Northcoast Research Thinks Owens Corning’s Stock is Going to Recover

By Austin Angelo

In a report released yesterday, Kevin Hocevar from Northcoast Research reiterated a Buy rating on Owens Corning (NYSE: OC), with a price target of $81. The company’s shares closed yesterday at $60.71, close to its 52-week low of $56.25.

According to TipRanks.com, Hocevar is a 1-star analyst with an average return of -0.3% and a 46.2% success rate. Hocevar covers the Consumer Goods sector, focusing on stocks such as Mohawk Industries, RPM International, and Orion Engineered.

Currently, the analyst consensus on Owens Corning is a Moderate Buy with an average price target of $78.78, implying a 29.8% upside from current levels. In a report issued on July 25, Seaport Global also reiterated a Buy rating on the stock with a $72 price target.

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Based on Owens Corning’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $1.69 billion and net profit of $92 million. In comparison, last year the company earned revenue of $1.6 billion and had a net profit of $96 million.

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Owens Corning engages in the development, manufacture, and marketing of insulation, roofing, and fiberglass composites. It operates through the following segments: Composites, Insulation, and Roofing.