Royal Bank of Canada Raises Owens Corning (NYSE:OC) Price Target to $65.00

Owens Corning (NYSE:OC) had its price objective hoisted by Royal Bank of Canada to $65.00 in a research note released on Monday morning, The Fly reports. The firm currently has an outperform rating on the construction company’s stock.

A number of other equities analysts have also recently weighed in on OC. Seaport Global Securities upgraded Owens Corning from a sell rating to a neutral rating in a report on Thursday, June 27th. Bank of America set a $420.00 target price on Boeing and gave the stock a hold rating in a research note on Thursday, June 27th. ValuEngine lowered WideOpenWest from a hold rating to a sell rating in a research note on Friday, June 28th. Stifel Nicolaus lowered Owens Corning from a buy rating to a hold rating and set a $52.45 target price on the stock. in a research note on Wednesday, April 24th. Finally, Barclays reissued a buy rating and set a $65.00 target price on shares of Owens Corning in a research note on Monday, July 1st. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company. The stock presently has an average rating of Hold and a consensus target price of $58.34.

Shares of NYSE OC traded down $0.48 during mid-day trading on Monday, reaching $55.29. 627,696 shares of the company’s stock were exchanged, compared to its average volume of 1,530,688. The firm has a market capitalization of $6.02 billion, a price-to-earnings ratio of 11.15, a price-to-earnings-growth ratio of 1.51 and a beta of 1.30. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.83 and a quick ratio of 0.96. Owens Corning has a 52-week low of $40.64 and a 52-week high of $67.30. The stock’s 50-day moving average is $52.36.



Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, April 24th. The construction company reported $0.54 earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.02). The business had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.68 billion. Owens Corning had a return on equity of 12.10% and a net margin of 7.07%. The business’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.80 earnings per share. On average, sell-side analysts forecast that Owens Corning will post 4.65 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, August 2nd. Investors of record on Tuesday, July 16th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.59%. The ex-dividend date is Monday, July 15th. Owens Corning’s payout ratio is 17.81%.

In other Owens Corning news, insider Julian Francis sold 600 shares of the stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $51.51, for a total value of $30,906.00. Following the sale, the insider now owns 76,662 shares of the company’s stock, valued at approximately $3,948,859.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Kelly Schmidt sold 2,438 shares of the stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $53.03, for a total value of $129,287.14. The disclosure for this sale can be found here. In the last three months, insiders have sold 40,938 shares of company stock worth $2,114,034. 1.70% of the stock is owned by corporate insiders.

Hedge funds have recently bought and sold shares of the business. Stephens Inc. AR boosted its position in Owens Corning by 17.7% in the fourth quarter. Stephens Inc. AR now owns 5,853 shares of the construction company’s stock valued at $257,000 after buying an additional 880 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Owens Corning by 25.0% in the fourth quarter. Bank of New York Mellon Corp now owns 718,351 shares of the construction company’s stock valued at $31,592,000 after buying an additional 143,599 shares during the last quarter. Royce & Associates LP purchased a new stake in Owens Corning in the fourth quarter valued at approximately $976,000. Advisor Group Inc. boosted its position in Owens Corning by 10.3% in the fourth quarter. Advisor Group Inc. now owns 11,378 shares of the construction company’s stock valued at $500,000 after buying an additional 1,065 shares during the last quarter. Finally, Northern Trust Corp boosted its position in Owens Corning by 1.3% in the fourth quarter. Northern Trust Corp now owns 668,616 shares of the construction company’s stock valued at $29,406,000 after buying an additional 8,444 shares during the last quarter. 96.23% of the stock is currently owned by institutional investors.

Owens Corning Company Profile

Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential, commercial, and industrial building materials worldwide. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and manufactures and sells glass fiber products in the form of fabrics, non-wovens, and other specialized products.

See Also: Market Perform

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