Wells Fargo & Company Boosts Owens Corning (NYSE:OC) Price Target to $175.00

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 - Get Free Report) had its price target boosted by equities researchers at Wells Fargo & Company from $170.00 to $175.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an "overweight" rating on the construction company's stock. Wells Fargo & Company's target price would suggest a potential upside of 14.25% from the stock's current price.

Other research analysts also recently issued research reports about the company. UBS Group lowered their target price on Owens Corning from $218.00 to $210.00 and set a "buy" rating for the company in a research note on Thursday, August 7th. Barclays increased their target price on Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Royal Bank Of Canada lowered their price target on Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a research report on Thursday, August 7th. Finally, Evercore ISI increased their target price on shares of Owens Corning from $165.00 to $169.00 and gave the stock an "in-line" rating in a research report on Friday, August 8th. 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 has an average rating of "Moderate Buy" and an average price target of $185.10.

Owens Corning Stock Performance

Shares of NYSE:OC opened at $153.18 on Thursday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.52 and a quick ratio of 0.95. The company has a market capitalization of $12.81 billion, a price-to-earnings ratio of 39.79, a P/E/G ratio of 10.56 and a beta of 1.32. The firm's 50 day simple moving average is $147.00 and its 200 day simple moving average is $142.75. 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 posted its quarterly earnings data on Wednesday, August 6th. The construction company reported $4.21 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $2.70 billion. During the same period last year, the company earned $4.64 earnings per share. The firm's revenue was up 10.0% compared to the same quarter last year. As a group, 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 authorized a share buyback plan on Wednesday, May 14th that authorizes the company to buyback 12,000,000 outstanding shares. This buyback authorization authorizes the construction company to purchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

Hedge Funds Weigh In On Owens Corning

Large investors have recently bought and sold shares of the business. OneDigital Investment Advisors LLC lifted its stake in shares of Owens Corning by 33.3% during the 1st quarter. OneDigital Investment Advisors LLC now owns 1,639 shares of the construction company's stock worth $234,000 after purchasing an additional 409 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in Owens Corning by 11.9% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 30,921 shares of the construction company's stock worth $4,416,000 after purchasing an additional 3,298 shares in the last quarter. Wedge Capital Management L L P NC increased its stake in Owens Corning by 32.0% during the first quarter. Wedge Capital Management L L P NC now owns 72,848 shares of the construction company's stock worth $10,404,000 after acquiring an additional 17,660 shares during the last quarter. Moran Wealth Management LLC boosted its position in shares of Owens Corning by 31.4% during the first quarter. Moran Wealth Management LLC now owns 140,568 shares of the construction company's stock worth $20,076,000 after buying an additional 33,631 shares during the period. Finally, Unigestion Holding SA purchased a new position in Owens Corning in the first quarter valued at $2,921,000. Hedge funds and other institutional investors own 88.40% of the company's stock.

Owens Corning Company Profile

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.

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