Owens Corning Inc (OC) Set to Announce Earnings on Wednesday
Owens Corning Inc (NYSE:OC) is scheduled to release its earnings data before the market opens on Wednesday, October 25th. Analysts expect Owens Corning to post earnings of $1.24 per share for the quarter.
Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, July 26th. The construction company reported $1.20 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.12. Owens Corning had a return on equity of 11.12% and a net margin of 6.61%. The business had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same quarter last year, the firm earned $1.29 EPS. Owens Corning’s revenue for the quarter was up 3.4% compared to the same quarter last year. On average, analysts expect Owens Corning to post $4.32 EPS for the current fiscal year and $4.98 EPS for the next fiscal year.
Shares of Owens Corning Inc (NYSE:OC) opened at 79.40 on Wednesday. Owens Corning Inc has a 12 month low of $46.45 and a 12 month high of $80.12. The company has a 50-day moving average price of $76.15 and a 200-day moving average price of $67.18. The firm has a market cap of $8.83 billion, a price-to-earnings ratio of 22.81 and a beta of 1.05.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 2nd. Investors of record on Monday, October 16th will be given a dividend of $0.20 per share. The ex-dividend date is Friday, October 13th. This represents a $0.80 annualized dividend and a dividend yield of 1.01%. Owens Corning’s payout ratio is 23.05%.
In related news, CFO Michael C. Mcmurray sold 14,000 shares of the stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $76.52, for a total transaction of $1,071,280.00. Following the completion of the sale, the chief financial officer now directly owns 40,903 shares of the company’s stock, valued at $3,129,897.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Michael H. Thaman sold 130,700 shares of the stock in a transaction that occurred 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 disclosure for this sale can be found here. Insiders sold 212,866 shares of company stock worth $15,644,970 in the last 90 days. Corporate insiders own 1.80% of the company’s stock.
OC has been the topic of several research analyst reports. Stifel Nicolaus restated a “buy” rating and set a $83.00 target price on shares of Owens Corning in a research report on Friday, September 1st. Wells Fargo & Company upgraded Owens Corning from a “market perform” rating to an “outperform” rating and upped their target price for the company from $68.00 to $83.00 in a research report on Wednesday, August 30th. Instinet lowered Owens Corning from a “buy” rating to a “neutral” rating and upped their target price for the company from $74.00 to $79.00 in a research report on Monday, September 11th. KeyCorp reiterated a “buy” rating and issued a $84.00 price target on shares of Owens Corning in a report on Wednesday, September 13th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $72.00 price target on shares of Owens Corning in a report on Sunday, July 9th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and fourteen have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $74.32.
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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