Wells Fargo & Company Has Lowered Expectations for Owens Corning (NYSE:OC) Stock Price

Owens Corning (NYSE:OC) had its price target reduced by equities research analysts at Wells Fargo & Company from $155.00 to $125.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the construction company’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 11.40% from the stock’s previous close.

Several other brokerages have also commented on OC. Weiss Ratings restated a “sell (d+)” rating on shares of Owens Corning in a research report on Friday, March 27th. Zacks Research downgraded shares of Owens Corning from a “hold” rating to a “strong sell” rating in a report on Monday, March 16th. Royal Bank Of Canada set a $143.00 price target on shares of Owens Corning in a report on Friday, January 9th. Citigroup cut their price target on shares of Owens Corning from $137.00 to $135.00 and set a “buy” rating for the company in a report on Thursday, January 8th. Finally, Argus upgraded shares of Owens Corning to a “strong-buy” rating in a report on Wednesday, January 14th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Owens Corning currently has an average rating of “Moderate Buy” and a consensus price target of $145.73.

Owens Corning Stock Performance

Shares of NYSE OC traded up $7.08 during mid-day trading on Wednesday, hitting $112.20. 808,289 shares of the company were exchanged, compared to its average volume of 1,445,976. The company has a quick ratio of 0.70, a current ratio of 1.26 and a debt-to-equity ratio of 1.20. The stock has a 50 day simple moving average of $117.71 and a 200-day simple moving average of $119.06. Owens Corning has a 1-year low of $97.53 and a 1-year high of $159.42. The firm has a market cap of $9.02 billion, a price-to-earnings ratio of -17.53, a price-to-earnings-growth ratio of 1.71 and a beta of 1.35.

Owens Corning (NYSE:OC) last issued its quarterly earnings results on Wednesday, February 25th. The construction company reported $1.10 earnings per share for the quarter, missing the consensus estimate of $1.36 by ($0.26). Owens Corning had a positive return on equity of 21.93% and a negative net margin of 5.17%.The company had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.17 billion. During the same period in the prior year, the business earned $3.22 earnings per share. Owens Corning’s revenue for the quarter was down 16.8% compared to the same quarter last year. On average, sell-side analysts forecast that Owens Corning will post 15.49 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Rexford Capital Inc. purchased a new position in shares of Owens Corning in the second quarter valued at $28,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Owens Corning in the 2nd quarter worth about $30,000. Itau Unibanco Holding S.A. acquired a new stake in Owens Corning in the 4th quarter worth about $29,000. Root Financial Partners LLC acquired a new stake in Owens Corning in the 3rd quarter worth about $39,000. Finally, Measured Wealth Private Client Group LLC acquired a new stake in Owens Corning in the 3rd quarter worth about $42,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

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.