Analysts Set Owens Corning (NYSE:OC) Target Price at $107.48

Owens Corning (NYSE:OC) has been given an average recommendation of “Hold” by the twenty-six brokerages that are currently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $107.48.

OC has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft boosted their target price on Owens Corning from $70.00 to $71.00 and gave the company a “buy” rating in a research note on Thursday, October 29th. Loop Capital boosted their target price on Owens Corning from $71.00 to $80.00 and gave the company a “buy” rating in a research note on Friday, September 4th. Truist raised Owens Corning from a “hold” rating to a “buy” rating and boosted their target price for the company from $68.00 to $950.00 in a research note on Wednesday, December 16th. Royal Bank of Canada boosted their target price on Owens Corning from $60.00 to $70.00 and gave the company a “sector perform” rating in a research note on Thursday, October 29th. Finally, Smith Barney Citigroup reduced their target price on Owens Corning from $74.00 to $67.00 in a research note on Thursday, October 29th.

In other news, insider Gunner Smith sold 3,303 shares of the stock in a transaction on Friday, October 30th. The stock was sold at an average price of $64.68, for a total value of $213,638.04. Following the sale, the insider now directly owns 24,905 shares of the company’s stock, valued at $1,610,855.40. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Daniel T. Smith sold 14,000 shares of the stock in a transaction on Tuesday, October 6th. The shares were sold at an average price of $75.00, for a total value of $1,050,000.00. Following the sale, the senior vice president now directly owns 60,652 shares in the company, valued at $4,548,900. The disclosure for this sale can be found here. Corporate insiders own 1.50% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the stock. Strs Ohio boosted its position in shares of Owens Corning by 17.0% during the third quarter. Strs Ohio now owns 19,614 shares of the construction company’s stock valued at $1,349,000 after buying an additional 2,846 shares during the last quarter. Virtu Financial LLC bought a new position in Owens Corning in the third quarter valued at about $357,000. Mercer Global Advisors Inc. ADV bought a new position in Owens Corning in the third quarter valued at about $327,000. Sei Investments Co. lifted its holdings in Owens Corning by 57.5% in the third quarter. Sei Investments Co. now owns 32,659 shares of the construction company’s stock valued at $2,249,000 after acquiring an additional 11,920 shares during the period. Finally, Brinker Capital Investments LLC bought a new position in Owens Corning in the third quarter valued at about $2,560,000. 89.62% of the stock is currently owned by institutional investors.

Shares of Owens Corning stock opened at $75.76 on Wednesday. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.95 and a quick ratio of 1.29. The business’s 50 day simple moving average is $74.44 and its two-hundred day simple moving average is $67.33. The stock has a market capitalization of $8.20 billion, a P/E ratio of -15.12, a price-to-earnings-growth ratio of 1.57 and a beta of 1.53. Owens Corning has a one year low of $28.56 and a one year high of $78.99.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, October 28th. The construction company reported $1.70 EPS for the quarter, topping the Zacks’ consensus estimate of $1.32 by $0.38. The business had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.80 billion. Owens Corning had a positive return on equity of 11.99% and a negative net margin of 7.94%. The business’s quarterly revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.63 EPS. Sell-side analysts expect that Owens Corning will post 4.47 earnings per share for the current fiscal year.

Owens Corning announced that its board has approved a share repurchase program on Thursday, December 3rd that authorizes the company to repurchase 10,000,000 outstanding shares. This repurchase authorization authorizes the construction company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

The business also recently announced a quarterly dividend, which will be paid on Friday, January 22nd. Stockholders of record on Friday, January 8th will be paid a $0.26 dividend. This is a boost from Owens Corning’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.37%. The ex-dividend date of this dividend is Thursday, January 7th. Owens Corning’s dividend payout ratio is currently 21.15%.

About Owens Corning

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.

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