Owens Corning (NYSE:OC) Given New $133.00 Price Target at Wells Fargo & Company

Owens Corning (NYSE:OC) had its target price raised by Wells Fargo & Company from $125.00 to $133.00 in a report issued on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the construction company’s stock.

Other equities research analysts have also recently issued reports about the company. Evercore set a $185.00 target price on Owens Corning in a report on Thursday, October 1st. Melius Research started coverage on Owens Corning in a report on Tuesday, October 6th. They set a “sell” rating and a $118.00 target price for the company. Royal Bank Of Canada lowered Owens Corning from an “outperform” rating to a “sector perform” rating and reduced their price target for the stock from $172.00 to $127.00 in a research report on Wednesday, October 7th. Wall Street Zen lowered shares of Owens Corning from a “buy” rating to a “hold” rating in a research report on Saturday, October 10th. Finally, Barclays decreased their target price on shares of Owens Corning from $177.00 to $162.00 and set an “overweight” rating for the company in a research report on Tuesday, October 6th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have issued a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $142.43.

Owens Corning Stock Performance

Shares of Owens Corning stock opened at $124.10 on Thursday. Owens Corning has a 52 week low of $97.53 and a 52 week high of $159.91. The company has a market capitalization of $9.81 billion, a PE ratio of -23.33, a price-to-earnings-growth ratio of 3.77 and a beta of 1.31. The stock’s fifty day moving average is $122.42 and its two-hundred day moving average is $126.13. The company has a quick ratio of 0.67, a current ratio of 1.13 and a debt-to-equity ratio of 1.33.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, November 4th. The construction company reported $2.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.07 by ($0.63). The company had revenue of $2.49 billion during the quarter, compared to analysts’ expectations of $2.62 billion. Owens Corning had a negative net margin of 4.42% and a positive return on equity of 19.14%. Owens Corning’s quarterly revenue was down 7.3% on a year-over-year basis. During the same period last year, the firm earned $3.67 earnings per share. As a group, analysts expect that Owens Corning will post 9.39 earnings per share for the current year.

Owens Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 5th. Stockholders of record on Monday, October 19th were issued a $0.79 dividend. This represents a $3.16 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Monday, October 19th. Owens Corning’s payout ratio is -59.40%.

Insiders Place Their Bets

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 900 shares of the business’s stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $144.07, for a total value of $129,663.00. Following the completion of the transaction, the insider directly owned 21,449 shares of the company’s stock, valued at approximately $3,090,157.43. The trade was a 4.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.92% of the company’s stock.

Hedge Funds Weigh In On Owens Corning

A number of large investors have recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in shares of Owens Corning in the second quarter valued at approximately $1,401,161,000. Dimensional Fund Advisors LP grew its position in shares of Owens Corning by 7.3% in the first 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 period. 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 worth $235,835,000 after buying an additional 403,803 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Owens Corning by 721.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,170,179 shares of the construction company’s stock valued at $125,513,000 after acquiring an additional 1,027,800 shares in the last quarter. Finally, Nykredit A S purchased a new stake in shares of Owens Corning during the second quarter worth approximately $166,083,000. Institutional investors and hedge funds 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: Wells Fargo raised its price target to $133 from $125 and upgraded its rating to overweight, implying potential upside. Wells Fargo recommendation
• Neutral Sentiment: Deutsche Bank kept its buy rating but lowered its target to $134 from $145. Truist raised its target to $120 from $115 while retaining a hold rating, and RBC cut its target to $119 from $127 with a sector-perform rating. Deutsche Bank target update Truist target update
• Negative Sentiment: Q3 adjusted EPS of $2.44 missed consensus estimates of about $3, while revenue of $2.49 billion was below forecasts and fell 7.3% year over year. Adjusted EPS also declined from $3.67 a year earlier. Q3 results
• Negative Sentiment: Management expects Q4 revenue of $2 billion–$2.2 billion and an adjusted EBITDA margin of roughly 10%–12%, citing storm-related and inflationary headwinds. The weaker margin outlook adds to concerns about near-term earnings. Q4 outlook

About Owens Corning

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.