Wells Fargo & Company Forecasts Strong Price Appreciation for Owens Corning (NYSE:OC) Stock

Key Points

• Wells Fargo & Company raised its price target for Owens Corning (NYSE:OC) stock from $165.00 to $170.00, indicating a potential upside of 15.91% from its current price.
• The company reported $4.21 earnings per share for the recent quarter, exceeding expectations, and had a revenue of $2.75 billion, which was also above consensus estimates.
• Owens Corning's Board has approved a plan to repurchase 12 million shares, suggesting confidence in the stock's value from its leadership.

Owens Corning (NYSE:OC - Get Free Report) had its price target boosted by analysts at Wells Fargo & Company from $165.00 to $170.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the construction company's stock. Wells Fargo & Company's price target suggests a potential upside of 15.91% from the stock's current price.

Several other equities research analysts also recently commented on OC. Evercore ISI set a $165.00 price objective on shares of Owens Corning in a research note on Thursday, May 15th. Royal Bank Of Canada lowered their price objective on shares of Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a research note on Thursday. Barclays boosted their target price on shares of Owens Corning from $167.00 to $173.00 and gave the company an "overweight" rating in a research report on Thursday. UBS Group decreased their target price on shares of Owens Corning from $235.00 to $218.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Finally, Loop Capital decreased their target price on shares of Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $185.00.

Owens Corning Stock Down 0.7%

OC stock traded down $1.06 during trading on Thursday, hitting $146.67. 463,551 shares of the company's stock traded hands, compared to its average volume of 926,055. The firm has a market capitalization of $12.47 billion, a P/E ratio of 51.70, a PEG ratio of 3.72 and a beta of 1.32. The business has a fifty day simple moving average of $139.72 and a two-hundred day simple moving average of $148.11. The company has a quick ratio of 0.93, a current ratio of 1.44 and a debt-to-equity ratio of 1.02. Owens Corning has a 1 year low of $123.40 and a 1 year high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last announced its 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 the consensus estimate of $2.70 billion. Owens Corning had a net margin of 2.28% and a return on equity of 25.03%. Owens Corning's revenue was up 10.0% compared to the same quarter last year. During the same period last year, the firm earned $4.64 earnings per share. Sell-side analysts anticipate that Owens Corning will post 15.49 EPS for the current year.

Owens Corning declared that its Board of Directors has approved a stock repurchase program on Wednesday, May 14th that authorizes the company to repurchase 12,000,000 outstanding shares. This repurchase authorization authorizes the construction company to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its stock is undervalued.

Hedge Funds Weigh In On Owens Corning

Several large investors have recently made changes to their positions in the stock. Bangor Savings Bank acquired a new stake in Owens Corning during the 2nd quarter worth approximately $28,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Owens Corning during the 2nd quarter worth approximately $30,000. Chilton Capital Management LLC acquired a new stake in shares of Owens Corning in the 2nd quarter valued at $37,000. Assetmark Inc. raised its holdings in shares of Owens Corning by 51.0% in the 2nd quarter. Assetmark Inc. now owns 299 shares of the construction company's stock valued at $41,000 after purchasing an additional 101 shares in the last quarter. Finally, Ameritas Advisory Services LLC acquired a new stake in shares of Owens Corning in the 2nd quarter valued at $42,000. 88.40% of the stock is currently owned by institutional investors and hedge funds.

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.

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