Owens Corning (NYSE:OC) Price Target Lowered to $168.00 at Bank of America

Owens Corning (NYSE:OC) had its price target reduced by stock analysts at Bank of America from $180.00 to $168.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the construction company’s stock. Bank of America‘s target price would indicate a potential upside of 19.33% from the stock’s previous close.

A number of other brokerages have also recently issued reports on OC. Barclays raised their price objective on shares of Owens Corning from $167.00 to $173.00 and gave the company an “overweight” rating in a research note on Thursday, August 7th. Royal Bank Of Canada reduced their price objective on shares of Owens Corning from $184.00 to $180.00 and set an “outperform” rating on the stock in a research note on Thursday, August 7th. Wells Fargo & Company raised their price objective on shares of Owens Corning from $170.00 to $175.00 and gave the company an “overweight” rating in a research note on Thursday, September 11th. Evercore ISI raised their price objective on shares of Owens Corning from $165.00 to $169.00 and gave the company an “in-line” rating in a research note on Friday, August 8th. Finally, UBS Group reduced their price objective on shares of Owens Corning from $218.00 to $210.00 and set a “buy” rating on the stock in a research note on Thursday, August 7th. Nine investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $183.55.

Owens Corning Price Performance

OC opened at $140.79 on Wednesday. Owens Corning has a one year low of $123.40 and a one year high of $214.53. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.52 and a quick ratio of 0.95. The company’s 50 day simple moving average is $147.54 and its 200-day simple moving average is $142.53. The stock has a market capitalization of $11.77 billion, a P/E ratio of 36.57, a price-to-earnings-growth ratio of 10.01 and a beta of 1.32.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, August 6th. The construction company reported $4.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.80 by $0.41. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. The firm had revenue of $2.75 billion for the quarter, compared to analysts’ expectations of $2.70 billion. During the same period last year, the firm earned $4.64 earnings per share. The business’s revenue for the quarter was up 10.0% on a year-over-year basis. Sell-side analysts anticipate that Owens Corning will post 15.49 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Owens Corning

A number of hedge funds and other institutional investors have recently made changes to their positions in OC. GAMMA Investing LLC grew its position in Owens Corning by 21.8% in the third quarter. GAMMA Investing LLC now owns 1,813 shares of the construction company’s stock valued at $256,000 after purchasing an additional 324 shares in the last quarter. Texas Permanent School Fund Corp grew its position in Owens Corning by 2.1% in the second quarter. Texas Permanent School Fund Corp now owns 71,949 shares of the construction company’s stock valued at $9,894,000 after purchasing an additional 1,493 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new position in Owens Corning in the second quarter valued at $30,000. Osaic Holdings Inc. grew its position in Owens Corning by 8.2% in the second quarter. Osaic Holdings Inc. now owns 11,056 shares of the construction company’s stock valued at $1,521,000 after purchasing an additional 836 shares in the last quarter. Finally, Orion Porfolio Solutions LLC grew its position in Owens Corning by 0.8% in the second quarter. Orion Porfolio Solutions LLC now owns 21,418 shares of the construction company’s stock valued at $2,945,000 after purchasing an additional 172 shares in the last quarter. 88.40% of the stock is currently owned by institutional investors and hedge funds.

About Owens Corning

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.