Owens Corning (NYSE:OC) Given New $207.00 Price Target at Citigroup

Owens Corning (NYSE:OC) had its price target decreased by equities researchers at Citigroup from $212.00 to $207.00 in a report released on Monday,Benzinga reports. The firm currently has a “buy” rating on the construction company’s stock. Citigroup’s price objective would indicate a potential upside of 21.00% from the stock’s current price.

Several other research firms have also issued reports on OC. Wells Fargo & Company upgraded Owens Corning from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $195.00 to $225.00 in a research report on Tuesday, December 17th. Evercore ISI raised their target price on shares of Owens Corning from $189.00 to $196.00 and gave the stock an “in-line” rating in a report on Thursday, November 7th. Royal Bank of Canada upped their price target on shares of Owens Corning from $213.00 to $217.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. The Goldman Sachs Group raised their price target on shares of Owens Corning from $178.00 to $198.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Finally, UBS Group increased their target price on shares of Owens Corning from $197.00 to $218.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $202.17.

Owens Corning Price Performance

Shares of OC stock traded down $0.37 during trading hours on Monday, hitting $171.08. 240,477 shares of the company’s stock were exchanged, compared to its average volume of 455,620. The company has a market capitalization of $14.68 billion, a PE ratio of 14.56, a PEG ratio of 2.14 and a beta of 1.46. The company has a current ratio of 1.44, a quick ratio of 0.85 and a debt-to-equity ratio of 0.89. Owens Corning has a 12-month low of $138.70 and a 12-month high of $214.53. The business’s 50 day simple moving average is $187.98 and its 200-day simple moving average is $177.38.

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. On average, equities research analysts anticipate that Owens Corning will post 15.46 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Gunner Smith sold 17,450 shares of the firm’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 in the company, valued at $3,606,990.54. This trade represents a 48.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.89% of the company’s stock.

Institutional Trading of Owens Corning

Several institutional investors have recently bought and sold shares of the company. Retirement Guys Formula LLC lifted its stake in shares of Owens Corning by 3.1% in the third quarter. Retirement Guys Formula LLC now owns 1,939 shares of the construction company’s stock worth $342,000 after buying an additional 58 shares in the last quarter. PFG Investments LLC lifted its position in Owens Corning by 3.9% in the 3rd quarter. PFG Investments LLC now owns 1,828 shares of the construction company’s stock valued at $323,000 after acquiring an additional 68 shares in the last quarter. Tobam boosted its stake in Owens Corning by 38.0% during the 3rd quarter. Tobam now owns 265 shares of the construction company’s stock valued at $47,000 after purchasing an additional 73 shares during the last quarter. First Bank & Trust increased its holdings in shares of Owens Corning by 2.0% in the 3rd quarter. First Bank & Trust now owns 3,658 shares of the construction company’s stock worth $646,000 after purchasing an additional 73 shares in the last quarter. Finally, KMG Fiduciary Partners LLC raised its stake in shares of Owens Corning by 1.5% in the third quarter. KMG Fiduciary Partners LLC now owns 5,432 shares of the construction company’s stock worth $959,000 after purchasing an additional 80 shares during the last quarter. 88.40% of the stock is owned by hedge funds and other 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.