Owens Corning Forecasted to Earn FY2018 Earnings of $5.07 Per Share (OC)
Owens Corning (NYSE:OC) – Equities research analysts at KeyCorp boosted their FY2018 earnings estimates for Owens Corning in a note issued to investors on Thursday. KeyCorp analyst K. Zener now anticipates that the construction company will post earnings of $5.07 per share for the year, up from their prior forecast of $4.78. KeyCorp has a “Buy” rating and a $115.00 price target on the stock.
Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, October 25th. The construction company reported $1.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.26 by ($0.01). Owens Corning had a net margin of 6.15% and a return on equity of 11.40%. The business had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the prior year, the company earned $1.09 EPS. Owens Corning’s quarterly revenue was up 12.2% on a year-over-year basis.
Owens Corning (NYSE:OC) traded up $0.43 during trading on Monday, hitting $95.92. 702,800 shares of the stock traded hands, compared to its average volume of 758,778. The company has a market capitalization of $10,670.00, a PE ratio of 28.63, a P/E/G ratio of 1.18 and a beta of 1.09. Owens Corning has a 52-week low of $52.48 and a 52-week high of $95.99. The company has a current ratio of 1.66, a quick ratio of 0.99 and a debt-to-equity ratio of 0.62.
Several hedge funds and other institutional investors have recently made changes to their positions in the business. Nisa Investment Advisors LLC increased its position in shares of Owens Corning by 122.1% during the fourth quarter. Nisa Investment Advisors LLC now owns 11,327 shares of the construction company’s stock valued at $1,041,000 after acquiring an additional 6,227 shares in the last quarter. DnB Asset Management AS bought a new position in shares of Owens Corning during the 4th quarter worth approximately $1,085,000. Aurora Investment Counsel bought a new position in shares of Owens Corning during the 4th quarter worth approximately $2,408,000. Moors & Cabot Inc. bought a new position in shares of Owens Corning during the 3rd quarter worth approximately $415,000. Finally, Dana Investment Advisors Inc. raised its stake in shares of Owens Corning by 4.9% during the 3rd quarter. Dana Investment Advisors Inc. now owns 496,736 shares of the construction company’s stock worth $38,423,000 after acquiring an additional 23,180 shares in the last quarter. 94.55% of the stock is owned by institutional investors and hedge funds.
In other Owens Corning news, Director James J. Mcmonagle sold 4,136 shares of the firm’s stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $87.20, for a total transaction of $360,659.20. Following the completion of the transaction, the director now owns 47,925 shares of the company’s stock, valued at $4,179,060. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Michael C. Mcmurray sold 18,000 shares of the firm’s stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $90.78, for a total transaction of $1,634,040.00. Following the transaction, the chief financial officer now directly owns 52,228 shares of the company’s stock, valued at approximately $4,741,257.84. The disclosure for this sale can be found here. Over the last three months, insiders sold 129,933 shares of company stock valued at $11,196,722. 1.80% of the stock is owned by insiders.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 17th. Investors of record on Tuesday, January 2nd will be paid a $0.21 dividend. This is an increase from Owens Corning’s previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a yield of 0.88%. The ex-dividend date is Friday, December 29th. Owens Corning’s dividend payout ratio is presently 25.07%.
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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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