SunTrust Banks Raises Owens Corning (NYSE:OC) Price Target to $63.00

Owens Corning (NYSE:OC) had its price target boosted by SunTrust Banks from $55.00 to $63.00 in a report published on Thursday, BenzingaRatingsTable reports. The firm currently has a hold rating on the construction company’s stock.

A number of other brokerages also recently weighed in on OC. Royal Bank of Canada raised their target price on shares of Owens Corning from $56.00 to $60.00 and gave the company a sector perform rating in a research note on Thursday. Deutsche Bank raised their target price on shares of Owens Corning from $60.00 to $70.00 and gave the company a buy rating in a research note on Thursday. Benchmark downgraded shares of Owens Corning from a buy rating to a hold rating in a research note on Tuesday, July 21st. Zelman & Associates downgraded shares of Owens Corning from a buy rating to a hold rating in a research note on Tuesday, May 5th. Finally, ValuEngine downgraded shares of Owens Corning from a hold rating to a sell rating in a research note on Wednesday, July 15th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the company. The company presently has an average rating of Hold and a consensus price target of $62.05.

Shares of OC stock traded down $0.81 during trading hours on Thursday, reaching $60.47. The stock had a trading volume of 1,119,660 shares, compared to its average volume of 969,871. The stock’s fifty day simple moving average is $56.74 and its 200 day simple moving average is $51.88. The company has a current ratio of 1.87, a quick ratio of 0.89 and a debt-to-equity ratio of 0.94. Owens Corning has a 12 month low of $28.56 and a 12 month high of $68.72. The firm has a market capitalization of $6.52 billion, a PE ratio of -10.93, a PEG ratio of 4.48 and a beta of 1.53.

Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, July 29th. The construction company reported $0.88 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.62. The business had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.53 billion. Owens Corning had a negative net margin of 8.79% and a positive return on equity of 11.35%. Owens Corning’s quarterly revenue was down 15.3% on a year-over-year basis. During the same period last year, the firm posted $1.31 earnings per share. As a group, equities research analysts anticipate that Owens Corning will post 3.29 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 7th. Shareholders of record on Thursday, July 16th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.59%. The ex-dividend date of this dividend is Wednesday, July 15th. Owens Corning’s dividend payout ratio is presently 21.15%.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Botty Investors LLC purchased a new stake in shares of Owens Corning in the 2nd quarter valued at $28,000. Meeder Asset Management Inc. boosted its position in shares of Owens Corning by 278.5% in the 1st quarter. Meeder Asset Management Inc. now owns 1,658 shares of the construction company’s stock valued at $65,000 after purchasing an additional 1,220 shares during the period. CVA Family Office LLC acquired a new stake in shares of Owens Corning in the 2nd quarter valued at about $75,000. Cerebellum GP LLC acquired a new stake in shares of Owens Corning in the 2nd quarter valued at about $119,000. Finally, Parallel Advisors LLC boosted its position in shares of Owens Corning by 40.3% in the 2nd quarter. Parallel Advisors LLC now owns 3,157 shares of the construction company’s stock valued at $176,000 after purchasing an additional 907 shares during the period. 95.05% of the stock is owned by institutional investors and hedge funds.

Owens Corning Company Profile

Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential, commercial, and industrial building materials worldwide. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and manufactures and sells glass fiber products in the form of fabrics, non-wovens, and other specialized products.

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