Owens-Corning (NYSE:OC) Stock

Owens-Corning

Owens-Corning Inc is a manufacturer of glass fiber utilized in composites and building materials. It has an integrated business model with three reportable segments: Composites, Insulation, and Roofing. It generates maximum revenue from the Roofing segment. Its Roofing segment laminate and strip asphalt roofing shingles, roofing components, synthetic packaging materials, and oxidized asphalt. It meets the growing demand for longer-lasting, aesthetically attractive laminate products with modest capital investment. Geographically the company generates the majority of its revenue from the United States.

Analysts expect Ford Motor Co. (NYSE: F) to post quarterly earnings at 33 cents per share on revenue of $43.25 billion after the closing bell. Ford shares fell 0.7% to $10.09 in after-hours trading.

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Owens Corning Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

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Shares of companies in the broader industrial sector are trading lower amid overall market weakness on US consumer and economic concerns.

Owens Corning (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OC#NYSE">OC</a>) will release its fourth-quarter financial results after the <a href="https://www.benzinga.com/quote/oc/earnings">closing bell on Monday, Feb. 24</a>.
Analysts expect the Toledo, Ohio-based company to report quarterly earnings at $2.91 per share, down from $3.21 per share in the year-ago period. Owens Corning projects quarterly revenue of $2.77 billion, compared to $2.3 billion a year earlier, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On Feb. 14, Owens Corning agreed to sell glass reinforcements business to Praana Group at an enterprise value of $755 million.
Owens Corning shares fell 1.2% to close at $172.10 on Thursday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/oc/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li>Loop Capital analyst Garik Shmois maintained a Buy rating and cut the price target from $215 to $210 on Jan. 10, 2025. This analyst has an accuracy rate of 70%.</li>
<li>Citigroup analyst Paul Lejuez maintained a Buy rating and slashed the price target from $212 to $207 on Jan. 6, 2025. This analyst has an accuracy rate of 65%.</li>
<li>Barclays analyst Matthew Bouley upgraded the stock from Equal-Weight to Overweight and boosted the price target from $192 to $245 on Dec. 11, 2024. This analyst has an accuracy rate of 72%.</li>
<li>RBC Capital analyst Mike Dahl maintained an Outperform rating and raised the price target from $213 to $217 on Nov. 7, 2024. This analyst has an accuracy rate of 73%.</li>
<li>UBS analyst John Lovallo maintained a Buy rating and boosted the price target from $197 to $218 on Nov. 7, 2024. This analyst has an accuracy rate of 69%.</li>
</ul>
Considering buying OC stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="570" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/21042541/image-178-1024x570.png" alt="" class="wp-image-792715" style="width:607px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/21042541/image-178-1024x570.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/21042541/image-178-300x167.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/21042541/image-178-768x428.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/21042541/image-178.png 1142w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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In a recent shift of investment strategy,&nbsp;David Tepper&#8216;s hedge fund,&nbsp;Appaloosa LP, has made significant alterations to its portfolio. 
What Happened: The firm&#8217;s latest 13F filing reveals a reduction in semiconductor holdings, while stakes in other tech stocks, including&nbsp;Oracle Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) and the&nbsp;ARK Innovation ETF (ARKK), have been increased.
Appaloosa LP, during&nbsp;the fourth quarter of 2023,&nbsp;purchased&nbsp;1.3 million shares in Oracle&nbsp;Corp worth approximately&nbsp;$140 million and a call&nbsp;option for nearly&nbsp;2.6 million shares of the&nbsp;ARK Innovation ETF valued at over $133 million. The hedge fund also established&nbsp;new positions in FMC Corp.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FMC#NYSE">FMC</a>) and General Motors Co.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>).
Investments were also made&nbsp;in the home improvement, construction,&nbsp;and building materials sectors, with the acquisition of shares in firms such as Masco Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAS#NYSE">MAS</a>), Mohawk Industries Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MHK#NYSE">MHK</a>), and Owens Corning (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OC#NYSE">OC</a>).
According to a report <a href="https://www.investopedia.com/tepper-appaloosa-13f-q4-2023-8580346">by </a>Investopedia, Appaloosa reduced its positions in&nbsp;several tech firms, including Advanced Micro Devices (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>),&nbsp;Alphabet Class C stock (GOOG),&nbsp;Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>), Uber Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>), and&nbsp;Taiwan Semiconductor Manufacturing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>).&nbsp;The largest sell-off involved&nbsp;nearly 1.7 million shares of&nbsp;Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>).
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Outside of tech, the fund sold off shares in KE Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BEKE#NYSE">BEKE</a>), Macy&#8217;s Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/M#NYSE">M</a>), and PDD Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>). On the flip side, Appaloosa added to its existing positions in Caesars Entertainment Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CZR#NASDAQ">CZR</a>), MPLX LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPLX#NYSE">MPLX</a>), Alibaba Group Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), Amazon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), and Microsoft (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>).
The hedge fund also&nbsp;exited two positions entirely in&nbsp;the fourth quarter, selling off&nbsp;shares of Arista Networks (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ANET#NYSE">ANET</a>)&nbsp;and Enterprise Products Partners (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EPD#NYSE">EPD</a>).
Why It Matters: Appaloosa&#8217;s portfolio reshuffle indicates a strategic shift towards diversification. The reduction in semiconductor holdings comes amidst a global chip shortage, potentially signaling a cautious approach. 
The increased stakes in other tech stocks and the home improvement sector suggest a focus on industries that have shown resilience during the pandemic. The fund&#8217;s&nbsp;new positions in FMC Corp.&nbsp;and General Motors Co. indicate a bet on the agrochemical and automotive industries, respectively. 
The sell-offs, on the other hand, might reflect an attempt to mitigate risks associated with specific stocks or sectors.
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Image: Shutterstock

