Wells Fargo & Company Cuts Owens Corning (NYSE:OC) Price Target to $200.00

Owens Corning (NYSE:OC) had its price target reduced by research analysts at Wells Fargo & Company from $225.00 to $200.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the construction company’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 24.71% from the stock’s previous close.

Other equities research analysts have also issued research reports about the stock. Citigroup dropped their price objective on shares of Owens Corning from $212.00 to $207.00 and set a “buy” rating for the company in a report on Monday, January 6th. Loop Capital decreased their price target on shares of Owens Corning from $215.00 to $210.00 and set a “buy” rating for the company in a research report on Friday, January 10th. UBS Group upped their price target on Owens Corning from $197.00 to $218.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. The Goldman Sachs Group upped their target price on shares of Owens Corning from $178.00 to $198.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Finally, Barclays upgraded shares of Owens Corning from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $192.00 to $245.00 in a research note on Wednesday, December 11th. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $208.80.

Owens Corning Stock Down 1.5 %

Shares of OC traded down $2.52 during mid-day trading on Tuesday, hitting $160.37. 84,055 shares of the company traded hands, compared to its average volume of 718,928. The company has a market capitalization of $13.76 billion, a PE ratio of 13.75, a price-to-earnings-growth ratio of 1.88 and a beta of 1.46. Owens Corning has a 1-year low of $145.50 and a 1-year high of $214.53. The company has a quick ratio of 0.85, a current ratio of 1.44 and a debt-to-equity ratio of 0.89. The business has a 50 day moving average of $176.97 and a 200 day moving average of $179.00.

Owens Corning (NYSE:OC) last posted its quarterly earnings results on Monday, February 24th. The construction company reported $3.22 EPS for the quarter, beating the consensus estimate of $2.87 by $0.35. The company had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.77 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The firm’s revenue was up 23.3% on a year-over-year basis. During the same period in the prior year, the company earned $3.21 earnings per share. Equities research analysts anticipate that Owens Corning will post 15.49 EPS for the current year.

Insider Activity at Owens Corning

In other news, insider Monaco Nicolas Del sold 1,750 shares of the business’s stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $183.97, for a total transaction of $321,947.50. Following the completion of the transaction, the insider now owns 11,635 shares of the company’s stock, valued at approximately $2,140,490.95. The trade was a 13.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Gunner Smith sold 17,450 shares of the business’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $191.19, for a total value of $3,336,265.50. Following the transaction, the insider now owns 18,866 shares of the company’s stock, valued at $3,606,990.54. This trade represents a 48.05 % decrease in their position. The disclosure for this sale can be found here. 0.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Polar Asset Management Partners Inc. grew its holdings in shares of Owens Corning by 76.7% during the 4th quarter. Polar Asset Management Partners Inc. now owns 20,500 shares of the construction company’s stock valued at $3,492,000 after acquiring an additional 8,900 shares in the last quarter. Toronto Dominion Bank boosted its stake in Owens Corning by 6.2% during the fourth quarter. Toronto Dominion Bank now owns 11,702 shares of the construction company’s stock worth $1,993,000 after buying an additional 679 shares in the last quarter. Vise Technologies Inc. lifted its holdings in Owens Corning by 96.6% during the 4th quarter. Vise Technologies Inc. now owns 2,434 shares of the construction company’s stock valued at $415,000 after purchasing an additional 1,196 shares during the last quarter. Harmony Asset Management LLC boosted its holdings in shares of Owens Corning by 392.3% in the 4th quarter. Harmony Asset Management LLC now owns 15,090 shares of the construction company’s stock worth $2,570,000 after acquiring an additional 12,025 shares in the last quarter. Finally, PharVision Advisers LLC bought a new stake in shares of Owens Corning during the fourth quarter valued at approximately $322,000. 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.