Owens Corning (NYSE:OC) Stock Price Expected to Rise, Truist Financial Analyst Says

Owens Corning (NYSE:OC) had its target price lifted by analysts at Truist Financial from $115.00 to $120.00 in a report released on Thursday, Benzinga reports. The brokerage presently has a “hold” rating on the construction company’s stock. Truist Financial‘s price objective indicates a potential downside of 2.05% from the company’s current price.

A number of other analysts have also recently weighed in on the stock. The Goldman Sachs Group decreased their target price on shares of Owens Corning from $169.00 to $128.00 and set a “neutral” rating on the stock in a research note on Monday, October 12th. Barclays dropped their target price on shares of Owens Corning from $177.00 to $162.00 and set an “overweight” rating on the stock in a report on Tuesday, October 6th. Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a research report on Wednesday, July 15th. Vertical Research downgraded Owens Corning from a “hold” rating to a “sell” rating and set a $106.00 price target on the stock. in a research note on Wednesday, October 7th. Finally, Citigroup raised their price objective on shares of Owens Corning from $149.00 to $177.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, five have given a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $142.43.

Owens Corning Stock Down 4.1%

Shares of NYSE OC traded down $5.29 during trading hours on Thursday, hitting $122.51. The company had a trading volume of 276,550 shares, compared to its average volume of 1,230,258. The company has a quick ratio of 0.67, a current ratio of 1.16 and a debt-to-equity ratio of 1.10. The firm’s 50 day moving average is $122.84 and its 200-day moving average is $126.13. The stock has a market capitalization of $9.68 billion, a P/E ratio of -15.18, a price-to-earnings-growth ratio of 3.47 and a beta of 1.31. Owens Corning has a 1-year low of $97.53 and a 1-year high of $159.91.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, November 4th. The construction company reported $2.44 EPS for the quarter, missing analysts’ consensus estimates of $3.07 by ($0.63). The company had revenue of $2.49 billion for the quarter, compared to the consensus estimate of $2.62 billion. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%. The company’s revenue for the quarter was down 7.3% compared to the same quarter last year. During the same period last year, the firm earned $3.67 earnings per share. On average, analysts expect that Owens Corning will post 9.39 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 900 shares of the firm’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $144.07, for a total transaction of $129,663.00. Following the completion of the transaction, the insider owned 21,449 shares of the company’s stock, valued at approximately $3,090,157.43. This trade represents a 4.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.92% of the company’s stock.

Hedge Funds Weigh In On Owens Corning

Several large investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in Owens Corning in the 2nd quarter valued at approximately $1,401,161,000. Dimensional Fund Advisors LP raised its stake in Owens Corning by 7.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,764,616 shares of the construction company’s stock valued at $299,167,000 after purchasing an additional 188,211 shares during the last quarter. First Trust Advisors LP boosted its holdings in Owens Corning by 22.7% in the 1st quarter. First Trust Advisors LP now owns 2,179,214 shares of the construction company’s stock valued at $235,835,000 after purchasing an additional 403,803 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in Owens Corning by 721.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,170,179 shares of the construction company’s stock valued at $125,513,000 after purchasing an additional 1,027,800 shares during the period. Finally, Nykredit A S acquired a new stake in Owens Corning in the 2nd quarter worth $166,083,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning News Roundup

Here are the key news stories impacting Owens Corning this week:

• Positive Sentiment: Owens Corning generated $813 million in operating cash flow during the quarter, a bright spot amid weaker earnings. Third-quarter results
• Negative Sentiment: Adjusted EPS was $2.44, below analyst expectations of $3.07, while revenue of $2.49 billion also missed estimates of $2.62 billion. Sales fell 7% year over year, and adjusted EPS declined from $3.67 a year earlier. Q3 earnings and revenue miss
• Negative Sentiment: The company reported a diluted loss of $3.15 per share, including $476 million in non-cash, pre-tax impairment charges related to its Doors business. The charge weighs on reported results, even though it is excluded from adjusted EPS. Third-quarter results
• Negative Sentiment: For Q4, Owens Corning expects revenue of $2.0 billion–$2.2 billion and an adjusted EBITDA margin of about 10%–12%, citing storm-related and inflation headwinds. The outlook suggests continued operating pressure. Q4 outlook

Owens Corning Company Profile

Owens Corning (NYSE:OC) is a global building materials company that develops and manufactures products used in residential, commercial and industrial construction. Its offerings are designed to improve energy efficiency, weather protection, durability and comfort in buildings.

The company’s primary businesses include roofing, insulation and doors. Its products include asphalt roofing shingles and components, fiberglass and mineral wool insulation, and residential and commercial door systems.