Wells Fargo & Company Has Lowered Expectations for Owens Corning (NYSE:OC) Stock Price

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

Several other analysts also recently weighed in on OC. Royal Bank of Canada raised their target price on Owens Corning from $213.00 to $217.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. The Goldman Sachs Group raised their price objective on Owens Corning from $178.00 to $198.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Citigroup dropped their price objective on Owens Corning from $212.00 to $207.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Evercore ISI increased their target price 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, Loop Capital dropped their price target on shares of Owens Corning from $215.00 to $210.00 and set a “buy” rating for the company in a research note on Friday, January 10th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $210.00.

Owens Corning Stock Performance

Owens Corning stock opened at $158.75 on Tuesday. The firm has a market capitalization of $13.62 billion, a PE ratio of 13.51, a price-to-earnings-growth ratio of 1.88 and a beta of 1.46. Owens Corning has a one year low of $145.50 and a one year high of $214.53. The stock’s 50 day moving average price is $176.48 and its 200 day moving average price is $179.01. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44.

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 business had revenue of $2.84 billion for 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 period in the previous year, the company posted $3.21 earnings per share. As a group, sell-side analysts expect that Owens Corning will post 15.49 EPS for the current fiscal year.

Owens Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 10th will be paid a dividend of $0.69 per share. The ex-dividend date is Monday, March 10th. This represents a $2.76 annualized dividend and a yield of 1.74%. Owens Corning’s payout ratio is 23.49%.

Insiders Place Their Bets

In other 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 directly owns 18,866 shares of the company’s stock, valued at approximately $3,606,990.54. This represents a 48.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Monaco Nicolas Del sold 1,750 shares of the 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 sale, the insider now owns 11,635 shares in the company, valued at $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. 0.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Owens Corning

A number of hedge funds have recently added to or reduced their stakes in OC. State Street Corp lifted its position in Owens Corning by 4.7% in the 3rd quarter. State Street Corp now owns 4,181,421 shares of the construction company’s stock valued at $738,104,000 after purchasing an additional 187,001 shares during the last quarter. Nordea Investment Management AB increased its stake in shares of Owens Corning by 12.5% in the fourth quarter. Nordea Investment Management AB now owns 2,148,610 shares of the construction company’s stock valued at $366,166,000 after purchasing an additional 238,694 shares during the period. Pacer Advisors Inc. raised its holdings in shares of Owens Corning by 16.4% during the third quarter. Pacer Advisors Inc. now owns 1,854,100 shares of the construction company’s stock valued at $327,286,000 after buying an additional 261,564 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Owens Corning by 41.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,422,828 shares of the construction company’s stock worth $242,337,000 after buying an additional 414,770 shares during the period. Finally, Norges Bank bought a new position in Owens Corning in the 4th quarter worth approximately $208,519,000. 88.40% of the stock is currently owned by institutional investors.

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.