning from $218.00 to $210.00 and set a "buy" rating for the company in a research report on Thursday, August 7th. Royal Bank Of Canada reduced their price objective on Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a research note on Thursday, August 7th. Evercore ISI raised their price objective on Owens Corning from $165.00 to $169.00 and gave the stock an "in-line" rating in a research note on Friday, August 8th. Finally, Barclays increased their target price on Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $185.10.

Owens Corning Stock Performance

Shares of Owens Corning stock traded down $2.85 during trading on Thursday, reaching $149.56. The company's stock had a trading volume of 167,433 shares, compared to its average volume of 925,104. The company has a current ratio of 1.52, a quick ratio of 0.95 and a debt-to-equity ratio of 0.98. The firm has a market cap of $12.51 billion, a PE ratio of 38.85, a P/E/G ratio of 10.78 and a beta of 1.32. The company has a 50-day moving average price of $147.60 and a two-hundred day moving average price of $142.52. Owens Corning has a fifty-two week low of $123.40 and a fifty-two week high of $214.53.

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

Owens Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Monday, July 21st were given a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Monday, July 21st. Owens Corning's payout ratio is currently 71.69%.

Institutional Trading of Owens Corning

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank Pictet & Cie Europe AG acquired a new stake in Owens Corning in the 4th quarter valued at $28,651,000. Cetera Investment Advisers raised its position in shares of Owens Corning by 21.3% during the fourth quarter. Cetera Investment Advisers now owns 22,449 shares of the construction company's stock worth $3,823,000 after acquiring an additional 3,935 shares during the last quarter. Ensign Peak Advisors Inc raised its position in shares of Owens Corning by 3.4% during the fourth quarter. Ensign Peak Advisors Inc now owns 29,467 shares of the construction company's stock worth $5,019,000 after acquiring an additional 964 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its position in shares of Owens Corning by 20.0% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 4,859 shares of the construction company's stock worth $828,000 after acquiring an additional 810 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Owens Corning by 13.1% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 733 shares of the construction company's stock worth $125,000 after acquiring an additional 85 shares during the last quarter. 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.