Royal Bank Of Canada Issues Pessimistic Forecast for Owens Corning (NYSE:OC) Stock Price

Owens Corning (NYSE:OC) had its price target dropped by investment analysts at Royal Bank Of Canada from $127.00 to $119.00 in a report issued on Thursday, Benzinga reports. The firm currently has a “sector perform” rating on the construction company’s stock. Royal Bank Of Canada‘s price target points to a potential downside of 2.68% from the company’s previous close.

A number of other analysts have also recently commented on OC. Bank of America lowered their price objective on shares of Owens Corning from $155.00 to $145.00 and set a “buy” rating for the company in a research report on Tuesday, October 27th. Benchmark reiterated a “hold” rating on shares of Owens Corning in a report on Wednesday, July 15th. Wells Fargo & Company boosted their target price on Owens Corning from $125.00 to $133.00 and gave the company an “overweight” rating in a research note on Thursday. Barclays lowered their price target on Owens Corning from $177.00 to $162.00 and set an “overweight” rating for the company in a report on Tuesday, October 6th. Finally, Truist Financial raised their price target on Owens Corning from $115.00 to $120.00 and gave the stock a “hold” rating in a research report on Thursday. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, five have assigned a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $142.43.

Owens Corning Trading Down 4.3%

OC traded down $5.53 during midday trading on Thursday, reaching $122.28. 1,199,146 shares of the company were exchanged, compared to its average volume of 1,234,712. The stock has a market capitalization of $9.67 billion, a P/E ratio of -15.16, a PEG ratio of 3.47 and a beta of 1.31. Owens Corning has a one year low of $97.53 and a one year high of $159.91. The stock’s 50-day simple moving average is $122.84 and its 200 day simple moving average is $126.13. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.67 and a current ratio of 1.16.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, November 4th. The construction company reported $2.44 EPS for the quarter, missing analysts’ consensus estimates of $3.07 by ($0.63). The company had revenue of $2.49 billion during the quarter, compared to the consensus estimate of $2.62 billion. Owens Corning had a negative net margin of 6.81% and a positive return on equity of 20.52%. During the same period last year, the company earned $3.67 earnings per share. The business’s revenue was down 7.3% compared to the same quarter last year. As a group, analysts forecast that Owens Corning will post 9.39 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Rachel Barthelemy Marcon sold 900 shares of Owens Corning stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $144.07, for a total value of $129,663.00. Following the sale, the insider owned 21,449 shares of the company’s stock, valued at approximately $3,090,157.43. This trade represents a 4.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.92% of the company’s stock.

Hedge Funds Weigh In On Owens Corning

Several hedge funds have recently made changes to their positions in OC. BlackRock Inc. bought a new position in Owens Corning in the second quarter valued at about $1,401,161,000. Dimensional Fund Advisors LP lifted its holdings in shares of Owens Corning by 7.3% in the first quarter. Dimensional Fund Advisors LP now owns 2,764,616 shares of the construction company’s stock worth $299,167,000 after acquiring an additional 188,211 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of Owens Corning by 22.7% in the first quarter. First Trust Advisors LP now owns 2,179,214 shares of the construction company’s stock worth $235,835,000 after acquiring an additional 403,803 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Owens Corning by 721.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,170,179 shares of the construction company’s stock valued at $125,513,000 after purchasing an additional 1,027,800 shares in the last quarter. Finally, Nykredit A S acquired a new stake in shares of Owens Corning in the 2nd quarter valued at approximately $166,083,000. 88.40% of the stock is owned by institutional investors.

Owens Corning News Summary

Here are the key news stories impacting Owens Corning this week:

• Positive Sentiment: Wells Fargo raised its price target to $133 from $125 and reiterated an Overweight rating, implying potential upside from the then-current share price. Wells Fargo rating update
• Neutral Sentiment: Analyst updates were mixed: Truist lifted its target to $120 from $115 but kept a Hold rating, while Deutsche Bank cut its target to $134 from $145 but maintained Buy. Truist target update Deutsche Bank target update
• Neutral Sentiment: For Q4, Owens Corning forecast revenue of $2.0 billion–$2.2 billion and an adjusted EBITDA margin of about 10%–12%, while citing storm-related and inflation headwinds. Q4 outlook
• Negative Sentiment: Third-quarter adjusted EPS of $2.44 missed analyst expectations of about $3, while revenue of $2.49 billion fell short of estimates and declined 7.3% year over year. The company also recorded a $476 million non-cash impairment charge tied to its Doors business, contributing to a reported net loss. Operating cash flow was $813 million, and adjusted EBITDA margin was 20%. Third-quarter results

About Owens Corning

Owens Corning (NYSE:OC) is a global building materials company that develops and manufactures products used in residential, commercial and industrial construction. Its offerings are designed to improve energy efficiency, weather protection, durability and comfort in buildings.

The company’s primary businesses include roofing, insulation and doors. Its products include asphalt roofing shingles and components, fiberglass and mineral wool insulation, and residential and commercial door systems.