Wedbush Lowers Owens Corning Price Target to $45.00 (OC)
Research analysts at Wedbush dropped their price target on shares of Owens Corning (NYSE:OC) from $48.00 to $45.00 in a report released on Monday. The firm currently has an “outperform” rating on the stock. Wedbush’s price target would indicate a potential upside of 15.95% from the company’s current price.
Shares of Owens Corning (NYSE:OC) traded up 0.64% on Monday, hitting $39.06. The stock had a trading volume of 1,208,579 shares. Owens Corning has a 52-week low of $34.41 and a 52-week high of $46.64. The stock has a 50-day moving average of $41.02 and a 200-day moving average of $41.35. The company has a market cap of $4.599 billion and a P/E ratio of 15.27.
Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, April 23rd. The company reported $0.29 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.35 by $0.06. The company had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the prior year, the company posted $0.29 earnings per share. The company’s quarterly revenue was down 5.3% on a year-over-year basis. On average, analysts predict that Owens Corning will post $2.24 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, July 29th. Investors of record on Monday, July 14th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 1.65%. The ex-dividend date is Thursday, July 10th.
A number of other analysts have also recently weighed in on OC. Analysts at CL King downgraded shares of Owens Corning from a “buy” rating to a “neutral” rating in a research note on Monday. Separately, analysts at RBC Capital cut their price target on shares of Owens Corning from $45.00 to $42.00 in a research note on Monday. They now have a “sector perform” rating on the stock. Finally, analysts at Longbow Research downgraded shares of Owens Corning from a “buy” rating to a “neutral” rating in a research note on Monday. Thirteen equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $40.38.
Owens Corning is engaged in composite and building materials systems, delivering a range of products and services.
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