JPMorgan Chase & Co. Cuts Owens Corning (NYSE:OC) Price Target to $176.00

Owens Corning (NYSE:OC) had its target price cut by investment analysts at JPMorgan Chase & Co. from $200.00 to $176.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the construction company’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 22.22% from the company’s previous close.

Other analysts have also issued reports about the stock. UBS Group reduced their price objective on shares of Owens Corning from $245.00 to $235.00 and set a “buy” rating on the stock in a report on Tuesday, February 25th. The Goldman Sachs Group boosted their target price on Owens Corning from $178.00 to $198.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. StockNews.com lowered Owens Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Loop Capital cut their price objective on Owens Corning from $215.00 to $210.00 and set a “buy” rating on the stock in a report on Friday, January 10th. Finally, Benchmark reissued a “hold” rating on shares of Owens Corning in a research note on Monday. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $204.18.

Owens Corning Price Performance

Shares of NYSE:OC traded down $4.50 during midday trading on Tuesday, hitting $144.00. The company’s stock had a trading volume of 825,687 shares, compared to its average volume of 846,522. The company has a market cap of $12.32 billion, a P/E ratio of 12.26, a price-to-earnings-growth ratio of 1.88 and a beta of 1.46. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44. Owens Corning has a 12-month low of $140.94 and a 12-month high of $214.53. The business’s 50 day simple moving average is $174.96 and its 200 day simple moving average is $178.82.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Monday, February 24th. The construction company reported $3.22 earnings per share for the quarter, topping analysts’ consensus estimates of $2.87 by $0.35. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The company had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.88 billion. During the same quarter in the previous year, the company posted $3.21 earnings per share. The firm’s revenue for the quarter was up 23.3% compared to the same quarter last year. On average, analysts forecast that Owens Corning will post 15.49 EPS for the current year.

Insider Activity at Owens Corning

In other Owens Corning 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 value of $321,947.50. Following the transaction, the insider now directly 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Gunner Smith sold 17,450 shares of the firm’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $191.19, for a total transaction of $3,336,265.50. Following the completion of the sale, the insider now owns 18,866 shares of the company’s stock, valued at approximately $3,606,990.54. The trade was a 48.05 % decrease in their position. The disclosure for this sale can be found here. 0.89% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of OC. Norges Bank purchased a new stake in Owens Corning during the fourth quarter worth $208,519,000. JPMorgan Chase & Co. raised its stake in Owens Corning by 113.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 797,743 shares of the construction company’s stock valued at $140,818,000 after purchasing an additional 424,786 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Owens Corning by 41.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,422,828 shares of the construction company’s stock valued at $242,337,000 after buying an additional 414,770 shares during the last quarter. Raiffeisen Bank International AG purchased a new position in shares of Owens Corning during the 4th quarter worth $51,400,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Owens Corning during the fourth quarter worth $51,220,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

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.