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

Owens Corning (NYSE:OC) had its target price reduced by Citigroup from $212.00 to $207.00 in a report published on Monday morning,Benzinga reports. They currently have a buy rating on the construction company’s stock.

A number of other equities analysts also recently commented on the stock. Barclays raised shares of Owens Corning from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $192.00 to $245.00 in a research note on Wednesday, December 11th. StockNews.com upgraded Owens Corning from a “hold” rating to a “buy” rating in a report on Saturday, November 9th. The Goldman Sachs Group raised their target price on Owens Corning from $178.00 to $198.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Evercore ISI upped their price target on Owens Corning from $189.00 to $196.00 and gave the company an “in-line” rating in a research note on Thursday, November 7th. Finally, Royal Bank of Canada raised their price objective on Owens Corning from $213.00 to $217.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $202.17.

Owens Corning Trading Up 1.5 %

Shares of OC opened at $171.24 on Monday. The firm’s fifty day moving average is $187.25 and its two-hundred day moving average is $177.24. The company has a quick ratio of 0.85, a current ratio of 1.44 and a debt-to-equity ratio of 0.89. The stock has a market cap of $14.69 billion, a PE ratio of 14.57, a price-to-earnings-growth 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.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.05 by $0.33. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The company had revenue of $3.05 billion during the quarter, compared to analysts’ expectations of $3.04 billion. During the same period in the prior year, the business earned $4.15 EPS. The firm’s quarterly revenue was up 22.9% on a year-over-year basis. Research analysts forecast that Owens Corning will post 15.46 earnings per share for the current fiscal year.

Owens Corning Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Monday, January 6th will be given a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 1.61%. The ex-dividend date is Monday, January 6th. This is a boost from Owens Corning’s previous quarterly dividend of $0.60. Owens Corning’s dividend payout ratio (DPR) is currently 23.49%.

Insider Transactions at Owens Corning

In related news, insider Gunner Smith sold 17,450 shares of the business’s stock in a transaction 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 directly owns 18,866 shares of the company’s stock, valued at $3,606,990.54. The trade was a 48.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.89% of the company’s stock.

Hedge Funds Weigh In On Owens Corning

Several hedge funds and other institutional investors have recently made changes to their positions in OC. Brooklyn Investment Group purchased a new stake in shares of Owens Corning during the third quarter worth approximately $38,000. Quarry LP raised its stake in Owens Corning by 165.5% in the second quarter. Quarry LP now owns 231 shares of the construction company’s stock valued at $40,000 after buying an additional 144 shares in the last quarter. Tobam lifted its stake in Owens Corning by 38.0% during the third quarter. Tobam now owns 265 shares of the construction company’s stock worth $47,000 after purchasing an additional 73 shares during the last quarter. Versant Capital Management Inc lifted its position in Owens Corning by 88.1% in the fourth quarter. Versant Capital Management Inc now owns 380 shares of the construction company’s stock valued at $65,000 after acquiring an additional 178 shares during the last quarter. Finally, NBC Securities Inc. boosted its holdings in shares of Owens Corning by 85.3% in the third quarter. NBC Securities Inc. now owns 515 shares of the construction company’s stock valued at $90,000 after acquiring an additional 237 shares during the period. 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.