Royal Bank of Canada Issues Positive Forecast for Owens Corning (NYSE:OC) Stock Price

Owens Corning (NYSE:OC) had its price objective increased by stock analysts at Royal Bank of Canada from $213.00 to $217.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the construction company’s stock. Royal Bank of Canada’s price target indicates a potential upside of 13.95% from the company’s previous close.

OC has been the topic of a number of other research reports. Citigroup upgraded shares of Owens Corning from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $178.00 to $191.00 in a report on Thursday, July 11th. Evercore ISI upped their price objective on shares of Owens Corning from $189.00 to $196.00 and gave the company an “in-line” rating in a report on Thursday. Wells Fargo & Company upped their price objective on shares of Owens Corning from $175.00 to $195.00 and gave the company an “equal weight” rating in a report on Thursday. UBS Group upped their price objective on shares of Owens Corning from $197.00 to $218.00 and gave the company a “buy” rating in a report on Thursday. Finally, Barclays dropped their price objective on shares of Owens Corning from $190.00 to $189.00 and set an “equal weight” rating on the stock in a report on Friday, July 12th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $192.62.

Owens Corning Stock Performance

Shares of Owens Corning stock opened at $190.44 on Thursday. The company has a 50 day moving average of $175.83 and a 200-day moving average of $173.64. Owens Corning has a 1-year low of $121.08 and a 1-year high of $193.93. The company has a current ratio of 1.44, a quick ratio of 0.79 and a debt-to-equity ratio of 0.89. The company has a market cap of $16.56 billion, a PE ratio of 16.21, a price-to-earnings-growth ratio of 2.27 and a beta of 1.41.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share for the quarter, topping analysts’ consensus estimates of $4.01 by $0.37. The firm had revenue of $3.05 billion for the quarter, compared to analysts’ expectations of $3.04 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The company’s revenue was up 22.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.15 earnings per share. As a group, equities research analysts forecast that Owens Corning will post 15.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Marcio A. Sandri sold 3,051 shares of the stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $176.50, for a total value of $538,501.50. Following the transaction, the insider now owns 57,079 shares of the company’s stock, valued at $10,074,443.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Owens Corning news, insider Marcio A. Sandri sold 3,051 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $176.50, for a total value of $538,501.50. Following the sale, the insider now owns 57,079 shares of the company’s stock, valued at $10,074,443.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Marcio A. Sandri sold 3,050 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $170.00, for a total transaction of $518,500.00. Following the completion of the sale, the insider now directly owns 60,130 shares in the company, valued at approximately $10,222,100. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Owens Corning

Several institutional investors and hedge funds have recently modified their holdings of the stock. Central Pacific Bank Trust Division purchased a new position in Owens Corning during the 1st quarter valued at about $105,000. ORG Partners LLC purchased a new position in Owens Corning during the 1st quarter valued at about $31,000. Envestnet Portfolio Solutions Inc. lifted its position in Owens Corning by 14.9% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 4,002 shares of the construction company’s stock valued at $668,000 after acquiring an additional 519 shares during the period. BOS Asset Management LLC bought a new stake in Owens Corning during the 1st quarter valued at about $247,000. Finally, Atomi Financial Group Inc. bought a new stake in Owens Corning during the 1st quarter valued at about $729,000. 88.40% of the stock is owned by hedge funds and other institutional investors.

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.