Wall Street analysts expect Owens Corning Inc (NYSE:OC) to post sales of $1.48 billion for the current quarter, according to Zacks Investment Research. Eight analysts have made estimates for Owens Corning’s earnings. The lowest sales estimate is $1.45 billion and the highest is $1.53 billion. Owens Corning reported sales of $1.55 billion in the same quarter last year, which would suggest a negative year over year growth rate of 4.5%. The company is scheduled to issue its next quarterly earnings report before the market opens on Wednesday, July 26th.
On average, analysts expect that Owens Corning will report full year sales of $1.48 billion for the current year, with estimates ranging from $5.88 billion to $6.16 billion. For the next financial year, analysts anticipate that the business will report sales of $6.26 billion per share, with estimates ranging from $6.10 billion to $6.54 billion. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Owens Corning.
Owens Corning (NYSE:OC) last announced its 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. Owens Corning had a net margin of 7.38% and a return on equity of 11.56%. The business had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter in the prior year, the firm posted $1.29 earnings per share. The business’s revenue for the quarter was up 3.4% on a year-over-year basis.
OC has been the topic of several recent research reports. Barclays PLC boosted their price target on shares of Owens Corning from $64.00 to $70.00 and gave the company an “equal weight” rating in a research report on Wednesday, June 28th. Jefferies Group LLC reissued a “buy” rating and set a $72.00 price target on shares of Owens Corning in a research report on Sunday, July 9th. Wedbush raised shares of Owens Corning from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $58.00 to $72.00 in a research report on Friday, March 31st. Stifel Nicolaus boosted their price target on shares of Owens Corning from $64.00 to $72.00 and gave the company a “buy” rating in a research report on Monday, May 1st. Finally, Northcoast Research set a $76.00 price target on shares of Owens Corning and gave the company a “buy” rating in a research report on Tuesday, June 27th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and sixteen have given a buy rating to the company. Owens Corning presently has a consensus rating of “Buy” and an average target price of $66.80.
Shares of Owens Corning (OC) traded up 6.19% during midday trading on Friday, hitting $68.06. 2,478,790 shares of the stock traded hands. Owens Corning has a 12-month low of $46.45 and a 12-month high of $68.80. The company’s 50 day moving average price is $65.55 and its 200-day moving average price is $60.59. The stock has a market cap of $7.62 billion, a price-to-earnings ratio of 17.84 and a beta of 1.11.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 2nd. Shareholders of record on Monday, July 17th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, July 13th. This represents a $0.80 dividend on an annualized basis and a yield of 1.18%. Owens Corning’s dividend payout ratio (DPR) is presently 21.00%.
In other Owens Corning news, Director James J. Mcmonagle sold 2,000 shares of the business’s stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $64.60, for a total transaction of $129,200.00. Following the sale, the director now directly owns 50,906 shares in the company, valued at $3,288,527.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Arnaud Genis sold 21,544 shares of the business’s stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $65.44, for a total transaction of $1,409,839.36. Following the sale, the insider now owns 80,143 shares in the company, valued at $5,244,557.92. The disclosure for this sale can be found here. 1.80% of the stock is owned by corporate insiders.
Hedge funds have recently modified their holdings of the company. Quantitative Systematic Strategies LLC acquired a new stake in shares of Owens Corning during the first quarter worth about $203,000. Boston Advisors LLC increased its position in shares of Owens Corning by 22.2% in the first quarter. Boston Advisors LLC now owns 60,356 shares of the construction company’s stock worth $3,704,000 after buying an additional 10,952 shares in the last quarter. BKD Wealth Advisors LLC bought a new position in shares of Owens Corning during the first quarter worth approximately $325,000. CrestPoint Capital Management LLC increased its position in shares of Owens Corning by 3.3% in the first quarter. CrestPoint Capital Management LLC now owns 12,500 shares of the construction company’s stock worth $767,000 after buying an additional 400 shares in the last quarter. Finally, Bank of Montreal Can increased its position in shares of Owens Corning by 15.4% in the first quarter. Bank of Montreal Can now owns 1,108,114 shares of the construction company’s stock worth $68,006,000 after buying an additional 148,259 shares in the last quarter.
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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