Analysts Set Owens Corning Inc (NYSE:OC) Price Target at $184.30

by · The Markets Daily

Owens Corning Inc (NYSE:OC – Get Free Report) has been assigned a consensus recommendation of “Moderate Buy” from the twelve brokerages that are presently covering the stock, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $184.30.

A number of equities research analysts have issued reports on OC shares. Evercore ISI set a $165.00 target price on Owens Corning in a research report on Thursday, May 15th. UBS Group decreased their target price on Owens Corning from $235.00 to $218.00 and set a “buy” rating for the company in a research report on Thursday, May 8th. Wells Fargo & Company upped their target price on Owens Corning from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 8th. Royal Bank Of Canada decreased their target price on Owens Corning from $199.00 to $184.00 and set an “outperform” rating for the company in a research report on Thursday, May 8th. Finally, Loop Capital decreased their target price on Owens Corning from $203.00 to $180.00 and set a “buy” rating for the company in a research report on Thursday, May 8th.

View Our Latest Stock Analysis on OC

Owens Corning Trading Up 2.6%

NYSE:OC opened at $141.14 on Friday. The stock’s 50 day moving average price is $139.44 and its 200 day moving average price is $148.11. Owens Corning has a 52 week low of $123.40 and a 52 week high of $214.53. The company has a market capitalization of $12.00 billion, a P/E ratio of 49.70, a P/E/G ratio of 3.63 and a beta of 1.32. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.93 and a current ratio of 1.44.

Owens Corning (NYSE:OC – Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The construction company reported $2.97 EPS for the quarter, topping analysts’ consensus estimates of $2.82 by $0.15. The firm had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.52 billion. Owens Corning had a return on equity of 25.03% and a net margin of 2.28%. The firm’s revenue was up 25.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.40 earnings per share. On average, research analysts forecast that Owens Corning will post 15.49 EPS for the current fiscal year.

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Monday, July 21st will be paid a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Monday, July 21st. Owens Corning’s dividend payout ratio is presently 97.18%.

Owens Corning declared that its Board of Directors has approved a share repurchase plan on Wednesday, May 14th that permits the company to repurchase 12,000,000 shares. This repurchase authorization permits the construction company to purchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of OC. Vanguard Group Inc. raised its stake in shares of Owens Corning by 12.0% in the first quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company’s stock valued at $1,401,876,000 after purchasing an additional 1,053,855 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Owens Corning by 67.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,380,123 shares of the construction company’s stock valued at $339,930,000 after purchasing an additional 957,295 shares in the last quarter. Nuveen LLC acquired a new position in shares of Owens Corning in the first quarter valued at $91,698,000. Millennium Management LLC raised its stake in shares of Owens Corning by 179.0% in the first quarter. Millennium Management LLC now owns 863,230 shares of the construction company’s stock valued at $123,287,000 after purchasing an additional 553,864 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Owens Corning in the second quarter valued at $54,030,000. 88.40% of the stock is currently owned by institutional investors and hedge funds.

About Owens Corning

(Get Free Report)

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.

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