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This sale is a part of Owens Corning's strategic plan to reshape the company to focus on residential and commercial building products in North America and Europe.
The sale will complete Owens Corning's review of strategic alternatives for the business announced in early 2024. The transaction is expected to close in 2025 and is subject to customary regulatory approvals and other conditions.
 &nbsp;

Asset Sales

Owens Corning Signs Definitive Deal For Sale Of Glass Reinforcements Business To Praana Group At Enterprise Value Of $755M

Owens Corning Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OC#NYSE">OC</a>) shares are trading <a target="_blank" href="https://www.benzinga.com/movers" rel="noreferrer noopener">relatively flat on Tuesday.</a>
The company is taking a major step to strengthen its roofing business with a strategic investment in a new shingle manufacturing <a target="_blank" href="https://www.benzinga.com/pressreleases/25/02/b43624179/owens-corning-to-build-new-shingle-plant-in-southeastern-u-s" rel="noreferrer noopener">facility in the southeastern U.S.</a>
This addition is part of Owens Corning&#8217;s ongoing efforts to expand its Roofing manufacturing network to meet the rising demand for shingles.
The new facility will feature automation and a four-wide laminator, allowing the plant to produce up to six million squares of shingles annually.
Scheduled to begin production in 2027, the plant will manufacture Owens Corning&#8217;s premium shingles, including the popular Duration series.
In addition, the plant will create nearly 100 skilled manufacturing jobs in the region. The exact location, however, will be revealed later this year.
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Gunner Smith, Owens Corning&#8217;s Roofing President, said, &#8220;Through this investment, and the many investments we have made over the last several years to enhance our manufacturing network, we are expanding our ability to meet the strong demand for Owens Corning shingles.&#8221;
This new plant builds on recent investments aimed at expanding the company&#8217;s manufacturing capacity.
As previously announced, Owens Corning is also enhancing production at its Medina, Ohio plant through a new laminate line, which is expected to start operations mid-year.
Combined, these initiatives are set to significantly boost Owens Corning&#8217;s shingle production network.
In November, the company said it forecasts strong performance for the fourth quarter of FY24 despite challenging market conditions,<a target="_blank" href="https://www.benzinga.com/news/earnings/24/11/41771707/owens-corning-delivers-q3-earnings-beat-forecasts-strong-q4-despite-market-headwinds" rel="noreferrer noopener"> expecting net sales growth of around 20%.</a>
Owens Corning plans to announce its&nbsp;fourth-quarter&nbsp;results on <a target="_blank" href="https://www.benzinga.com//node/43589430" rel="noreferrer noopener">February 24, 2025.</a>
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, OC stock has gained over 20% in the past year. Investors can gain exposure to the stock via&nbsp;VanEck Low Carbon Energy ETF (SMOG).
Price Action: OC shares are trading lower by 0.17% to $179.84 at last check Tuesday.
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Image via Shutterstock.

