Owens Corning (NYSE:OC) Price Target Raised to $60.00

Owens Corning (NYSE:OC) had its price target hoisted by Royal Bank of Canada from $56.00 to $60.00 in a research note published on Thursday, BenzingaRatingsTable reports. They currently have a sector perform rating on the construction company’s stock.

OC has been the topic of a number of other research reports. Goldman Sachs Group downgraded Owens Corning from a conviction-buy rating to a buy rating in a research note on Tuesday, April 14th. SunTrust Banks raised their target price on Owens Corning from $45.00 to $55.00 in a research report on Wednesday, July 8th. JPMorgan Chase & Co. raised their target price on Owens Corning from $37.00 to $53.00 in a research report on Friday, July 10th. TheStreet upgraded Owens Corning from a d+ rating to a c- rating in a research report on Monday, June 22nd. Finally, Jefferies Financial Group raised their target price on Owens Corning from $52.00 to $62.00 and gave the company a buy rating in a research report on Thursday, May 28th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have given a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $62.05.

Shares of OC stock traded down $0.81 during mid-day trading on Thursday, hitting $60.47. The stock had a trading volume of 1,119,660 shares, compared to its average volume of 969,871. 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 P/E ratio of -10.93, a price-to-earnings-growth ratio of 4.48 and a beta of 1.53. The firm’s 50-day moving average is $56.74 and its two-hundred day moving average is $51.88. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.87 and a quick ratio of 0.89.

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

The company 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 dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $0.96 annualized dividend and a dividend yield of 1.59%. Owens Corning’s dividend payout ratio is currently 21.15%.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. New York State Teachers Retirement System lifted its stake in Owens Corning by 1.0% in the 1st quarter. New York State Teachers Retirement System now owns 39,400 shares of the construction company’s stock valued at $1,529,000 after buying an additional 400 shares in the last quarter. Skandinaviska Enskilda Banken AB publ lifted its position in shares of Owens Corning by 5.8% during the first quarter. Skandinaviska Enskilda Banken AB publ now owns 7,265 shares of the construction company’s stock worth $282,000 after purchasing an additional 400 shares during the last quarter. Rock Point Advisors LLC lifted its position in shares of Owens Corning by 0.8% during the first quarter. Rock Point Advisors LLC now owns 51,568 shares of the construction company’s stock worth $2,001,000 after purchasing an additional 420 shares during the last quarter. OLD National Bancorp IN lifted its position in shares of Owens Corning by 6.3% during the second quarter. OLD National Bancorp IN now owns 8,360 shares of the construction company’s stock worth $467,000 after purchasing an additional 492 shares during the last quarter. Finally, Botty Investors LLC bought a new position in shares of Owens Corning during the second quarter worth about $28,000. Institutional investors and hedge funds own 95.05% of the company’s stock.

About Owens Corning

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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Analyst Recommendations for Owens Corning (NYSE:OC)

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