Northcoast Research Analysts Increase Earnings Estimates for Owens Corning Inc (OC)
Owens Corning Inc (NYSE:OC) – Equities research analysts at Northcoast Research upped their FY2017 EPS estimates for Owens Corning in a research report issued on Wednesday. Northcoast Research analyst K. Hocevar now expects that the construction company will post earnings per share of $4.40 for the year, up from their previous forecast of $4.30. Northcoast Research currently has a “Buy” rating and a $76.00 price target on the stock. Northcoast Research also issued estimates for Owens Corning’s FY2018 earnings at $5.00 EPS.
Several other research firms also recently issued reports on OC. Citigroup Inc. reiterated a “sell” rating and set a $69.00 price objective (up from $49.00) on shares of Owens Corning in a research note on Tuesday. Royal Bank Of Canada reiterated a “buy” rating on shares of Owens Corning in a research note on Tuesday. Nomura reiterated a “neutral” rating and set a $79.00 price objective on shares of Owens Corning in a research note on Monday, September 11th. Instinet downgraded shares of Owens Corning from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $74.00 to $79.00 in a research note on Monday, September 11th. Finally, KeyCorp reiterated a “buy” rating and set a $84.00 price objective on shares of Owens Corning in a research note on Wednesday, September 13th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and fourteen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $72.47.
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Shares of Owens Corning (OC) opened at 79.10 on Thursday. The firm has a market capitalization of $8.80 billion, a price-to-earnings ratio of 22.72 and a beta of 1.05. The firm’s 50-day moving average is $73.65 and its 200-day moving average is $66.22. Owens Corning has a 12-month low of $46.45 and a 12-month high of $79.42.
Owens Corning (NYSE:OC) last released its earnings results on Wednesday, July 26th. The construction company reported $1.20 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.08 by $0.12. The company had revenue of $1.60 billion for 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 quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.29 EPS.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 2nd. Investors of record on Monday, October 16th will be issued a $0.20 dividend. The ex-dividend date is Friday, October 13th. This represents a $0.80 annualized dividend and a yield of 1.01%. Owens Corning’s dividend payout ratio is presently 23.05%.
In related news, Chairman Michael H. Thaman sold 130,700 shares of the company’s stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $74.95, for a total value of $9,795,965.00. Following the sale, the chairman now directly owns 847,992 shares of the company’s stock, valued at $63,557,000.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Brian Chambers sold 16,600 shares of the company’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $67.18, for a total transaction of $1,115,188.00. Following the completion of the sale, the insider now directly owns 39,957 shares in the company, valued at $2,684,311.26. The disclosure for this sale can be found here. Insiders sold 212,866 shares of company stock worth $15,644,970 over the last ninety days. 1.80% of the stock is currently owned by corporate insiders.
Several large investors have recently modified their holdings of the business. Perpetual Ltd acquired a new stake in shares of Owens Corning during the second quarter worth $4,559,000. Public Employees Retirement System of Ohio raised its holdings in shares of Owens Corning by 97.6% during the second quarter. Public Employees Retirement System of Ohio now owns 101,402 shares of the construction company’s stock worth $6,786,000 after purchasing an additional 50,091 shares during the period. Castleark Management LLC raised its holdings in shares of Owens Corning by 27.5% during the second quarter. Castleark Management LLC now owns 71,235 shares of the construction company’s stock worth $4,767,000 after purchasing an additional 15,375 shares during the period. Nomura Holdings Inc. raised its holdings in shares of Owens Corning by 184.1% during the second quarter. Nomura Holdings Inc. now owns 11,226 shares of the construction company’s stock worth $751,000 after purchasing an additional 7,275 shares during the period. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Owens Corning by 9.0% during the second quarter. The Manufacturers Life Insurance Company now owns 3,689 shares of the construction company’s stock worth $247,000 after purchasing an additional 304 shares during the period. 96.84% of the stock is currently owned by institutional investors.
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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