$1.25 Earnings Per Share Expected for Owens Corning Inc (OC) This Quarter
Equities analysts predict that Owens Corning Inc (NYSE:OC) will announce earnings of $1.25 per share for the current quarter, according to Zacks Investment Research. Eight analysts have issued estimates for Owens Corning’s earnings, with the highest EPS estimate coming in at $1.35 and the lowest estimate coming in at $1.17. Owens Corning posted earnings per share of $1.09 in the same quarter last year, which indicates a positive year over year growth rate of 14.7%. The company is scheduled to announce its next quarterly earnings results before the market opens on Wednesday, October 25th.
On average, analysts expect that Owens Corning will report full-year earnings of $4.29 per share for the current fiscal year, with EPS estimates ranging from $4.17 to $4.40. For the next fiscal year, analysts forecast that the company will post earnings of $4.94 per share, with EPS estimates ranging from $4.65 to $5.30. Zacks’ earnings per share calculations are an average based on a survey of sell-side analysts that cover Owens Corning.
Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, July 26th. The construction company reported $1.20 EPS for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.12. The business had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.48 billion. Owens Corning had a net margin of 6.61% and a return on equity of 11.12%. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.29 earnings per share.
Several analysts recently commented on the stock. Royal Bank Of Canada reaffirmed a “buy” rating and set a $71.00 target price on shares of Owens Corning in a report on Monday, June 19th. FBR & Co lifted their target price on shares of Owens Corning from $63.00 to $70.00 and gave the stock a “mkt perform” rating in a report on Thursday, July 27th. BidaskClub downgraded shares of Owens Corning from a “buy” rating to a “hold” rating in a report on Tuesday, July 11th. Credit Suisse Group assumed coverage on shares of Owens Corning in a report on Thursday, June 22nd. They set an “outperform” rating and a $75.00 target price for the company. Finally, Macquarie raised shares of Owens Corning from an “underperform” rating to a “neutral” rating and lifted their target price for the stock from $54.00 to $68.00 in a report on Tuesday, June 20th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and fourteen have given a buy rating to the stock. Owens Corning has an average rating of “Buy” and an average price target of $72.47.
In other news, insider Brian Chambers sold 16,600 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $67.18, for a total value of $1,115,188.00. Following the completion of the transaction, the insider now directly owns 39,957 shares in the company, valued at approximately $2,684,311.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Kelly Schmidt sold 1,462 shares of the business’s stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $70.35, for a total transaction of $102,851.70. The disclosure for this sale can be found here. Insiders sold a total of 212,866 shares of company stock valued at $15,644,970 over the last 90 days. Corporate insiders own 1.80% of the company’s stock.
Several large investors have recently modified their holdings of OC. BlackRock Inc. raised its position in shares of Owens Corning by 4,010.8% in the 1st quarter. BlackRock Inc. now owns 6,496,203 shares of the construction company’s stock valued at $398,669,000 after buying an additional 6,338,177 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Owens Corning by 71.7% in the 1st quarter. Renaissance Technologies LLC now owns 1,169,800 shares of the construction company’s stock valued at $71,791,000 after buying an additional 488,500 shares in the last quarter. PGGM Investments acquired a new position in shares of Owens Corning in the 2nd quarter valued at approximately $26,366,000. Boston Partners acquired a new position in shares of Owens Corning in the 2nd quarter valued at approximately $26,195,000. Finally, Schwab Charles Investment Management Inc. raised its position in shares of Owens Corning by 36.0% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 1,383,533 shares of the construction company’s stock valued at $84,908,000 after buying an additional 366,192 shares in the last quarter. Institutional investors own 96.84% of the company’s stock.
Shares of Owens Corning (OC) traded down 0.3521% on Thursday, hitting $78.8215. 242,669 shares of the stock were exchanged. The firm has a market capitalization of $8.76 billion, a PE ratio of 22.6434 and a beta of 1.05. The company has a 50-day moving average price of $73.65 and a 200-day moving average price of $66.22. Owens Corning has a one year low of $46.45 and a one year high of $79.42.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 2nd. Stockholders of record on Monday, October 16th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.01%. The ex-dividend date is Friday, October 13th. Owens Corning’s payout ratio is presently 23.05%.
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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