The Goldman Sachs Group Forecasts Strong Price Appreciation for Owens Corning (NYSE:OC) Stock

Owens Corning (NYSE:OC) had its price target raised by The Goldman Sachs Group from $178.00 to $198.00 in a report released on Thursday,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the construction company’s stock.

Several other analysts also recently weighed in on OC. Evercore ISI boosted their price objective on Owens Corning from $189.00 to $196.00 and gave the company an “in-line” rating in a research report on Thursday. StockNews.com lowered shares of Owens Corning from a “buy” rating to a “hold” rating in a report on Friday, November 1st. Royal Bank of Canada boosted their price objective on shares of Owens Corning from $213.00 to $217.00 and gave the company an “outperform” rating in a research report on Thursday. Citigroup raised Owens Corning from a “neutral” rating to a “buy” rating and raised their target price for the stock from $178.00 to $191.00 in a research note on Thursday, July 11th. Finally, UBS Group upped their price target on Owens Corning from $197.00 to $218.00 and gave the company a “buy” rating in a research report on Thursday. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $192.62.

Owens Corning Price Performance

OC traded up $3.02 during midday trading on Thursday, hitting $190.44. The stock had a trading volume of 796,320 shares, compared to its average volume of 697,772. Owens Corning has a 1 year low of $121.08 and a 1 year high of $193.93. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.79 and a current ratio of 1.44. The business has a fifty day moving average of $175.83 and a 200 day moving average of $173.68. The company has a market cap of $16.56 billion, a P/E ratio of 16.21, a price-to-earnings-growth ratio of 2.27 and a beta of 1.41.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, November 6th. The construction company reported $4.38 EPS for the quarter, topping analysts’ consensus estimates of $4.05 by $0.33. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The company had revenue of $3.05 billion for the quarter, compared to analysts’ expectations of $3.04 billion. During the same quarter last year, the company earned $4.15 EPS. The firm’s revenue was up 22.9% compared to the same quarter last year. As a group, equities analysts forecast that Owens Corning will post 15.34 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Shareholders of record on Friday, October 18th were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 1.26%. The ex-dividend date was Friday, October 18th. Owens Corning’s dividend payout ratio is currently 20.43%.

Insider Activity

In other Owens Corning news, insider Marcio A. Sandri sold 3,050 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $170.00, for a total transaction of $518,500.00. Following the completion of the transaction, the insider now owns 60,130 shares of the company’s stock, valued at approximately $10,222,100. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Marcio A. Sandri sold 3,050 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $170.00, for a total value of $518,500.00. Following the sale, the insider now directly owns 60,130 shares of the company’s stock, valued at approximately $10,222,100. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Marcio A. Sandri sold 3,051 shares of Owens Corning stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $176.50, for a total value of $538,501.50. Following the completion of the transaction, the insider now directly owns 57,079 shares of the company’s stock, valued at approximately $10,074,443.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Owens Corning

A number of hedge funds have recently modified their holdings of OC. ST Germain D J Co. Inc. lifted its stake in shares of Owens Corning by 794.1% during the 2nd quarter. ST Germain D J Co. Inc. now owns 152 shares of the construction company’s stock valued at $26,000 after buying an additional 135 shares in the last quarter. ORG Partners LLC purchased a new position in shares of Owens Corning during the first quarter valued at approximately $31,000. Innealta Capital LLC bought a new position in Owens Corning in the 2nd quarter valued at $32,000. Tobam increased its stake in Owens Corning by 115.7% in the 2nd quarter. Tobam now owns 192 shares of the construction company’s stock worth $33,000 after buying an additional 103 shares during the period. Finally, Quarry LP increased its position in shares of Owens Corning by 165.5% during the second quarter. Quarry LP now owns 231 shares of the construction company’s stock worth $40,000 after acquiring an additional 144 shares during the period. Institutional investors own 88.40% of the company’s stock.

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.