Owens-Corning (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OC#NYSE">OC</a>) has outperformed the market over the past 5 years by 10.86% on an annualized basis producing an average annual return of 24.03%. Currently, Owens-Corning has a market capitalization of $15.96 billion. 
Buying $100 In OC: If an investor had bought $100 of OC stock 5 years ago, it would be worth $285.96 today based on a price of $186.00 for OC at the time of writing.
<h3>Owens-Corning's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1737474380_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$100 Invested In This Stock 5 Years Ago Would Be Worth This Much Today

Loop Capital analyst Garik Shmois maintains Owens-Corning (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OC#NYSE">OC</a>) with a Buy and lowers the price target from $215 to $210.

Loop Capital Maintains Buy on Owens-Corning, Lowers Price Target to $210

Citigroup analyst Paul Lejuez maintains Owens-Corning (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OC#NYSE">OC</a>) with a Buy and lowers the price target from $212 to $207.

Citigroup Maintains Buy on Owens-Corning, Lowers Price Target to $207

Wells Fargo analyst Sam Reid upgrades Owens-Corning (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OC#NYSE">OC</a>) from Equal-Weight to Overweight and raises the price target from $195 to $225.

Upgrades

Wells Fargo Upgrades Owens-Corning to Overweight, Raises Price Target to $225

Providing a diverse range of perspectives from bullish to bearish, 8 analysts have published ratings on Owens-Corning (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OC#NYSE">OC</a>) in the last three months.
In the table below, you'll find a summary of their recent ratings, revealing the shifting sentiments over the past 30 days and comparing them to the previous months.
<table>
<thead>
<tr>
<th></th>
<th align="right">Bullish</th>
<th align="right">Somewhat Bullish</th>
<th align="right">Indifferent</th>
<th align="right">Somewhat Bearish</th>
<th align="right">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td align="right">1</td>
<td align="right">2</td>
<td align="right">5</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td align="right">1</td>
<td align="right">1</td>
<td align="right">4</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
</tbody>
</table>
Analysts have set 12-month price targets for Owens-Corning, revealing an average target of $204.12, a high estimate of $245.00, and a low estimate of $175.00. This current average reflects an increase of 10.04% from the previous average price target of $185.50. 
<img src="https://www.benzinga.com/files/images/story/2024/1733950848_0.png" alt="price target chart" />
<h2>Investigating Analyst Ratings: An Elaborate Study</h2>
In examining recent analyst actions, we gain insights into how financial experts perceive Owens-Corning. The following summary outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Matthew Bouley</td>
<td>Barclays</td>
<td>Raises</td>
<td>Overweight</td>
<td>$245.00</td>
<td>$192.00</td>
</tr>
<tr>
<td>Mike Dahl</td>
<td>RBC Capital</td>
<td>Raises</td>
<td>Outperform</td>
<td>$217.00</td>
<td>$213.00</td>
</tr>
<tr>
<td>Susan Maklari</td>
<td>Goldman Sachs</td>
<td>Raises</td>
<td>Neutral</td>
<td>$198.00</td>
<td>$178.00</td>
</tr>
<tr>
<td>John Lovallo</td>
<td>UBS</td>
<td>Raises</td>
<td>Buy</td>
<td>$218.00</td>
<td>$197.00</td>
</tr>
<tr>
<td>Sam Reid</td>
<td>Wells Fargo</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$195.00</td>
<td>$175.00</td>
</tr>
<tr>
<td>Stephen Kim</td>
<td>Evercore ISI Group</td>
<td>Raises</td>
<td>In-Line</td>
<td>$196.00</td>
<td>$189.00</td>
</tr>
<tr>
<td>Stephen Kim</td>
<td>Evercore ISI Group</td>
<td>Raises</td>
<td>In-Line</td>
<td>$189.00</td>
<td>$175.00</td>
</tr>
<tr>
<td>Sam Reid</td>
<td>Wells Fargo</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$175.00</td>
<td>$165.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts adapt their recommendations to changing market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their response to recent developments related to Owens-Corning. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Providing a comprehensive analysis, analysts offer qualitative assessments, ranging from 'Outperform' to 'Underperform'. These ratings reflect expectations for the relative performance of Owens-Corning compared to the broader market.</li>
<li>Price Targets: Analysts provide insights into price targets, offering estimates for the future value of Owens-Corning's stock. This comparison reveals trends in analysts' expectations over time.</li>
</ul>
For valuable insights into Owens-Corning's market performance, consider these analyst evaluations alongside crucial financial indicators. Stay well-informed and make prudent decisions using our Ratings Table.
<a href="https://www.benzinga.com/quote/OC/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Owens-Corning analyst ratings.</a>
<h2>Get to Know Owens-Corning Better</h2>
Owens-Corning Inc is a manufacturer of glass fiber utilized in composites and building materials. It has an integrated business model with three reportable segments: Composites, Insulation, and Roofing. It generates maximum revenue from the Roofing segment. Its Roofing segment laminate and strip asphalt roofing shingles, roofing components, synthetic packaging materials, and oxidized asphalt. It meets the growing demand for longer-lasting, aesthetically attractive laminate products with modest capital investment. Geographically the company generates the majority of its revenue from the United States.
<h3>Owens-Corning: A Financial Overview</h3>
Market Capitalization: With restricted market capitalization, the company is positioned below industry averages. This reflects a smaller scale relative to peers.
Positive Revenue Trend: Examining Owens-Corning's financials over 3 months reveals a positive narrative. The company achieved a noteworthy revenue growth rate of 22.87% as of 30 September, 2024, showcasing a substantial increase in top-line earnings. As compared to competitors, the company surpassed expectations with a growth rate higher than the average among peers in the Industrials sector.
Net Margin: Owens-Corning's net margin lags behind industry averages, suggesting challenges in maintaining strong profitability. With a net margin of 10.54%, the company may face hurdles in effective cost management.
Return on Equity (ROE): Owens-Corning's ROE falls below industry averages, indicating challenges in efficiently using equity capital. With an ROE of 5.79%, the company may face hurdles in generating optimal returns for shareholders.
Return on Assets (ROA): Owens-Corning's ROA is below industry standards, pointing towards difficulties in efficiently utilizing assets. With an ROA of 2.14%, the company may encounter challenges in delivering satisfactory returns from its assets.
Debt Management: Owens-Corning's debt-to-equity ratio stands notably higher than the industry average, reaching 1.06. This indicates a heavier reliance on borrowed funds, raising concerns about financial leverage.
<h2>The Core of Analyst Ratings: What Every Investor Should Know</h2>
Benzinga tracks 150 analyst firms and reports on their stock expectations. Analysts typically arrive at their conclusions by predicting how much money a company will make in the future, usually the upcoming five years, and how risky or predictable that company's revenue streams are.
Analysts attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish their ratings on stocks. Analysts typically rate each stock once per quarter or whenever the company has a major update.
Some analysts also offer predictions for helpful metrics such as earnings, revenue, and growth estimates to provide further guidance as to what to do with certain tickers. It is important to keep in mind that while stock and sector analysts are specialists, they are also human and can only forecast their beliefs to traders.
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What Analysts Are Saying About Owens-Corning Stock

