Owens Corning Inc (OC) Issues Quarterly Earnings Results
Owens Corning Inc (NYSE:OC) announced its quarterly earnings data on Wednesday. The construction company reported $1.20 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.12, Morningstar.com reports. The business had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.48 billion. Owens Corning had a net margin of 7.38% and a return on equity of 11.56%. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.29 earnings per share.
Shares of Owens Corning (NYSE:OC) traded up 7.10% during trading on Wednesday, reaching $68.64. 1,908,164 shares of the company traded hands. Owens Corning has a 52 week low of $46.45 and a 52 week high of $68.66. The firm’s 50 day moving average price is $65.55 and its 200-day moving average price is $60.59. The company has a market capitalization of $7.68 billion, a price-to-earnings ratio of 17.99 and a beta of 1.11.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 2nd. Investors of record on Monday, July 17th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.25%. The ex-dividend date of this dividend is Thursday, July 13th. Owens Corning’s payout ratio is 21.00%.
In other news, insider Arnaud Genis sold 21,544 shares of the firm’s stock in a transaction 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 sale, the insider now directly owns 80,143 shares in the company, valued at approximately $5,244,557.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James J. Mcmonagle sold 2,000 shares of the firm’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 completion of the sale, the director now owns 50,906 shares in the company, valued at $3,288,527.60. The disclosure for this sale can be found here. 1.80% of the stock is owned by corporate insiders.
Large investors have recently made changes to their positions in the stock. Meridian Wealth Management LLC purchased a new stake in shares of Owens Corning during the second quarter worth $227,000. Personal Capital Advisors Corp raised its stake in shares of Owens Corning by 3,560.8% in the second quarter. Personal Capital Advisors Corp now owns 136,510 shares of the construction company’s stock worth $9,135,000 after buying an additional 132,781 shares during the last quarter. Boston Advisors LLC raised its stake in shares of Owens Corning by 8.9% in the second quarter. Boston Advisors LLC now owns 65,714 shares of the construction company’s stock worth $4,398,000 after buying an additional 5,358 shares during the last quarter. Wellington Shields Capital Management LLC raised its stake in shares of Owens Corning by 27.3% in the second quarter. Wellington Shields Capital Management LLC now owns 10,250 shares of the construction company’s stock worth $686,000 after buying an additional 2,200 shares during the last quarter. Finally, Breton Hill Capital Ltd. raised its stake in shares of Owens Corning by 34.7% in the second quarter. Breton Hill Capital Ltd. now owns 22,473 shares of the construction company’s stock worth $1,504,000 after buying an additional 5,786 shares during the last quarter.
ILLEGAL ACTIVITY NOTICE: “Owens Corning Inc (OC) Issues Quarterly Earnings Results” was originally posted by American Banking News and is owned by of American Banking News. If you are accessing this piece on another domain, it was copied illegally and republished in violation of United States and international copyright and trademark laws. The legal version of this piece can be accessed at https://www.americanbankingnews.com/2017/07/26/owens-corning-inc-oc-issues-quarterly-earnings-results.html.
Several brokerages have issued reports on OC. BidaskClub raised shares of Owens Corning from a “hold” rating to a “buy” rating in a research note on Saturday, June 24th. 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 note on Monday, June 26th. Northcoast Research set a $76.00 price objective on shares of Owens Corning and gave the stock a “buy” rating in a research note on Tuesday, June 27th. Credit Suisse Group began coverage on shares of Owens Corning in a research note on Thursday, June 22nd. They issued an “outperform” rating and a $75.00 price objective for the company. Finally, Zacks Investment Research raised shares of Owens Corning from a “hold” rating to a “buy” rating and set a $75.00 price objective for the company in a research note on Wednesday, June 28th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and sixteen have assigned a buy rating to the stock. Owens Corning currently has a consensus rating of “Buy” and a consensus price target of $66.80.
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.
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.