Seaport Global Securities Comments on Owens Corning Inc’s Q2 2018 Earnings (OC)
Owens Corning Inc (NYSE:OC) – Equities researchers at Seaport Global Securities issued their Q2 2018 earnings per share (EPS) estimates for shares of Owens Corning in a report issued on Wednesday. Seaport Global Securities analyst M. Mccall expects that the construction company will earn $1.69 per share for the quarter.
Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, October 25th. The construction company reported $1.25 EPS for the quarter, missing the consensus estimate of $1.26 by ($0.01). The company had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.63 billion. Owens Corning had a return on equity of 11.40% and a net margin of 6.15%. The business’s revenue was up 12.2% on a year-over-year basis. During the same period last year, the firm posted $1.09 earnings per share.
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A number of other analysts also recently commented on the company. SunTrust Banks, Inc. reiterated a “hold” rating on shares of Owens Corning in a research report on Tuesday, September 12th. BidaskClub upgraded Owens Corning from a “sell” rating to a “hold” rating in a research report on Friday, August 25th. Jefferies Group LLC restated a “buy” rating and set a $72.00 target price on shares of Owens Corning in a research report on Sunday, July 9th. Stifel Nicolaus reiterated a “buy” rating and issued a $83.00 price objective on shares of Owens Corning in a research report on Friday, September 1st. Finally, Barclays PLC set a $75.00 price objective on Owens Corning and gave the company a “hold” rating in a research report on Thursday. Eight research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $76.74.
Owens Corning (NYSE:OC) opened at 79.41 on Monday. The firm has a market capitalization of $8.83 billion, a price-to-earnings ratio of 22.81 and a beta of 1.05. Owens Corning has a 12 month low of $46.45 and a 12 month high of $81.06. The firm has a 50 day moving average price of $77.70 and a 200-day moving average price of $68.42.
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 paid a $0.20 dividend. The ex-dividend date of this dividend is Friday, October 13th. This represents a $0.80 annualized dividend and a dividend yield of 1.01%. Owens Corning’s dividend payout ratio is presently 23.88%.
In related news, VP Kelly Schmidt sold 1,462 shares of the firm’s stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $70.35, for a total value of $102,851.70. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Brian Chambers sold 16,600 shares of the firm’s stock in a transaction dated 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 transaction, the insider now directly owns 39,957 shares in the company, valued at approximately $2,684,311.26. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 212,866 shares of company stock valued at $15,644,970. 1.80% of the stock is currently owned by company insiders.
Several institutional investors have recently bought and sold shares of the business. Crossmark Global Holdings Inc. bought a new stake in shares of Owens Corning in the 3rd quarter worth approximately $202,000. Raymond James Financial Services Advisors Inc. purchased a new position in Owens Corning in the 3rd quarter valued at approximately $387,000. TIAA FSB purchased a new position in Owens Corning in the 3rd quarter valued at approximately $3,022,000. Raymond James Trust N.A. grew its stake in Owens Corning by 14.4% in the 3rd quarter. Raymond James Trust N.A. now owns 8,135 shares of the construction company’s stock valued at $629,000 after buying an additional 1,021 shares in the last quarter. Finally, Boston Advisors LLC grew its stake in Owens Corning by 336.3% in the 3rd quarter. Boston Advisors LLC now owns 286,728 shares of the construction company’s stock valued at $22,178,000 after buying an additional 221,014 shares in the last quarter. 98.75% of the stock is currently owned by hedge funds and other 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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