Equities analysts expect Owens Corning (NYSE:OC) to report sales of $1.52 billion for the current quarter, Zacks reports. Eight analysts have made estimates for Owens Corning’s earnings, with the highest sales estimate coming in at $1.56 billion and the lowest estimate coming in at $1.49 billion. Owens Corning posted sales of $1.38 billion in the same quarter last year, which suggests a positive year over year growth rate of 10.1%. The company is expected to issue its next earnings report before the market opens on Wednesday, February 21st.
On average, analysts expect that Owens Corning will report full-year sales of $1.52 billion for the current year, with estimates ranging from $6.26 billion to $6.34 billion. For the next financial year, analysts anticipate that the business will post sales of $6.80 billion per share, with estimates ranging from $6.56 billion to $7.14 billion. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Owens Corning.
Several equities analysts have issued reports on OC shares. Credit Suisse Group set a $90.00 price objective on Owens Corning and gave the stock an “outperform” rating in a report on Tuesday, October 17th. Citigroup raised Owens Corning from a “sell” rating to a “neutral” rating and set a $80.00 price target on the stock in a report on Friday, October 20th. Wells Fargo & Co reaffirmed an “outperform” rating on shares of Owens Corning in a report on Thursday, October 26th. Royal Bank of Canada lifted their price target on shares of Owens Corning from $79.00 to $90.00 and gave the company an “outperform” rating in a research report on Thursday, October 26th. Finally, Barclays set a $75.00 price target on shares of Owens Corning and gave the company a “hold” rating in a research report on Thursday, October 26th. Nine equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Owens Corning currently has an average rating of “Buy” and an average price target of $85.45.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 3rd. Stockholders of record on Friday, March 9th will be paid a dividend of $0.21 per share. The ex-dividend date of this dividend is Thursday, March 8th. This represents a $0.84 annualized dividend and a dividend yield of 1.03%. Owens Corning’s dividend payout ratio is presently 25.07%.
In other news, Director W Howard Morris sold 2,026 shares of the business’s stock in a transaction on Monday, November 13th. The shares were sold at an average price of $81.95, for a total transaction of $166,030.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James J. Mcmonagle sold 4,136 shares of the business’s stock in a transaction 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 sale, the director now directly owns 47,925 shares of the company’s stock, valued at $4,179,060. The disclosure for this sale can be found here. Insiders have sold a total of 129,446 shares of company stock valued at $11,156,808 over the last three months. Corporate insiders own 1.80% of the company’s stock.
A number of institutional investors have recently made changes to their positions in OC. BlackRock Inc. boosted its position in Owens Corning by 20.9% during the 4th quarter. BlackRock Inc. now owns 7,357,067 shares of the construction company’s stock worth $676,411,000 after purchasing an additional 1,273,051 shares during the period. Investec Asset Management LTD bought a new stake in Owens Corning during the third quarter worth approximately $75,591,000. Wells Fargo & Company MN boosted its holdings in Owens Corning by 278.4% during the fourth quarter. Wells Fargo & Company MN now owns 1,155,174 shares of the construction company’s stock worth $106,206,000 after buying an additional 849,871 shares in the last quarter. Allianz Asset Management GmbH boosted its holdings in Owens Corning by 22.4% during the third quarter. Allianz Asset Management GmbH now owns 1,798,466 shares of the construction company’s stock worth $139,112,000 after buying an additional 328,726 shares in the last quarter. Finally, FMR LLC boosted its holdings in Owens Corning by 118.4% during the second quarter. FMR LLC now owns 572,911 shares of the construction company’s stock worth $38,339,000 after buying an additional 310,559 shares in the last quarter. 94.39% of the stock is owned by hedge funds and other institutional investors.
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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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