Q3 2017 Earnings Forecast for Owens Corning Inc Issued By Northcoast Research (OC)
Owens Corning Inc (NYSE:OC) – Investment analysts at Northcoast Research lifted their Q3 2017 earnings per share estimates for shares of Owens Corning in a research report issued on Wednesday. Northcoast Research analyst K. Hocevar now expects that the construction company will earn $1.33 per share for the quarter, up from their previous estimate of $1.24. Northcoast Research has a “Buy” rating and a $76.00 price target on the stock.
Owens Corning (NYSE:OC) last announced its earnings results 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. Owens Corning had a net margin of 6.61% and a return on equity of 11.12%. The firm had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.48 billion. During the same quarter in the previous year, the business posted $1.29 EPS. The company’s quarterly revenue was up 3.4% on a year-over-year basis. COPYRIGHT VIOLATION NOTICE: “Q3 2017 Earnings Forecast for Owens Corning Inc Issued By Northcoast Research (OC)” was published by American Banking News and is the sole property of of American Banking News. If you are accessing this piece of content on another publication, it was stolen and reposted in violation of United States and international trademark & copyright laws. The correct version of this piece of content can be read at https://www.americanbankingnews.com/2017/10/06/q3-2017-earnings-forecast-for-owens-corning-inc-issued-by-northcoast-research-oc.html.
Other equities analysts have also issued research reports about the company. Royal Bank Of Canada reiterated a “buy” rating and issued a $71.00 target price on shares of Owens Corning in a research note on Monday, June 19th. FBR & Co lifted their target price on Owens Corning from $63.00 to $70.00 and gave the company a “mkt perform” rating in a research note on Thursday, July 27th. Credit Suisse Group AG began coverage on Owens Corning in a research note on Thursday, June 22nd. They issued an “outperform” rating and a $75.00 target price on the stock. Macquarie upgraded Owens Corning from an “underperform” rating to a “neutral” rating and lifted their target price for the company from $54.00 to $68.00 in a research note on Tuesday, June 20th. Finally, KeyCorp reiterated an “overweight” rating and issued a $75.00 target price (up previously from $70.00) on shares of Owens Corning in a research note on Monday, June 26th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. Owens Corning currently has a consensus rating of “Buy” and an average target price of $72.47.
Shares of Owens Corning (NYSE:OC) opened at 78.65 on Friday. Owens Corning has a one year low of $46.45 and a one year high of $79.42. The company has a market cap of $8.75 billion, a PE ratio of 22.59 and a beta of 1.05. The stock’s 50 day moving average is $73.98 and its 200-day moving average is $66.31.
A number of large investors have recently made changes to their positions in OC. BlackRock Inc. lifted its holdings in Owens Corning by 4,010.8% in the first quarter. BlackRock Inc. now owns 6,496,203 shares of the construction company’s stock valued at $398,669,000 after acquiring an additional 6,338,177 shares during the period. Renaissance Technologies LLC lifted its holdings in Owens Corning by 71.7% in the first quarter. Renaissance Technologies LLC now owns 1,169,800 shares of the construction company’s stock valued at $71,791,000 after acquiring an additional 488,500 shares during the period. PGGM Investments acquired a new position in Owens Corning in the second quarter valued at approximately $26,366,000. Boston Partners acquired a new position in Owens Corning in the second quarter valued at approximately $26,195,000. Finally, Schwab Charles Investment Management Inc. lifted its holdings in Owens Corning by 36.0% in the first quarter. Schwab Charles Investment Management Inc. now owns 1,383,533 shares of the construction company’s stock valued at $84,908,000 after acquiring an additional 366,192 shares during the period. 96.84% of the stock is owned by institutional investors.
In other Owens Corning news, Chairman Michael H. Thaman sold 130,700 shares of the business’s stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $74.95, for a total value of $9,795,965.00. Following the completion of the transaction, the chairman now directly owns 847,992 shares of the company’s stock, valued at $63,557,000.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Michael C. Mcmurray sold 14,000 shares of the business’s stock in a transaction that occurred on Friday, September 8th. The shares were sold at an average price of $76.52, for a total value of $1,071,280.00. Following the completion of the transaction, the chief financial officer now directly owns 40,903 shares of the company’s stock, valued at $3,129,897.56. The disclosure for this sale can be found here. Insiders have sold 212,866 shares of company stock valued at $15,644,970 in the last ninety days. Corporate insiders own 1.80% of the company’s stock.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 2nd. Investors of record on Monday, October 16th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.02%. The ex-dividend date of this dividend is Friday, October 13th. Owens Corning’s dividend payout ratio (DPR) is 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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