Owens Corning (NYSE:OC) – Equities research analysts at B. Riley raised their FY2017 earnings per share (EPS) estimates for Owens Corning in a research report issued to clients and investors on Wednesday. B. Riley analyst A. Rygiel now forecasts that the construction company will earn $4.35 per share for the year, up from their prior estimate of $4.25. B. Riley also issued estimates for Owens Corning’s Q4 2017 earnings at $1.05 EPS.
Several other analysts have also issued reports on OC. Citigroup restated a “sell” rating and issued a $69.00 price target (up from $49.00) on shares of Owens Corning in a research report on Tuesday, October 3rd. Credit Suisse Group set a $90.00 target price on shares of Owens Corning and gave the company an “outperform” rating in a research report on Tuesday, October 17th. Royal Bank of Canada reiterated a “buy” rating on shares of Owens Corning in a research report on Tuesday, October 3rd. Zacks Investment Research upgraded shares of Owens Corning from a “hold” rating to a “buy” rating and set a $102.00 target price on the stock in a research report on Wednesday, December 27th. Finally, Jefferies Group reiterated a “buy” rating and set a $82.00 target price on shares of Owens Corning in a research report on Friday, October 6th. Eight investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $82.10.
Owens Corning (NYSE:OC) last announced its 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 firm had revenue of $1.70 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter last year, the business earned $1.09 EPS.
Large investors have recently added to or reduced their stakes in the stock. Investec Asset Management LTD acquired a new stake in shares of Owens Corning in the 3rd quarter valued at approximately $75,591,000. Allianz Asset Management GmbH boosted its stake in shares of Owens Corning by 22.4% in the 3rd quarter. Allianz Asset Management GmbH now owns 1,798,466 shares of the construction company’s stock valued at $139,112,000 after purchasing an additional 328,726 shares in the last quarter. FMR LLC boosted its stake in shares of Owens Corning by 118.4% in the 2nd quarter. FMR LLC now owns 572,911 shares of the construction company’s stock valued at $38,339,000 after purchasing an additional 310,559 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Owens Corning by 213.0% in the 3rd quarter. Principal Financial Group Inc. now owns 436,865 shares of the construction company’s stock valued at $33,792,000 after purchasing an additional 297,311 shares in the last quarter. Finally, LSV Asset Management boosted its stake in shares of Owens Corning by 21.2% in the 2nd quarter. LSV Asset Management now owns 1,680,100 shares of the construction company’s stock valued at $112,432,000 after purchasing an additional 294,400 shares in the last quarter. 94.50% of the stock is currently owned by institutional investors and hedge funds.
In other news, VP Ava Harter sold 487 shares of the stock in a transaction dated Friday, November 10th. The shares were sold at an average price of $81.96, for a total value of $39,914.52. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director W Howard Morris sold 2,026 shares of the stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $81.95, for a total transaction of $166,030.70. The disclosure for this sale can be found here. Insiders have sold 129,933 shares of company stock valued at $11,196,722 in the last 90 days. 1.80% of the stock is currently owned by corporate insiders.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 17th. Investors of record on Tuesday, January 2nd will be issued a dividend of $0.21 per share. This is a boost from Owens Corning’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Friday, December 29th. This represents a $0.84 annualized dividend and a yield of 0.89%. Owens Corning’s dividend payout ratio is presently 25.07%.
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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