$1.06 Earnings Per Share Expected for Owens Corning Inc (NYSE:OC) This Quarter
Wall Street brokerages expect Owens Corning Inc (NYSE:OC) to announce earnings per share of $1.06 for the current quarter, Zacks Investment Research reports. Seven analysts have made estimates for Owens Corning’s earnings, with the highest EPS estimate coming in at $1.16 and the lowest estimate coming in at $0.90. Owens Corning posted earnings of $1.29 per share during the same quarter last year, which suggests a negative year-over-year growth rate of 17.8%. The firm is scheduled to issue its next earnings report before the market opens on Wednesday, July 26th.
On average, analysts expect that Owens Corning will report full-year earnings of $4.07 per share for the current fiscal year, with EPS estimates ranging from $3.79 to $4.25. For the next financial year, analysts anticipate that the business will post earnings of $4.52 per share, with EPS estimates ranging from $4.20 to $5.09. Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side research firms that follow Owens Corning.
Owens Corning (NYSE:OC) last issued its quarterly earnings data on Wednesday, April 26th. The construction company reported $0.85 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $1.31 billion. During the same period last year, the company posted $0.53 EPS. The business’s revenue was up 20.1% on a year-over-year basis.
OC has been the subject of a number of research reports. Barclays PLC upped their target price on shares of Owens Corning from $64.00 to $70.00 and gave the stock an “equal weight” rating in a report on Wednesday, June 28th. Jefferies Group LLC reissued a “buy” rating and issued a $72.00 price objective on shares of Owens Corning in a report on Sunday, July 9th. Wedbush raised shares of Owens Corning from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $58.00 to $72.00 in a report on Friday, March 31st. Stifel Nicolaus upped their price objective on shares of Owens Corning from $64.00 to $72.00 and gave the company a “buy” rating in a report on Monday, May 1st. Finally, Northcoast Research set a $76.00 price objective on shares of Owens Corning and gave the company a “buy” rating in a report on Tuesday, June 27th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and sixteen have given a buy rating to the company. The company has an average rating of “Buy” and an average target price of $66.80.
Owens Corning (NYSE:OC) traded down 0.14% during midday trading on Friday, hitting $64.76. 524,234 shares of the stock traded hands. The firm has a market cap of $7.25 billion, a PE ratio of 16.98 and a beta of 1.11. Owens Corning has a 52-week low of $46.45 and a 52-week high of $67.74. The stock has a 50-day moving average of $65.55 and a 200 day moving average of $60.59.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 2nd. Stockholders of record on Monday, July 17th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, July 13th. This represents a $0.80 annualized dividend and a dividend yield of 1.24%. Owens Corning’s dividend payout ratio is presently 21.00%.
In other news, Director James J. Mcmonagle sold 2,000 shares of the stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $64.60, for a total transaction of $129,200.00. Following the sale, the director now owns 50,906 shares of the company’s stock, valued at $3,288,527.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Arnaud Genis sold 21,544 shares of the stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $65.44, for a total transaction of $1,409,839.36. Following the sale, the insider now directly owns 80,143 shares in the company, valued at approximately $5,244,557.92. The disclosure for this sale can be found here. 1.80% of the stock is currently owned by corporate insiders.
Several hedge funds have recently modified their holdings of OC. Quantitative Systematic Strategies LLC acquired a new stake in shares of Owens Corning during the first quarter valued at about $203,000. Boston Advisors LLC boosted its stake in shares of Owens Corning by 22.2% in the first quarter. Boston Advisors LLC now owns 60,356 shares of the construction company’s stock valued at $3,704,000 after buying an additional 10,952 shares in the last quarter. BKD Wealth Advisors LLC acquired a new stake in shares of Owens Corning during the first quarter valued at about $325,000. CrestPoint Capital Management LLC boosted its stake in shares of Owens Corning by 3.3% in the first quarter. CrestPoint Capital Management LLC now owns 12,500 shares of the construction company’s stock valued at $767,000 after buying an additional 400 shares in the last quarter. Finally, Bank of Montreal Can boosted its stake in shares of Owens Corning by 15.4% in the first quarter. Bank of Montreal Can now owns 1,108,114 shares of the construction company’s stock valued at $68,006,000 after buying an additional 148,259 shares in the last quarter.
Owens Corning Company Profile
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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