Bank of America Has Lowered Expectations for Owens Corning (NYSE:OC) Stock Price

Owens Corning (NYSE:OC) had its target price lowered by Bank of America from $140.00 to $138.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the construction company’s stock. Bank of America‘s price objective points to a potential upside of 12.52% from the company’s current price.

A number of other brokerages have also recently weighed in on OC. Royal Bank Of Canada set a $143.00 price target on Owens Corning in a research report on Friday, January 9th. Zacks Research cut Owens Corning from a “hold” rating to a “strong sell” rating in a research report on Monday, March 16th. Argus upgraded Owens Corning to a “strong-buy” rating in a research report on Wednesday, January 14th. Wells Fargo & Company upped their price target on Owens Corning from $125.00 to $135.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, Barclays lowered their price target on Owens Corning from $138.00 to $135.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 8th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Owens Corning currently has an average rating of “Moderate Buy” and a consensus target price of $143.91.

Owens Corning Stock Performance

OC opened at $122.65 on Monday. The stock has a market cap of $9.86 billion, a PE ratio of -19.16, a P/E/G ratio of 2.11 and a beta of 1.35. The company has a current ratio of 1.26, a quick ratio of 0.70 and a debt-to-equity ratio of 1.20. Owens Corning has a 1 year low of $97.53 and a 1 year high of $159.42. The stock’s 50 day simple moving average is $116.28 and its 200-day simple moving average is $117.64.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, February 25th. The construction company reported $1.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.26). The firm had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.17 billion. Owens Corning had a negative net margin of 5.17% and a positive return on equity of 21.93%. The business’s revenue for the quarter was down 16.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.22 earnings per share. Sell-side analysts forecast that Owens Corning will post 15.49 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Western Pacific Wealth Management LP bought a new position in shares of Owens Corning in the first quarter valued at about $224,000. Krilogy Financial LLC raised its holdings in shares of Owens Corning by 25.6% in the first quarter. Krilogy Financial LLC now owns 4,296 shares of the construction company’s stock valued at $506,000 after buying an additional 875 shares during the last quarter. SG Americas Securities LLC lifted its stake in shares of Owens Corning by 67.9% during the first quarter. SG Americas Securities LLC now owns 356,932 shares of the construction company’s stock valued at $38,627,000 after acquiring an additional 144,324 shares during the period. Evolve Private Wealth LLC lifted its stake in shares of Owens Corning by 40.5% during the first quarter. Evolve Private Wealth LLC now owns 3,778 shares of the construction company’s stock valued at $409,000 after acquiring an additional 1,089 shares during the period. Finally, Vaughan Nelson Investment Management L.P. acquired a new position in shares of Owens Corning during the first quarter valued at $45,863,000. 88.40% of the stock is owned by institutional investors.

Owens Corning Company Profile

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.