Zacks: Brokerages Expect Owens Corning (OC) to Post $0.60 EPS

Wall Street brokerages expect Owens Corning (NYSE:OC) to report $0.60 earnings per share (EPS) for the current quarter, according to Zacks Investment Research. Seven analysts have made estimates for Owens Corning’s earnings, with the highest EPS estimate coming in at $0.75 and the lowest estimate coming in at $0.52. Owens Corning posted earnings per share of $0.80 in the same quarter last year, which suggests a negative year-over-year growth rate of 25%. The firm is expected to report its next earnings results before the market opens on Wednesday, April 24th.

According to Zacks, analysts expect that Owens Corning will report full-year earnings of $4.92 per share for the current financial year, with EPS estimates ranging from $4.67 to $5.10. For the next year, analysts expect that the firm will post earnings of $5.68 per share, with EPS estimates ranging from $5.16 to $6.06. Zacks Investment Research’s earnings per share calculations are an average based on a survey of analysts that follow Owens Corning.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, February 20th. The construction company reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.29 by $0.09. The company had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.69 billion. Owens Corning had a return on equity of 12.92% and a net margin of 7.72%. The company’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same period last year, the business posted $1.11 EPS.

A number of equities research analysts have recently issued reports on the company. Zacks Investment Research lowered Owens Corning from a “hold” rating to a “sell” rating in a research note on Tuesday, February 12th. Zelman & Associates lowered Owens Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 26th. Buckingham Research assumed coverage on Owens Corning in a research note on Friday, February 1st. They issued a “neutral” rating and a $54.00 target price for the company. Barclays set a $58.00 target price on Owens Corning and gave the company a “buy” rating in a research note on Tuesday, February 5th. Finally, Citigroup set a $53.00 target price on Owens Corning and gave the company a “hold” rating in a research note on Tuesday, February 26th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company’s stock. Owens Corning has a consensus rating of “Hold” and an average price target of $69.12.

In other Owens Corning news, insider Marcio A. Sandri sold 3,700 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $47.01, for a total transaction of $173,937.00. Following the completion of the sale, the insider now owns 42,005 shares in the company, valued at approximately $1,974,655.05. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Daniel T. Smith sold 18,681 shares of the firm’s stock in a transaction that occurred on Friday, February 22nd. The shares were sold at an average price of $50.75, for a total value of $948,060.75. Following the sale, the vice president now owns 74,891 shares of the company’s stock, valued at approximately $3,800,718.25. The disclosure for this sale can be found here. 1.70% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Stephens Inc. AR grew its stake in Owens Corning by 17.7% during the 4th quarter. Stephens Inc. AR now owns 5,853 shares of the construction company’s stock valued at $257,000 after purchasing an additional 880 shares in the last quarter. Vanguard Group Inc. grew its stake in Owens Corning by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 9,479,115 shares of the construction company’s stock valued at $514,432,000 after purchasing an additional 58,689 shares in the last quarter. Morgan Stanley grew its stake in Owens Corning by 360.0% during the 3rd quarter. Morgan Stanley now owns 1,151,400 shares of the construction company’s stock valued at $62,487,000 after purchasing an additional 901,083 shares in the last quarter. KCS Wealth Advisory acquired a new stake in Owens Corning during the 4th quarter valued at approximately $548,000. Finally, Paragon Capital Management Ltd acquired a new stake in Owens Corning during the 4th quarter valued at approximately $268,000. Hedge funds and other institutional investors own 94.51% of the company’s stock.

Shares of Owens Corning stock traded up $0.18 during trading hours on Wednesday, reaching $52.48. The stock had a trading volume of 986,108 shares, compared to its average volume of 1,501,136. The company has a market cap of $5.74 billion, a price-to-earnings ratio of 10.62, a price-to-earnings-growth ratio of 1.04 and a beta of 1.19. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.58 and a quick ratio of 0.74. Owens Corning has a 1 year low of $40.64 and a 1 year high of $82.71.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 2nd. Shareholders of record on Friday, March 8th were paid a dividend of $0.22 per share. The ex-dividend date was Thursday, March 7th. This represents a $0.88 dividend on an annualized basis and a yield of 1.68%. Owens Corning’s dividend payout ratio (DPR) is presently 17.81%.

About Owens Corning

Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential, commercial, and industrial building materials worldwide. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and manufactures and sells glass fiber products in the form of fabrics, non-wovens, and other specialized products.

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