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul>
<li>Stifel analyst Jim Duffy upgraded Fox Factory Holding Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOXF#NASDAQ">FOXF</a>) from Hold to Buy and announced a $40 price target. Fox Factory shares closed at $31.71 on Tuesday. <a href="https://www.benzinga.com/quote/FOXF/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>B. Riley Securities analyst Anna Glaessgen upgraded Sportsman&#8217;s Warehouse Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPWH#NASDAQ">SPWH</a>) from Neutral to Buy and raised the price target from $2 to $4. Sportsman&#8217;s Warehouse shares closed at $2.45 on Tuesday. <a href="https://www.benzinga.com/quote/SPWH/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Barclays analyst Matthew Bouley upgraded the rating for Owens Corning (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OC#NYSE">OC</a>) from Equal-Weight to Overweight and raised the price target from $192 to $245. Owens-Corning shares closed at $196.92 on Tuesday. See how other analysts view this stock.</li>
<li>Citigroup analyst Patrick Donnelly upgraded Mettler-Toledo International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTD#NYSE">MTD</a>) from Sell to Neutral and raised the price target from $1200 to $1300. Mettler-Toledo Intl shares closed at $1,270.69 on Tuesday. <a href="https://www.benzinga.com/quote/MTD/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Deutsche Bank analyst Michael Linenberg upgraded the rating for Frontier Group Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULCC#NASDAQ">ULCC</a>) from Hold to Buy and raised the price target from $6 to $8. Frontier Group shares closed at $6.01 on Tuesday. <a href="https://www.benzinga.com/quote/ULCC/analyst-ratings">See how other analysts view this stock.</a></li>
</ul>
Considering buying OC stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="567" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/11080722/image-89-1024x567.png" alt="" class="wp-image-687343" style="width:549px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/11080722/image-89-1024x567.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/11080722/image-89-300x166.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/11080722/image-89-768x426.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/11080722/image-89.png 1146w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>

Pre-Market Outlook

FOXF

SPWH

This Owens Corning Analyst Turns Bullish; Here Are Top 5 Upgrades For Wednesday

Barclays analyst Matthew Bouley upgrades Owens-Corning (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OC#NYSE">OC</a>) from Equal-Weight to Overweight and raises the price target from $192 to $245.

