Deutsche Bank Boosts Owens Corning (NYSE:OC) Price Target to $70.00

Owens Corning (NYSE:OC) had its price target increased by Deutsche Bank from $60.00 to $70.00 in a research report sent to investors on Thursday, The Fly reports. Deutsche Bank currently has a buy rating on the construction company’s stock.

Other equities analysts also recently issued research reports about the company. Barclays reissued a buy rating and set a $50.00 target price on shares of Owens Corning in a research report on Thursday, April 30th. Zelman & Associates downgraded Owens Corning from a buy rating to a hold rating in a research report on Tuesday, May 5th. Wells Fargo & Co boosted their price objective on Owens Corning from $60.00 to $63.00 and gave the company an equal weight rating in a report on Wednesday, July 22nd. Argus dropped their price objective on Owens Corning from $72.00 to $50.00 and set a buy rating for the company in a report on Tuesday, May 12th. Finally, TheStreet upgraded Owens Corning from a d+ rating to a c- rating in a report on Monday, June 22nd. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have issued a buy rating to the company. The stock has a consensus rating of Hold and a consensus target price of $62.05.

OC traded down $0.81 on Thursday, hitting $60.47. 1,119,660 shares of the company’s stock traded hands, compared to its average volume of 969,871. The company’s 50 day simple moving average is $56.74 and its 200-day simple moving average is $51.88. The firm has a market cap of $6.52 billion, a price-to-earnings ratio of -10.93, a P/E/G ratio of 4.48 and a beta of 1.53. Owens Corning has a one year low of $28.56 and a one year high of $68.72. 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 (NYSE:OC) last issued its earnings results on Wednesday, July 29th. The construction company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.62. The company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.53 billion. Owens Corning had a positive return on equity of 11.35% and a negative net margin of 8.79%. The firm’s quarterly revenue was down 15.3% on a year-over-year basis. During the same quarter last year, the company earned $1.31 EPS. As a group, equities analysts anticipate that Owens Corning will post 3.29 EPS for the current fiscal year.

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

Several institutional investors and hedge funds have recently added to or reduced their stakes in OC. Botty Investors LLC bought a new position in shares of Owens Corning in the 2nd quarter worth $28,000. Meeder Asset Management Inc. raised 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 worth $65,000 after acquiring an additional 1,220 shares in the last quarter. CVA Family Office LLC bought a new position in shares of Owens Corning in the 2nd quarter worth $75,000. Cerebellum GP LLC bought a new position in shares of Owens Corning in the 2nd quarter worth $119,000. Finally, Parallel Advisors LLC raised 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 worth $176,000 after acquiring an additional 907 shares in the last quarter. 95.05% of the stock is owned by hedge funds and other institutional investors.

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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