Owens Corning Inc (OC) Expected to Announce Quarterly Sales of $1.48 Billion
Analysts expect that Owens Corning Inc (NYSE:OC) will post $1.48 billion in sales for the current fiscal quarter, Zacks reports. Seven analysts have provided estimates for Owens Corning’s earnings, with the highest sales estimate coming in at $1.53 billion and the lowest estimate coming in at $1.45 billion. Owens Corning reported sales of $1.55 billion during the same quarter last year, which would suggest a negative year over year growth rate of 4.5%. The business is scheduled to issue its next earnings results before the market opens on Wednesday, July 26th.
According to Zacks, analysts expect that Owens Corning will report full year sales of $1.48 billion for the current year, with estimates ranging from $5.88 billion to $6.16 billion. For the next year, analysts anticipate that the business will report sales of $6.26 billion per share, with estimates ranging from $6.10 billion to $6.54 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that that provide coverage for Owens Corning.
Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, April 26th. The construction company reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.24. The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.31 billion. Owens Corning had a return on equity of 11.56% and a net margin of 7.38%. The firm’s revenue for the quarter was up 20.1% compared to the same quarter last year. During the same period last year, the firm earned $0.53 EPS.
A number of analysts recently issued reports on OC shares. Barclays PLC raised their target price on shares of Owens Corning from $64.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Wednesday, June 28th. Jefferies Group LLC reaffirmed a “buy” rating and set a $72.00 price target on shares of Owens Corning in a research note on Sunday, July 9th. Wedbush raised shares of Owens Corning from a “neutral” rating to an “outperform” rating and raised their target price for the company from $58.00 to $72.00 in a research note on Friday, March 31st. Stifel Nicolaus raised their target price on shares of Owens Corning from $64.00 to $72.00 and gave the company a “buy” rating in a research note on Monday, May 1st. Finally, Northcoast Research set a $76.00 target price on shares of Owens Corning and gave the company a “buy” rating in a research note on Tuesday, June 27th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and sixteen have issued a buy rating to the company’s stock. Owens Corning currently has an average rating of “Buy” and a consensus price target of $66.80.
Shares of Owens Corning (NYSE:OC) opened at 64.76 on Friday. The firm’s 50-day moving average price is $65.55 and its 200 day moving average price is $60.59. Owens Corning has a 12 month low of $46.45 and a 12 month high of $67.74. The firm has a market capitalization of $7.25 billion, a P/E ratio of 16.98 and a beta of 1.11.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 2nd. Stockholders of record on Monday, July 17th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.24%. The ex-dividend date is Thursday, July 13th. Owens Corning’s dividend payout ratio (DPR) is currently 21.00%.
In other news, insider Arnaud Genis sold 21,544 shares of Owens Corning stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $65.44, for a total value of $1,409,839.36. Following the transaction, the insider now directly owns 80,143 shares of the company’s stock, valued at $5,244,557.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director James J. Mcmonagle sold 2,000 shares of Owens Corning stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $64.60, for a total transaction of $129,200.00. Following the completion of the transaction, the director now directly owns 50,906 shares in the company, valued at $3,288,527.60. The disclosure for this sale can be found here. Company insiders own 1.80% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Creative Planning increased its position in shares of Owens Corning by 104.3% in the second quarter. Creative Planning now owns 2,043 shares of the construction company’s stock worth $137,000 after buying an additional 1,043 shares during the last quarter. Point72 Asia Hong Kong Ltd increased its position in shares of Owens Corning by 457.1% in the first quarter. Point72 Asia Hong Kong Ltd now owns 2,301 shares of the construction company’s stock worth $141,000 after buying an additional 1,888 shares during the last quarter. IFP Advisors Inc increased its position in shares of Owens Corning by 45.3% in the first quarter. IFP Advisors Inc now owns 2,558 shares of the construction company’s stock worth $157,000 after buying an additional 798 shares during the last quarter. Penserra Capital Management LLC increased its position in shares of Owens Corning by 9.5% in the first quarter. Penserra Capital Management LLC now owns 2,668 shares of the construction company’s stock worth $163,000 after buying an additional 232 shares during the last quarter. Finally, Quantitative Systematic Strategies LLC bought a new position in shares of Owens Corning during the first quarter worth approximately $203,000.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Owens Corning Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Owens Corning Inc and related companies with MarketBeat.com's FREE daily email newsletter.