Citigroup Cuts Owens Corning (NYSE:OC) Price Target to $207.00

Owens Corning (NYSE:OC) had its price target lowered by Citigroup from $212.00 to $207.00 in a research report sent to investors on Monday,Benzinga reports. The brokerage currently has a buy rating on the construction company’s stock.

A number of other equities research analysts also recently commented on the company. Royal Bank of Canada boosted their target price on Owens Corning from $213.00 to $217.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. The Goldman Sachs Group raised their price objective on shares of Owens Corning from $178.00 to $198.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Evercore ISI increased their price target on Owens Corning from $189.00 to $196.00 and gave the stock an “in-line” rating in a report on Thursday, November 7th. Wells Fargo & Company upgraded Owens Corning from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $195.00 to $225.00 in a research note on Tuesday, December 17th. Finally, UBS Group upped their price target on shares of Owens Corning from $197.00 to $218.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Owens Corning has a consensus rating of “Moderate Buy” and an average target price of $202.17.

Owens Corning Stock Performance

Shares of NYSE OC opened at $171.24 on Monday. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85. Owens Corning has a 1 year low of $138.70 and a 1 year high of $214.53. The firm has a fifty day moving average price of $187.25 and a 200-day moving average price of $177.24. The stock has a market cap of $14.69 billion, a PE ratio of 14.57, a price-to-earnings-growth ratio of 2.14 and a beta of 1.46.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.05 by $0.33. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The company had revenue of $3.05 billion for the quarter, compared to the consensus estimate of $3.04 billion. During the same quarter last year, the company earned $4.15 EPS. The firm’s quarterly revenue was up 22.9% on a year-over-year basis. Equities analysts anticipate that Owens Corning will post 15.46 earnings per share for the current fiscal year.

Owens Corning Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Monday, January 6th will be issued a $0.69 dividend. The ex-dividend date of this dividend is Monday, January 6th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.61%. This is a boost from Owens Corning’s previous quarterly dividend of $0.60. Owens Corning’s dividend payout ratio (DPR) is currently 23.49%.

Insider Activity

In related news, insider Gunner Smith sold 17,450 shares of the firm’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $191.19, for a total transaction of $3,336,265.50. Following the completion of the transaction, the insider now owns 18,866 shares of the company’s stock, valued at $3,606,990.54. This trade represents a 48.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.89% of the company’s stock.

Hedge Funds Weigh In On Owens Corning

Several institutional investors and hedge funds have recently modified their holdings of the stock. Brooklyn Investment Group acquired a new stake in shares of Owens Corning during the 3rd quarter worth approximately $38,000. Quarry LP raised its position in shares of Owens Corning by 165.5% in the second quarter. Quarry LP now owns 231 shares of the construction company’s stock worth $40,000 after acquiring an additional 144 shares during the period. Tobam boosted its stake in shares of Owens Corning by 38.0% during the 3rd quarter. Tobam now owns 265 shares of the construction company’s stock worth $47,000 after acquiring an additional 73 shares in the last quarter. Versant Capital Management Inc boosted its stake in shares of Owens Corning by 88.1% during the 4th quarter. Versant Capital Management Inc now owns 380 shares of the construction company’s stock worth $65,000 after acquiring an additional 178 shares in the last quarter. Finally, NBC Securities Inc. increased its stake in shares of Owens Corning by 85.3% in the 3rd quarter. NBC Securities Inc. now owns 515 shares of the construction company’s stock valued at $90,000 after purchasing an additional 237 shares in the last quarter. Institutional investors and hedge funds own 88.40% of the company’s stock.

Owens Corning Company Profile

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.