Barclays Lowers Owens Corning Price Target Amid Market Concerns

Analysts at Barclays have adjusted their price target for **Owens Corning** (NYSE: OC) from **$173.00** to **$131.00**, reflecting a more cautious outlook for the construction materials company. This revision, detailed in a research note issued on **October 5, 2023**, maintains an “overweight” rating on the stock, suggesting that analysts still see potential for growth despite the downward adjustment. The new price target indicates a possible upside of **25.86%** from the stock’s previous closing price.

Other financial institutions have also weighed in on Owens Corning’s stock. **Wells Fargo & Company** recently raised its price target from **$170.00** to **$175.00**, while maintaining an “overweight” rating in a report dated **September 11, 2023**. Conversely, **Royal Bank of Canada** lowered their target from **$184.00** to **$180.00** on **August 7, 2023**, with an “outperform” rating. **Bank of America** followed suit by reducing its target from **$180.00** to **$168.00** on **October 1, 2023**, and also rated the stock as a “buy.” Additionally, **Evercore ISI** decreased its price objective from **$169.00** to **$153.00** on **October 7, 2023**, marking an “in-line” rating. Finally, **Zacks Research** downgraded Owens Corning from a “hold” to a “strong sell” on **October 15, 2023**.

The consensus among analysts shows a mixture of optimism and caution, with ten rating the stock as a Buy, six as a Hold, and one as a Sell. According to data from **MarketBeat.com**, Owens Corning currently holds an average rating of “Moderate Buy” with an average target price of **$162.92**.

Recent Earnings and Financial Performance

Owens Corning reported its quarterly earnings on **November 5, 2023**. The company posted **$3.67** earnings per share (EPS), exceeding analysts’ consensus estimate of **$3.64** by **$0.03**. Despite this positive news, Owens Corning’s revenue for the quarter reached **$2.68 billion**, slightly below the expected **$2.71 billion**. The company’s net margin was reported at **2.98%**, with a return on equity of **24.49%**. In comparison to the previous year, the revenue declined by **2.9%**, and the EPS was down from **$4.38**.

Looking ahead, Owens Corning has guided for an EPS target for the fourth quarter of **2025**. Analysts project that the company will achieve an average EPS of **$15.49** for the current fiscal year.

Institutional Ownership Trends

Recent activity among institutional investors indicates shifting interests in Owens Corning’s stock. Notably, **Twin Peaks Wealth Advisors LLC** acquired a new stake valued at **$26,000** during the second quarter. Similarly, **Bangor Savings Bank** and **Rexford Capital Inc.** each bought new positions valued at approximately **$28,000**. **Migdal Insurance & Financial Holdings Ltd.** also entered the market with a stake of about **$30,000**.

In a noteworthy move, **Vermillion & White Wealth Management Group LLC** increased its stake by **149.4%**, bringing its total holdings to **222 shares** worth approximately **$31,000** after purchasing an additional **133 shares** in the last quarter. Currently, institutional investors hold **88.40%** of Owens Corning’s stock, showcasing strong confidence from larger financial entities.

Owens Corning specializes in manufacturing and selling building and construction materials across North America, Europe, the Asia Pacific, and other international markets. The company operates in three main segments: Roofing, Insulation, and Composites, with products including asphalt roofing shingles and insulation materials utilized in various construction applications.

As market conditions evolve, investors will be closely monitoring Owens Corning’s performance and analyst recommendations in the coming months.