Owens Corning (NYSE:OC) Earns Buy Rating from Analysts at Goldman Sachs Group

Investment analysts at Goldman Sachs Group started coverage on shares of Owens Corning (NYSE:OC) in a report released on Friday, The Fly reports. The brokerage set a “buy” rating and a $80.00 price target on the construction company’s stock. Goldman Sachs Group’s target price suggests a potential upside of 20.51% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the company. Longbow Research lifted their price target on Owens Corning from $66.00 to $79.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Argus raised Owens Corning from a “hold” rating to a “buy” rating and set a $72.00 price target for the company in a report on Tuesday, October 29th. SunTrust Banks upped their price target on shares of Owens Corning from $58.00 to $62.00 and gave the company a “hold” rating in a research note on Friday, October 25th. BNP Paribas started coverage on shares of Owens Corning in a report on Wednesday, October 9th. They issued an “outperform” rating on the stock. Finally, Wells Fargo & Co raised shares of Owens Corning from a “market perform” rating to an “outperform” rating in a report on Wednesday, November 27th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $64.32.

OC traded up $0.28 during mid-day trading on Friday, reaching $66.39. The stock had a trading volume of 237,206 shares, compared to its average volume of 1,605,281. The firm’s fifty day simple moving average is $64.45 and its two-hundred day simple moving average is $57.93. The stock has a market capitalization of $7.30 billion, a P/E ratio of 13.44, a P/E/G ratio of 1.82 and a beta of 1.24. Owens Corning has a 52 week low of $40.64 and a 52 week high of $68.72. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 1.69.

Owens Corning (NYSE:OC) last issued its quarterly earnings results on Wednesday, October 23rd. The construction company reported $1.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.13. The business had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.86 billion. Owens Corning had a return on equity of 12.14% and a net margin of 6.99%. The firm’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.54 earnings per share. As a group, analysts expect that Owens Corning will post 4.58 EPS for the current fiscal year.

In other Owens Corning news, VP Kelly Schmidt sold 1,589 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $60.53, for a total transaction of $96,182.17. Following the completion of the transaction, the vice president now directly owns 15,264 shares of the company’s stock, valued at $923,929.92. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director W Howard Morris sold 1,000 shares of the firm’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $65.16, for a total value of $65,160.00. Following the completion of the sale, the director now directly owns 37,766 shares of the company’s stock, valued at $2,460,832.56. The disclosure for this sale can be found here. In the last ninety days, insiders sold 65,558 shares of company stock worth $4,093,346. Insiders own 1.70% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of OC. HG Vora Capital Management LLC purchased a new position in shares of Owens Corning during the second quarter worth approximately $221,160,000. Nuveen Asset Management LLC purchased a new position in Owens Corning during the second quarter worth $94,656,000. Maverick Capital Ltd. boosted its stake in Owens Corning by 82.5% during the second quarter. Maverick Capital Ltd. now owns 3,507,466 shares of the construction company’s stock worth $204,135,000 after buying an additional 1,585,968 shares during the period. Platinum Investment Management Ltd. purchased a new position in Owens Corning during the second quarter worth $91,906,000. Finally, State Street Corp increased its position in Owens Corning by 35.9% during the third quarter. State Street Corp now owns 4,218,249 shares of the construction company’s stock valued at $266,593,000 after acquiring an additional 1,113,210 shares during the last quarter. Hedge funds and other institutional investors own 99.25% of the company’s stock.

Owens Corning Company Profile

Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential, commercial, and industrial building materials worldwide. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and manufactures and sells glass fiber products in the form of fabrics, non-wovens, and other specialized products.

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Analyst Recommendations for Owens Corning (NYSE:OC)

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