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

Owens Corning (NYSE:OC) had its price target reduced by Wells Fargo & Company from $225.00 to $200.00 in a research note released on Tuesday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the construction company’s stock.

A number of other brokerages have also weighed in on OC. Royal Bank of Canada raised their target price on shares of Owens Corning from $213.00 to $217.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Evercore ISI raised their price objective on Owens Corning from $189.00 to $196.00 and gave the company an “in-line” rating in a report on Thursday, November 7th. Loop Capital lowered their target price on Owens Corning from $215.00 to $210.00 and set a “buy” rating for the company in a report on Friday, January 10th. StockNews.com raised Owens Corning from a “hold” rating to a “buy” rating in a research note on Saturday, November 9th. Finally, Barclays upgraded Owens Corning from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $192.00 to $245.00 in a report on Wednesday, December 11th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Owens Corning presently has an average rating of “Moderate Buy” and a consensus target price of $207.00.

Owens Corning Price Performance

Shares of OC stock opened at $151.86 on Tuesday. The business has a fifty day simple moving average of $175.72 and a 200 day simple moving average of $178.65. The company has a market cap of $13.03 billion, a P/E ratio of 12.92, a P/E/G ratio of 1.88 and a beta of 1.46. The company has a quick ratio of 0.85, a current ratio of 1.44 and a debt-to-equity ratio of 0.89. Owens Corning has a twelve month low of $148.62 and a twelve month high of $214.53.

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

Owens Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 10th will be issued a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 1.82%. The ex-dividend date is Monday, March 10th. Owens Corning’s payout ratio is presently 23.49%.

Insiders Place Their Bets

In related news, insider Gunner Smith sold 17,450 shares of the company’s stock in a transaction dated 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 sale, the insider now owns 18,866 shares in the company, valued at $3,606,990.54. This represents a 48.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Monaco Nicolas Del sold 1,750 shares of Owens Corning stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $183.97, for a total value of $321,947.50. Following the completion of the sale, 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 disclosure for this sale can be found here. Company insiders own 0.90% of the company’s stock.

Hedge Funds Weigh In On Owens Corning

A number of institutional investors and hedge funds have recently modified their holdings of OC. Norges Bank bought a new stake in Owens Corning in the fourth quarter valued at $208,519,000. JPMorgan Chase & Co. grew its stake in shares of 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 buying an additional 424,786 shares during the period. Price T Rowe Associates Inc. MD increased its position in Owens Corning by 41.1% in the 4th 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 in the last quarter. Raiffeisen Bank International AG acquired a new position in Owens Corning during the 4th quarter worth approximately $51,400,000. Finally, Raymond James Financial Inc. bought a new position in Owens Corning in the fourth quarter worth approximately $51,220,000. 88.40% of the stock is currently owned by 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.