Wells Fargo & Company Boosts Owens Corning (NYSE:OC) Price Target to $150.00

Owens Corning (NYSE:OC) had its price objective hoisted by analysts at Wells Fargo & Company from $135.00 to $150.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the construction company’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 23.45% from the stock’s previous close.

Other analysts have also recently issued research reports about the company. Zacks Research upgraded Owens Corning from a “strong sell” rating to a “hold” rating in a research report on Monday, April 27th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Owens Corning in a report on Friday, March 27th. UBS Group upped their price target on shares of Owens Corning from $160.00 to $172.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. Barclays dropped their price target on shares of Owens Corning from $138.00 to $135.00 and set an “overweight” rating for the company in a research report on Wednesday, April 8th. Finally, Citigroup dropped their price target on shares of Owens Corning from $137.00 to $135.00 and set a “buy” rating for the company in a research report on Thursday, January 8th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Owens Corning has an average rating of “Moderate Buy” and an average target price of $144.00.

Owens Corning Stock Performance

OC opened at $121.50 on Thursday. The company has a current ratio of 1.24, a quick ratio of 0.70 and a debt-to-equity ratio of 1.27. The company’s 50 day moving average is $113.83 and its 200 day moving average is $117.00. The company has a market cap of $9.78 billion, a price-to-earnings ratio of -18.38, a PEG ratio of 2.07 and a beta of 1.35. Owens Corning has a 12-month low of $97.53 and a 12-month high of $159.42.

Owens Corning (NYSE:OC) last issued its quarterly earnings results on Wednesday, May 6th. The construction company reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.01 by $0.21. The business had revenue of $2.27 billion during the quarter, compared to analysts’ expectations of $2.18 billion. Owens Corning had a positive return on equity of 19.86% and a negative net margin of 5.43%.The business’s quarterly revenue was down 10.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.97 earnings per share. On average, equities research analysts predict that Owens Corning will post 9.43 EPS for the current year.

Hedge Funds Weigh In On Owens Corning

A number of hedge funds have recently modified their holdings of the company. Pitcairn Co. boosted its position in shares of Owens Corning by 4.6% in the second quarter. Pitcairn Co. now owns 1,821 shares of the construction company’s stock worth $250,000 after purchasing an additional 80 shares during the period. First Pacific Financial raised its position in shares of Owens Corning by 2.3% during the first quarter. First Pacific Financial now owns 3,749 shares of the construction company’s stock valued at $406,000 after buying an additional 85 shares during the last quarter. Archer Investment Corp raised its position in shares of Owens Corning by 13.3% during the third quarter. Archer Investment Corp now owns 748 shares of the construction company’s stock valued at $106,000 after buying an additional 88 shares during the last quarter. Viawealth LLC raised its position in shares of Owens Corning by 3.6% during the fourth quarter. Viawealth LLC now owns 2,563 shares of the construction company’s stock valued at $287,000 after buying an additional 88 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC raised its position in shares of Owens Corning by 2.9% during the first quarter. Fifth Third Wealth Advisors LLC now owns 3,170 shares of the construction company’s stock valued at $343,000 after buying an additional 90 shares during the last quarter. 88.40% of the stock is currently 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.