Owens Corning (NYSE:OC) Rating Lowered to Hold at Zacks Investment Research

Owens Corning (NYSE:OCGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday, Zacks.com reports. They presently have a $91.00 target price on the construction company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 3.69% from the stock’s current price.

According to Zacks, “Owens Corning’s shares have outperformed the industry in the year-to-date period. The company has been benefitting from strong demand across markets served as well as commercial and operational execution. Also, focus on acquisition initiatives bode well. The company continues to invest in new insulation materials and systems in nonresidential applications to expand its global product offerings. However, supply chain disruptions and inflationary pressures in material and transportation remain headwinds. Although the company has been working to recover higher commodity cost through various price increases, it expects this ongoing volatility in material and transportation costs to persist in the near term. Meanwhile, earnings estimates for 2022 have declined in the past 30 days, depicting analysts concern regarding the stock growth potential.”

OC has been the subject of several other research reports. Wells Fargo & Company upped their price target on Owens Corning from $98.00 to $105.00 and gave the stock an “equal weight” rating in a report on Thursday, February 17th. Loop Capital reduced their price objective on Owens Corning from $120.00 to $105.00 and set a “buy” rating for the company in a research note on Friday, April 8th. Bank of America upped their price target on Owens Corning from $112.00 to $119.00 and gave the company a “buy” rating in a research report on Thursday, February 17th. UBS Group started coverage on Owens Corning in a research report on Wednesday, January 19th. They set a “buy” rating and a $122.00 price target on the stock. Finally, JPMorgan Chase & Co. dropped their price objective on Owens Corning from $123.00 to $108.00 and set a “neutral” rating on the stock in a report on Wednesday, March 30th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Owens Corning has a consensus rating of “Hold” and a consensus price target of $111.67.

OC traded up $1.39 during trading on Tuesday, hitting $87.76. The company’s stock had a trading volume of 12,511 shares, compared to its average volume of 1,028,926. Owens Corning has a twelve month low of $79.35 and a twelve month high of $109.89. The company has a quick ratio of 1.19, a current ratio of 1.83 and a debt-to-equity ratio of 0.68. The stock’s fifty day moving average price is $91.23 and its 200-day moving average price is $91.02. The firm has a market capitalization of $8.69 billion, a P/E ratio of 9.21, a PEG ratio of 0.59 and a beta of 1.47.

Owens Corning (NYSE:OCGet Rating) last issued its quarterly earnings results on Wednesday, February 16th. The construction company reported $2.20 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.90 by $0.30. Owens Corning had a return on equity of 22.58% and a net margin of 11.71%. The firm had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.04 billion. During the same period in the previous year, the firm earned $1.90 earnings per share. The company’s revenue was up 10.7% compared to the same quarter last year. Equities research analysts expect that Owens Corning will post 10.38 EPS for the current fiscal year.

Several large investors have recently bought and sold shares of the stock. FMR LLC increased its stake in Owens Corning by 509.6% during the first quarter. FMR LLC now owns 693,589 shares of the construction company’s stock worth $32,682,000 after acquiring an additional 579,805 shares during the last quarter. Morgan Stanley increased its stake in Owens Corning by 157.2% during the second quarter. Morgan Stanley now owns 398,817 shares of the construction company’s stock worth $39,043,000 after acquiring an additional 243,775 shares during the last quarter. Bank of America Corp DE increased its stake in Owens Corning by 1.8% during the second quarter. Bank of America Corp DE now owns 611,913 shares of the construction company’s stock worth $59,906,000 after acquiring an additional 10,754 shares during the last quarter. M&T Bank Corp increased its stake in Owens Corning by 3.9% during the third quarter. M&T Bank Corp now owns 3,422 shares of the construction company’s stock worth $292,000 after acquiring an additional 130 shares during the last quarter. Finally, Banque Cantonale Vaudoise increased its stake in Owens Corning by 1.1% during the third quarter. Banque Cantonale Vaudoise now owns 14,975 shares of the construction company’s stock worth $1,281,000 after acquiring an additional 170 shares during the last quarter. Institutional investors own 92.08% of the company’s stock.

Owens Corning Company Profile (Get Rating)

Owens Corning manufactures and markets insulation, roofing, and fiberglass composite materials in the United States, Canada, Europe, the Asia Pacific, and internationally. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and glass fiber products in the form of fabrics, non-wovens, and other specialized products.

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