Royal Bank of Canada Lowers Owens Corning (NYSE:OC) Price Target to $184.00

Owens Corning (NYSE:OC) had its price target cut by research analysts at Royal Bank of Canada from $199.00 to $184.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the construction company’s stock. Royal Bank of Canada’s price target indicates a potential upside of 34.87% from the company’s previous close.

A number of other brokerages have also recently issued reports on OC. StockNews.com cut Owens Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Barclays cut their price objective on shares of Owens Corning from $179.00 to $167.00 and set an “overweight” rating on the stock in a research report on Thursday. Deutsche Bank Aktiengesellschaft began coverage on shares of Owens Corning in a report on Tuesday, April 1st. They issued a “buy” rating and a $183.00 target price for the company. Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a research report on Monday, March 3rd. Finally, UBS Group reduced their target price on Owens Corning from $235.00 to $218.00 and set a “buy” rating for the company in a report on Thursday. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $188.55.

Owens Corning Stock Up 0.7 %

Shares of Owens Corning stock opened at $136.43 on Thursday. Owens Corning has a 1 year low of $123.41 and a 1 year high of $214.53. The firm has a market cap of $11.67 billion, a price-to-earnings ratio of 11.61, a PEG ratio of 1.88 and a beta of 1.44. The company has a 50-day moving average of $141.20 and a 200 day moving average of $168.00. 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 (NYSE:OC) last announced its earnings results on Wednesday, May 7th. The construction company reported $2.97 earnings per share for the quarter, beating analysts’ consensus estimates of $2.82 by $0.15. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The business had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.52 billion. During the same quarter last year, the firm earned $3.40 earnings per share. The business’s revenue for the quarter was up 25.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Owens Corning will post 15.49 earnings per share for the current fiscal year.

Institutional Trading of Owens Corning

A number of hedge funds have recently bought and sold shares of OC. Vanguard Group Inc. lifted its stake in shares of Owens Corning by 12.0% in the 1st quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company’s stock worth $1,401,876,000 after purchasing an additional 1,053,855 shares during the period. LSV Asset Management raised its position in Owens Corning by 1.9% in the first quarter. LSV Asset Management now owns 1,476,067 shares of the construction company’s stock worth $210,812,000 after acquiring an additional 27,185 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of Owens Corning by 41.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,422,828 shares of the construction company’s stock worth $242,337,000 after acquiring an additional 414,770 shares during the last quarter. Norges Bank bought a new stake in shares of Owens Corning during the 4th quarter valued at $208,519,000. Finally, Northern Trust Corp increased its stake in shares of Owens Corning by 27.4% in the 4th quarter. Northern Trust Corp now owns 964,861 shares of the construction company’s stock worth $164,335,000 after purchasing an additional 207,677 shares in the last quarter. Hedge funds and other institutional investors 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.