Citigroup Has Lowered Expectations for Owens Corning (NYSE:OC) Stock Price

Owens Corning (NYSE:OC) had its price target reduced by analysts at Citigroup from $137.00 to $135.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the construction company’s stock. Citigroup’s price objective would suggest a potential upside of 10.35% from the stock’s previous close.

A number of other equities analysts have also issued reports on OC. JPMorgan Chase & Co. lowered their target price on shares of Owens Corning from $157.00 to $113.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 11th. Weiss Ratings reissued a “sell (d+)” rating on shares of Owens Corning in a research report on Monday, December 29th. Wells Fargo & Company reduced their target price on shares of Owens Corning from $150.00 to $130.00 and set an “overweight” rating for the company in a report on Monday, December 15th. Jefferies Financial Group decreased their target price on shares of Owens Corning from $185.00 to $180.00 and set a “buy” rating for the company in a research note on Tuesday, October 7th. Finally, Vertical Research assumed coverage on Owens Corning in a research report on Monday, October 20th. They issued a “hold” rating on the stock. Ten analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Owens Corning presently has a consensus rating of “Hold” and an average target price of $147.83.

Owens Corning Stock Performance

Shares of OC stock opened at $122.34 on Thursday. The stock’s 50-day moving average is $111.09 and its two-hundred day moving average is $131.36. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.86 and a current ratio of 1.40. Owens Corning has a 1 year low of $97.53 and a 1 year high of $192.96. The firm has a market cap of $10.06 billion, a price-to-earnings ratio of -21.39, a PEG ratio of 11.17 and a beta of 1.35.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, November 5th. The construction company reported $3.67 earnings per share for the quarter, beating the consensus estimate of $3.64 by $0.03. The business had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.71 billion. Owens Corning had a positive return on equity of 24.42% and a negative net margin of 4.46%.The business’s quarterly revenue was down 2.9% on a year-over-year basis. During the same period in the previous year, the business earned $4.38 EPS. Analysts predict that Owens Corning will post 15.49 earnings per share for the current year.

Hedge Funds Weigh In On Owens Corning

A number of large investors have recently modified their holdings of OC. Twin Peaks Wealth Advisors LLC acquired a new position in Owens Corning during the second quarter worth $26,000. Bangor Savings Bank acquired a new position in shares of Owens Corning during the 2nd quarter worth $28,000. Rexford Capital Inc. acquired a new position in shares of Owens Corning during the 2nd quarter worth $28,000. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Owens Corning in the 2nd quarter valued at about $30,000. Finally, Vermillion & White Wealth Management Group LLC lifted its stake in shares of Owens Corning by 149.4% in the second quarter. Vermillion & White Wealth Management Group LLC now owns 222 shares of the construction company’s stock valued at $31,000 after purchasing an additional 133 shares during the period. 88.40% of the stock is owned by hedge funds and other institutional investors.

About Owens Corning

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company’s core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.