Citigroup Issues Pessimistic Forecast for Owens Corning (NYSE:OC) Stock Price

Owens Corning (NYSE:OC) had its price objective trimmed by Citigroup from $212.00 to $207.00 in a research note published on Monday morning,Benzinga reports. The firm currently has a buy rating on the construction company’s stock.

A number of other brokerages have also recently commented on OC. Wells Fargo & Company upgraded shares of Owens Corning from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $195.00 to $225.00 in a report on Tuesday, December 17th. Royal Bank of Canada upped their price objective on shares of Owens Corning from $213.00 to $217.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. StockNews.com upgraded shares of Owens Corning from a “hold” rating to a “buy” rating in a report on Saturday, November 9th. Barclays upgraded Owens Corning from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $192.00 to $245.00 in a research note on Wednesday, December 11th. Finally, UBS Group lifted their price objective on Owens Corning from $197.00 to $218.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $202.17.

Owens Corning Price Performance

Shares of NYSE OC opened at $171.04 on Monday. Owens Corning has a 1 year low of $138.70 and a 1 year high of $214.53. The stock has a market capitalization of $14.67 billion, a P/E ratio of 14.56, a P/E/G ratio of 2.14 and a beta of 1.46. The company’s 50-day moving average is $187.70 and its 200 day moving average is $177.35. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share for the quarter, topping analysts’ consensus estimates of $4.05 by $0.33. The firm had revenue of $3.05 billion for the quarter, compared to the consensus estimate of $3.04 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The business’s revenue for the quarter was up 22.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.15 EPS. On average, sell-side analysts expect that Owens Corning will post 15.46 earnings per share for the current year.

Owens Corning Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Monday, January 6th will be given a $0.69 dividend. This is a positive change from Owens Corning’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Monday, January 6th. This represents a $2.76 dividend on an annualized basis and a yield of 1.61%. Owens Corning’s payout ratio is 23.49%.

Insider Buying and Selling at Owens Corning

In other Owens Corning news, insider Gunner Smith sold 17,450 shares of the business’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $191.19, for a total transaction of $3,336,265.50. Following the completion of the sale, the insider now directly owns 18,866 shares in the company, valued at approximately $3,606,990.54. The trade was a 48.05 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.89% of the company’s stock.

Institutional Trading of Owens Corning

Several large investors have recently modified their holdings of the company. Retirement Guys Formula LLC boosted its position in 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 purchasing an additional 58 shares during the last quarter. PFG Investments LLC boosted its holdings in shares of Owens Corning by 3.9% in the third quarter. PFG Investments LLC now owns 1,828 shares of the construction company’s stock worth $323,000 after buying an additional 68 shares during the last quarter. Tobam grew its position in Owens Corning by 38.0% during the third quarter. Tobam now owns 265 shares of the construction company’s stock valued at $47,000 after buying an additional 73 shares during the period. First Bank & Trust increased its holdings in Owens Corning by 2.0% during the third quarter. First Bank & Trust now owns 3,658 shares of the construction company’s stock valued at $646,000 after buying an additional 73 shares during the last quarter. Finally, KMG Fiduciary Partners LLC raised its position in 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 acquiring an additional 80 shares during the period. Institutional investors own 88.40% of the company’s stock.

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.