Owens Corning (NYSE:OC) Given New $195.00 Price Target at Wells Fargo & Company

08 Nov 2024, 22:38 by Kim Johansen · The Markets Daily

Owens Corning (NYSE:OC – Free Report) had its target price increased by Wells Fargo & Company from $175.00 to $195.00 in a report published on Thursday morning,Benzinga reports. They currently have an equal weight rating on the construction company’s stock.

OC has been the subject of a number of other research reports. Citigroup upgraded Owens Corning from a “neutral” rating to a “buy” rating and upped their price objective for the company from $178.00 to $191.00 in a research note on Thursday, July 11th. Benchmark reiterated a “hold” rating on shares of Owens Corning in a research report on Wednesday, August 7th. Barclays decreased their price objective on shares of Owens Corning from $190.00 to $189.00 and set an “equal weight” rating on the stock in a research report on Friday, July 12th. StockNews.com downgraded Owens Corning from a “buy” rating to a “hold” rating in a report on Friday, November 1st. Finally, Royal Bank of Canada upped their price objective on shares of Owens Corning from $211.00 to $213.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Eight analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, Owens Corning presently has a consensus rating of “Hold” and a consensus target price of $192.62.

Check Out Our Latest Research Report on OC

Owens Corning Stock Performance

Shares of OC traded up $3.02 during mid-day trading on Thursday, reaching $190.44. The company’s stock had a trading volume of 794,791 shares, compared to its average volume of 683,482. The business has a 50-day simple moving average of $175.40 and a two-hundred day simple moving average of $173.46. The company has a current ratio of 1.37, a quick ratio of 0.79 and a debt-to-equity ratio of 0.91. The stock has a market cap of $16.56 billion, a P/E ratio of 16.24, a PEG ratio of 2.20 and a beta of 1.41. Owens Corning has a 1-year low of $121.08 and a 1-year high of $193.93.

Owens Corning (NYSE:OC – Get Free Report) last released its quarterly earnings data on Wednesday, November 6th. The construction company reported $4.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.01 by $0.37. The company had revenue of $3.05 billion during the quarter, compared to the consensus estimate of $3.04 billion. Owens Corning had a return on equity of 26.33% and a net margin of 10.66%. The firm’s revenue was up 22.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.15 earnings per share. As a group, equities research analysts anticipate that Owens Corning will post 15.34 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, November 4th. Shareholders of record on Friday, October 18th were given a $0.60 dividend. The ex-dividend date of this dividend was Friday, October 18th. This represents a $2.40 annualized dividend and a yield of 1.26%. Owens Corning’s payout ratio is presently 20.32%.

Insiders Place Their Bets

In other news, insider Marcio A. Sandri sold 3,051 shares of the stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $176.50, for a total value of $538,501.50. Following the completion of the sale, the insider now directly owns 57,079 shares of the company’s stock, valued at $10,074,443.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider Marcio A. Sandri sold 3,051 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $176.50, for a total value of $538,501.50. Following the transaction, the insider now owns 57,079 shares of the company’s stock, valued at approximately $10,074,443.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Marcio A. Sandri sold 3,050 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $170.00, for a total transaction of $518,500.00. Following the transaction, the insider now directly owns 60,130 shares of the company’s stock, valued at $10,222,100. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Owens Corning

A number of hedge funds have recently made changes to their positions in the company. ST Germain D J Co. Inc. lifted its stake in shares of Owens Corning by 794.1% in the 2nd quarter. ST Germain D J Co. Inc. now owns 152 shares of the construction company’s stock valued at $26,000 after purchasing an additional 135 shares during the last quarter. ORG Partners LLC purchased a new stake in shares of Owens Corning in the first quarter valued at $31,000. Innealta Capital LLC purchased a new stake in shares of Owens Corning in the second quarter valued at $32,000. Tobam lifted its holdings in shares of Owens Corning by 115.7% in the 2nd quarter. Tobam now owns 192 shares of the construction company’s stock worth $33,000 after acquiring an additional 103 shares during the last quarter. Finally, Quarry LP boosted its stake in shares of Owens Corning by 165.5% during the 2nd quarter. Quarry LP now owns 231 shares of the construction company’s stock worth $40,000 after purchasing an additional 144 shares during the period. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Company Profile

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