Barclays Upgrades Owens-Corning to Overweight, Raises Price Target to $245

Dividends

Owens Corning Increases Quarterly Dividend From $0.60 To $0.69

RBC Capital analyst Mike Dahl maintains Owens-Corning (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OC#NYSE">OC</a>) with a Outperform and raises the price target from $213 to $217.

RBC Capital Maintains Outperform on Owens-Corning, Raises Price Target to $217

Goldman Sachs analyst Susan Maklari maintains Owens-Corning (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OC#NYSE">OC</a>) with a Neutral and raises the price target from $178 to $198.

Goldman Sachs Maintains Neutral on Owens-Corning, Raises Price Target to $198

UBS analyst John Lovallo maintains Owens-Corning (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OC#NYSE">OC</a>) with a Buy and raises the price target from $197 to $218.

UBS Maintains Buy on Owens-Corning, Raises Price Target to $218

Wells Fargo analyst Sam Reid maintains Owens-Corning (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OC#NYSE">OC</a>) with a Equal-Weight and raises the price target from $175 to $195.

Wells Fargo Maintains Equal-Weight on Owens-Corning, Raises Price Target to $195

Evercore ISI Group analyst Stephen Kim maintains Owens-Corning (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OC#NYSE">OC</a>) with a In-Line and raises the price target from $189 to $196.

Evercore ISI Group Maintains In-Line on Owens-Corning, Raises Price Target to $196

Owens Corning Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OC#NYSE">OC</a>) reported a&nbsp;23%&nbsp;year-over-year growth in&nbsp;third-quarter&nbsp;net sales to&nbsp;$3.046 billion,&nbsp;marginally beating the <a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/b41768360/owens-corning-delivers-net-sales-of-3-0-billion-generates-net-earnings-of-321-million-and-adjusted" rel="noreferrer noopener">consensus of&nbsp;$3.043 billion</a>.
Sales by segments: Composites&nbsp;$534&nbsp;million&nbsp;(-6%), Insulation&nbsp;$946&nbsp;million&nbsp;(+4%), and Roofing&nbsp;$1.1 billion&nbsp;(relatively&nbsp;flat).
Doors reported revenue in its first full quarter, with&nbsp;net sales of&nbsp;$573 million. The company noted that market conditions remained challenging for this business, with decreased discretionary repair and remodel spending impacting demand and price.
Adjusted EPS was&nbsp;$4.38, up from&nbsp;$4.18 a year ago,&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">above the consensus of&nbsp;$4.05.</a>
Adjusted EBIT increased to $582 million from $518 million, with a 19% margin (vs. 21% prior-year quarter). Adjusted EBITDA rose 19% to $766 million, and the margin contracted to 25% from 26% a year ago quarter.
Operating cash flow totaled $699 million, up from $691 million, and free cash flow stood at $558 million (-4%). During the third quarter, the company returned $252 million through dividends and share repurchases.
Executive Vice President and Chief Financial Officer Todd Fister said, &#8221;We also executed a $200 million share repurchase program that delivered on our commitment to return significant cash to shareholders.&#8221;
Q4&nbsp;Outlook: Despite tougher market conditions, the company anticipates strong performance driven by portfolio and cost structure changes.
The company expects net sales growth of around 20%, with legacy business revenue slightly below fourth-quarter FY23, plus <a href="https://www.benzinga.com/calendars/guidance">added revenue from the Doors segment.</a>
The company forecasts a mid-teens EBIT margin and an EBITDA margin of about 20% for the fourth quarter of FY24.
Owens Corning expects near-term demand to be impacted by ongoing challenging conditions in most markets and normalizing seasonality.
2024&nbsp;Outlook: Owens Corning currently expects general corporate expenses of around $250 million (vs.&nbsp;$255 million-$265 million&nbsp;prior) and <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">capital additions of ~$650 million</a>.
Investors can gain exposure to the stock via SPDR Series Trust SPDR Homebuilders ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XHB#NYSE">XHB</a>) and SmartETFs Sustainable Energy II ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOLR#NYSE">SOLR</a>).
Price Action: OC shares traded lower by 4.11% at $175.05 premarket at the last check Wednesday.
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