Owens Corning Inc to Post Q3 2017 Earnings of $1.25 Per Share, Jefferies Group Forecasts (OC)
Owens Corning Inc (NYSE:OC) – Jefferies Group lifted their Q3 2017 EPS estimates for Owens Corning in a research report issued on Wednesday. Jefferies Group analyst P. Ng now anticipates that the construction company will earn $1.25 per share for the quarter, up from their previous estimate of $1.23. Jefferies Group has a “Buy” rating and a $77.00 price target on the stock. Jefferies Group also issued estimates for Owens Corning’s Q4 2017 earnings at $1.05 EPS, FY2017 earnings at $4.21 EPS and FY2018 earnings at $5.09 EPS.
Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, April 26th. The construction company reported $0.85 EPS for the quarter, beating the consensus estimate of $0.61 by $0.24. Owens Corning had a net margin of 7.38% and a return on equity of 11.56%. The business had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.31 billion. During the same period in the previous year, the company posted $0.53 EPS. Owens Corning’s revenue was up 20.1% on a year-over-year basis. ILLEGAL ACTIVITY NOTICE: This news story was originally posted by American Banking News and is the property of of American Banking News. If you are viewing this news story on another publication, it was stolen and republished in violation of United States and international copyright laws. The correct version of this news story can be viewed at https://www.americanbankingnews.com/2017/07/20/owens-corning-inc-to-post-q3-2017-earnings-of-1-25-per-share-jefferies-group-forecasts-oc.html.
A number of other research analysts also recently weighed in on the stock. BidaskClub downgraded shares of Owens Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, July 11th. Barclays PLC raised their target price on shares of Owens Corning from $64.00 to $70.00 and gave the company an “equal weight” rating in a research report on Wednesday, June 28th. Zacks Investment Research raised shares of Owens Corning from a “hold” rating to a “buy” rating and set a $75.00 target price for the company in a research report on Wednesday, June 28th. Northcoast Research set a $76.00 target price on shares of Owens Corning and gave the company a “buy” rating in a research report on Tuesday, June 27th. Finally, KeyCorp reissued an “overweight” rating and issued a $75.00 price objective (up previously from $70.00) on shares of Owens Corning in a research report on Monday, June 26th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and sixteen have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $66.80.
Owens Corning (NYSE OC) opened at 65.70 on Thursday. Owens Corning has a 12-month low of $46.45 and a 12-month high of $67.74. The stock has a market capitalization of $7.35 billion, a PE ratio of 17.22 and a beta of 1.11. The stock’s 50 day moving average is $65.48 and its 200 day moving average is $60.56.
A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in shares of Owens Corning by 1.1% in the first quarter. Vanguard Group Inc. now owns 10,371,554 shares of the construction company’s stock worth $636,503,000 after buying an additional 117,177 shares in the last quarter. BlackRock Inc. increased its stake in shares of Owens Corning by 4,010.8% in the first quarter. BlackRock Inc. now owns 6,496,203 shares of the construction company’s stock worth $398,669,000 after buying an additional 6,338,177 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Owens Corning by 8.4% in the first quarter. Dimensional Fund Advisors LP now owns 3,638,376 shares of the construction company’s stock worth $223,280,000 after buying an additional 280,680 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Owens Corning by 7.9% in the first quarter. Victory Capital Management Inc. now owns 3,297,541 shares of the construction company’s stock worth $202,370,000 after buying an additional 240,258 shares during the last quarter. Finally, State Street Corp increased its stake in shares of Owens Corning by 0.4% in the first quarter. State Street Corp now owns 2,305,764 shares of the construction company’s stock worth $141,507,000 after buying an additional 8,490 shares during the last quarter.
In related news, insider Arnaud Genis sold 21,544 shares of the business’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $65.44, for a total transaction of $1,409,839.36. Following the transaction, the insider now owns 80,143 shares in the company, valued at approximately $5,244,557.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James J. Mcmonagle sold 2,000 shares of the business’s stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $64.60, for a total transaction of $129,200.00. Following the transaction, the director now owns 50,906 shares in the company, valued at approximately $3,288,527.60. The disclosure for this sale can be found here. Corporate insiders own 1.80% of the company’s stock.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 2nd. Stockholders of record on Monday, July 17th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date is Thursday, July 13th. Owens Corning’s dividend payout ratio is currently 21.00%.
About Owens Corning
Owens Corning is engaged in the business of composite and building materials systems, delivering a range of products and services. The Company’s products range from glass fiber used to reinforce composite materials for transportation, electronics, marine, infrastructure, wind-energy and other markets to insulation and roofing for residential, commercial and industrial applications.
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