Owens Corning (NYSE:OC) to Repurchase 12,000,000 Stock

Owens Corning (NYSE:OC) declared that its board has authorized a share repurchase plan on Wednesday, May 14th, RTT News reports. The company plans to buyback 12,000,000 outstanding shares. This buyback authorization permits the construction company to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

OC has been the subject of a number of research analyst reports. Wells Fargo & Company raised their price objective on shares of Owens Corning from $150.00 to $160.00 and gave the stock an “overweight” rating in a report on Thursday. Deutsche Bank Aktiengesellschaft began coverage on shares of Owens Corning in a research note on Tuesday, April 1st. They issued a “buy” rating and a $183.00 price target for the company. Royal Bank of Canada reduced their price objective on shares of Owens Corning from $199.00 to $184.00 and set an “outperform” rating on the stock in a research report on Thursday, May 8th. Loop Capital reduced their target price on shares of Owens Corning from $203.00 to $180.00 and set a “buy” rating on the stock in a research report on Thursday, May 8th. Finally, UBS Group reduced their target price on shares of Owens Corning from $235.00 to $218.00 and set a “buy” rating on the stock in a research report on Thursday, May 8th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Owens Corning has an average rating of “Moderate Buy” and an average price target of $189.45.

Owens Corning Price Performance

OC opened at $145.01 on Friday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44. The stock has a market capitalization of $12.33 billion, a P/E ratio of 12.34, a P/E/G ratio of 1.88 and a beta of 1.44. The company’s 50-day simple moving average is $141.15 and its two-hundred day simple moving average is $166.65. Owens Corning has a 52-week low of $123.41 and a 52-week high of $214.53.

Owens Corning (NYSE:OC) last issued its quarterly earnings data on Wednesday, May 7th. The construction company reported $2.97 earnings per share for the quarter, topping the consensus estimate of $2.82 by $0.15. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The firm had revenue of $2.53 billion for the quarter, compared to analysts’ expectations of $2.52 billion. During the same quarter in the prior year, the business earned $3.40 EPS. The business’s quarterly revenue was up 25.4% on a year-over-year basis. As a group, analysts predict that Owens Corning will post 15.49 EPS for the current year.

About Owens Corning

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.