Owens Corning (NYSE:OC) Price Target Cut to $135.00 by Analysts at Citigroup

Owens Corning (NYSE:OC) had its price target cut by equities research analysts at Citigroup from $137.00 to $135.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the construction company’s stock. Citigroup’s price target points to a potential upside of 15.30% from the company’s previous close.

Several other equities analysts also recently issued reports on the stock. Truist Financial cut their price target on shares of Owens Corning from $165.00 to $135.00 and set a “hold” rating for the company in a report on Thursday, October 9th. UBS Group cut their target price on shares of Owens Corning from $179.00 to $160.00 and set a “buy” rating for the company in a research note on Tuesday. Jefferies Financial Group cut their price objective on Owens Corning from $185.00 to $180.00 and set a “buy” rating for the company in a research report on Tuesday, October 7th. Weiss Ratings reissued a “sell (d+)” rating on shares of Owens Corning in a research note on Monday, December 29th. Finally, Royal Bank Of Canada lowered their price objective on shares of Owens Corning from $174.00 to $145.00 and set an “outperform” rating for the company in a research report on Thursday, November 6th. Ten analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $148.00.

Owens Corning Stock Performance

Shares of OC stock traded up $5.34 during mid-day trading on Thursday, reaching $117.09. The stock had a trading volume of 566,158 shares, compared to its average volume of 973,185. Owens Corning has a one year low of $97.53 and a one year high of $192.96. The firm has a market cap of $9.62 billion, a PE ratio of -20.47, a P/E/G ratio of 11.09 and a beta of 1.35. The firm’s 50 day simple moving average is $111.34 and its 200 day simple moving average is $131.56. The company has a quick ratio of 0.86, a current ratio of 1.40 and a debt-to-equity ratio of 1.05.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, November 5th. The construction company reported $3.67 earnings per share for the quarter, beating the consensus estimate of $3.64 by $0.03. The company had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.71 billion. Owens Corning had a positive return on equity of 24.42% and a negative net margin of 4.46%.The company’s revenue was down 2.9% compared to the same quarter last year. During the same period in the prior year, the company posted $4.38 EPS. On average, analysts forecast that Owens Corning will post 15.49 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in OC. Ariel Investments LLC lifted its holdings in Owens Corning by 24.8% in the second quarter. Ariel Investments LLC now owns 140,449 shares of the construction company’s stock worth $19,315,000 after buying an additional 27,871 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Owens Corning by 6.7% during the second quarter. JPMorgan Chase & Co. now owns 456,952 shares of the construction company’s stock valued at $62,840,000 after purchasing an additional 28,814 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its position in Owens Corning by 6.1% in the second quarter. Nomura Asset Management Co. Ltd. now owns 42,020 shares of the construction company’s stock worth $5,779,000 after purchasing an additional 2,421 shares during the last quarter. Nordea Investment Management AB grew its position in Owens Corning by 0.7% during the second quarter. Nordea Investment Management AB now owns 2,225,800 shares of the construction company’s stock valued at $305,291,000 after buying an additional 15,927 shares during the period. Finally, Aviva PLC increased its stake in shares of Owens Corning by 7.2% in the 2nd quarter. Aviva PLC now owns 60,634 shares of the construction company’s stock worth $8,338,000 after purchasing an additional 4,091 shares in the last quarter. 88.40% of the stock is owned by institutional investors.

About Owens Corning

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.