Owens Corning Inc (OC) Expected to Post Earnings of $1.26 Per Share
Brokerages expect Owens Corning Inc (NYSE:OC) to announce earnings of $1.26 per share for the current quarter, according to Zacks. Eight analysts have provided estimates for Owens Corning’s earnings, with the lowest EPS estimate coming in at $1.18 and the highest estimate coming in at $1.35. Owens Corning reported earnings of $1.09 per share in the same quarter last year, which would suggest a positive year-over-year growth rate of 15.6%. The company is scheduled to announce its next quarterly earnings results before the market opens on Wednesday, October 25th.
According to Zacks, analysts expect that Owens Corning will report full year earnings of $4.30 per share for the current year, with EPS estimates ranging from $4.17 to $4.40. For the next fiscal year, analysts expect that the firm will post earnings of $4.95 per share, with EPS estimates ranging from $4.65 to $5.30. Zacks’ EPS calculations are an average based on a survey of research analysts that cover Owens Corning.
Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, July 26th. The construction company reported $1.20 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.12. The business had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.48 billion. Owens Corning had a return on equity of 11.12% and a net margin of 6.61%. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.29 EPS.
A number of research firms recently issued reports on OC. Jefferies Group LLC reissued a “buy” rating and set a $77.00 price target on shares of Owens Corning in a report on Wednesday, July 19th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $79.00 price objective on shares of Owens Corning in a report on Friday, July 28th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $83.00 price objective on shares of Owens Corning in a report on Friday, July 28th. Northcoast Research set a $76.00 price target on Owens Corning and gave the stock a “buy” rating in a research note on Tuesday, June 27th. Finally, KeyCorp reissued a “buy” rating and set a $84.00 price target on shares of Owens Corning in a research note on Wednesday, September 13th. Nine analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Owens Corning presently has an average rating of “Buy” and an average target price of $74.89.
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In other news, CFO Michael C. Mcmurray sold 14,000 shares of the company’s stock in a transaction 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 in the company, valued at approximately $3,129,897.56. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Michael H. Thaman sold 130,700 shares of the company’s stock in a transaction 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 sale, the chairman now owns 847,992 shares of the company’s stock, valued at $63,557,000.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 212,866 shares of company stock valued at $15,644,970. Insiders own 1.80% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in OC. Creative Planning increased its holdings in shares of Owens Corning by 104.3% during the 2nd quarter. Creative Planning now owns 2,043 shares of the construction company’s stock worth $137,000 after buying an additional 1,043 shares during the last quarter. Penserra Capital Management LLC increased its holdings in shares of Owens Corning by 11.1% during the 2nd quarter. Penserra Capital Management LLC now owns 2,964 shares of the construction company’s stock worth $198,000 after buying an additional 296 shares during the last quarter. First Bank & Trust increased its holdings in shares of Owens Corning by 3.6% during the 2nd quarter. First Bank & Trust now owns 3,024 shares of the construction company’s stock worth $202,000 after buying an additional 104 shares during the last quarter. Meridian Wealth Management LLC acquired a new stake in shares of Owens Corning during the 2nd quarter worth $227,000. Finally, Vantage Financial Partners Ltd. Inc. acquired a new stake in shares of Owens Corning during the 2nd quarter worth $228,000. Institutional investors and hedge funds own 97.97% of the company’s stock.
Owens Corning (NYSE OC) traded up 0.31% during mid-day trading on Tuesday, reaching $80.47. The company’s stock had a trading volume of 532,928 shares. The stock’s 50 day moving average is $77.32 and its 200 day moving average is $68.00. Owens Corning has a one year low of $46.45 and a one year high of $81.06. The firm has a market cap of $8.95 billion, a PE ratio of 23.12 and a beta of 1.05.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 2nd. Stockholders of record on Monday, October 16th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, October 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.00%. Owens Corning’s payout ratio is 23.05%.
Owens Corning Company Profile
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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