Loop Capital Issues Pessimistic Forecast for Owens Corning (NYSE:OC) Stock Price

Owens Corning (NYSE:OC) had its target price decreased by equities researchers at Loop Capital from $215.00 to $210.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the construction company’s stock. Loop Capital’s price target would suggest a potential upside of 25.27% from the company’s previous close.

OC has been the topic of a number of other research reports. Citigroup lowered their price objective on Owens Corning from $212.00 to $207.00 and set a “buy” rating on the stock in a research report on Monday. Evercore ISI raised their price target on Owens Corning from $189.00 to $196.00 and gave the company an “in-line” rating in a report on Thursday, November 7th. Barclays upgraded Owens Corning from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $192.00 to $245.00 in a research report on Wednesday, December 11th. Wells Fargo & Company upgraded shares of Owens Corning from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $195.00 to $225.00 in a research report on Tuesday, December 17th. Finally, The Goldman Sachs Group lifted their target price on shares of Owens Corning from $178.00 to $198.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $201.75.

Owens Corning Price Performance

NYSE OC traded down $3.97 during trading hours on Friday, hitting $167.64. The company had a trading volume of 219,010 shares, compared to its average volume of 487,980. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44. The firm has a market capitalization of $14.38 billion, a price-to-earnings ratio of 14.27, a PEG ratio of 2.14 and a beta of 1.46. Owens Corning has a 52 week low of $138.70 and a 52 week high of $214.53. The firm has a 50 day simple moving average of $187.14 and a 200 day simple moving average of $177.20.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, November 6th. The construction company reported $4.38 EPS for the quarter, beating analysts’ consensus estimates of $4.05 by $0.33. The company had revenue of $3.05 billion during the quarter, compared to analyst estimates of $3.04 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. Owens Corning’s revenue was up 22.9% compared to the same quarter last year. During the same period last year, the business earned $4.15 earnings per share. Equities research analysts expect that Owens Corning will post 15.46 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Gunner Smith sold 17,450 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $191.19, for a total transaction of $3,336,265.50. Following the completion of the transaction, the insider now owns 18,866 shares in the company, valued at $3,606,990.54. This represents a 48.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.89% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in OC. State Street Corp grew its stake in Owens Corning by 4.7% in the third quarter. State Street Corp now owns 4,181,421 shares of the construction company’s stock worth $738,104,000 after purchasing an additional 187,001 shares during the period. Nordea Investment Management AB boosted its holdings in shares of Owens Corning by 12.5% during the 4th quarter. Nordea Investment Management AB now owns 2,148,610 shares of the construction company’s stock valued at $366,166,000 after buying an additional 238,694 shares in the last quarter. Pacer Advisors Inc. grew its position in shares of Owens Corning by 16.4% in the 3rd quarter. Pacer Advisors Inc. now owns 1,854,100 shares of the construction company’s stock worth $327,286,000 after buying an additional 261,564 shares during the period. Caisse DE Depot ET Placement DU Quebec increased its stake in shares of Owens Corning by 31.6% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 824,013 shares of the construction company’s stock worth $145,455,000 after acquiring an additional 197,667 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Owens Corning by 113.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 797,743 shares of the construction company’s stock valued at $140,818,000 after acquiring an additional 424,786 shares during the period. 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.