$1.63 Billion in Sales Expected for Owens Corning Inc (NYSE:OC) This Quarter
Wall Street analysts predict that Owens Corning Inc (NYSE:OC) will report sales of $1.63 billion for the current fiscal quarter, Zacks reports. Eight analysts have made estimates for Owens Corning’s earnings, with the highest sales estimate coming in at $1.66 billion and the lowest estimate coming in at $1.61 billion. Owens Corning reported sales of $1.52 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 7.2%. The business is scheduled to announce its next quarterly earnings results on Wednesday, October 25th.
According to Zacks, analysts expect that Owens Corning will report full year sales of $1.63 billion for the current year, with estimates ranging from $6.13 billion to $6.24 billion. For the next fiscal year, analysts expect that the firm will post sales of $6.54 billion per share, with estimates ranging from $6.42 billion to $6.66 billion. Zacks’ sales averages are an average based on a survey of research firms that that provide coverage for Owens Corning.
Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, July 26th. The construction company reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.12. The business had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.48 billion. Owens Corning had a return on equity of 11.12% and a net margin of 6.61%. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.29 earnings per share.
OC has been the topic of a number of recent research reports. Royal Bank Of Canada restated a “buy” rating and issued a $67.00 target price on shares of Owens Corning in a report on Friday, April 21st. FBR & Co lifted their price target on Owens Corning from $61.00 to $63.00 and gave the company a “mkt perform” rating in a report on Friday, April 28th. Jefferies Group LLC lifted their price target on Owens Corning from $71.00 to $72.00 and gave the company a “buy” rating in a report on Friday, April 28th. Stifel Nicolaus lifted their price target on Owens Corning from $64.00 to $72.00 and gave the company a “buy” rating in a report on Monday, May 1st. Finally, Instinet reiterated a “buy” rating and set a $74.00 price target on shares of Owens Corning in a report on Thursday, June 1st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and sixteen have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $70.53.
Shares of Owens Corning (NYSE OC) opened at 67.74 on Friday. The firm has a market cap of $7.53 billion, a price-to-earnings ratio of 19.46 and a beta of 1.11. Owens Corning has a 1-year low of $46.45 and a 1-year high of $68.88. The company’s 50 day moving average price is $66.56 and its 200-day moving average price is $62.12.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 2nd. Investors of record on Monday, July 17th were given a dividend of $0.20 per share. The ex-dividend date was Thursday, July 13th. This represents a $0.80 annualized dividend and a dividend yield of 1.18%. Owens Corning’s dividend payout ratio is presently 23.05%.
In related news, insider Arnaud Genis sold 21,544 shares of the business’s 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 completion of the transaction, the insider now owns 80,143 shares of the company’s stock, valued at approximately $5,244,557.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James J. Mcmonagle sold 2,000 shares of the business’s stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $64.60, for a total value of $129,200.00. Following the transaction, the director now directly owns 50,906 shares of the company’s stock, valued at approximately $3,288,527.60. The disclosure for this sale can be found here. Insiders have sold a total of 40,144 shares of company stock valued at $2,654,227 in the last three months. 1.80% of the stock is owned by insiders.
Institutional investors have recently bought and sold shares of the company. Creative Planning boosted its position in Owens Corning by 104.3% in the second quarter. Creative Planning now owns 2,043 shares of the construction company’s stock valued at $137,000 after buying an additional 1,043 shares in the last quarter. Point72 Asia Hong Kong Ltd boosted its position in 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 valued at $141,000 after buying an additional 1,888 shares in the last quarter. IFP Advisors Inc boosted its position in Owens Corning by 45.3% in the first quarter. IFP Advisors Inc now owns 2,558 shares of the construction company’s stock valued at $157,000 after buying an additional 798 shares in the last quarter. Penserra Capital Management LLC boosted its position in Owens Corning by 9.5% in the first quarter. Penserra Capital Management LLC now owns 2,668 shares of the construction company’s stock valued at $163,000 after buying an additional 232 shares in the last quarter. Finally, First Bank & Trust boosted its position in Owens Corning by 3.6% in the second quarter. First Bank & Trust now owns 3,024 shares of the construction company’s stock valued at $202,000 after buying an additional 104 shares in the last quarter.
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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