Analysts Anticipate Owens Corning (NYSE:OC) Will Post Quarterly Sales of $2.17 Billion

Equities research analysts expect Owens Corning (NYSE:OC) to announce $2.17 billion in sales for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for Owens Corning’s earnings, with the lowest sales estimate coming in at $2.10 billion and the highest estimate coming in at $2.25 billion. Owens Corning posted sales of $1.90 billion in the same quarter last year, which suggests a positive year over year growth rate of 14.2%. The company is scheduled to issue its next quarterly earnings report on Wednesday, October 27th.

According to Zacks, analysts expect that Owens Corning will report full-year sales of $8.29 billion for the current fiscal year, with estimates ranging from $8.08 billion to $8.52 billion. For the next financial year, analysts anticipate that the business will report sales of $8.65 billion, with estimates ranging from $8.28 billion to $9.01 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that cover Owens Corning.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, July 28th. The construction company reported $2.60 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.10 by $0.50. Owens Corning had a return on equity of 21.31% and a net margin of 11.85%. The business had revenue of $2.24 billion during the quarter, compared to analysts’ expectations of $1.97 billion.

A number of research analysts have commented on the company. Loop Capital upped their price target on Owens Corning from $112.00 to $120.00 and gave the company a “buy” rating in a research report on Thursday, July 29th. Royal Bank of Canada upped their price target on Owens Corning from $99.00 to $105.00 and gave the company a “sector perform” rating in a research report on Thursday, July 29th. Zacks Investment Research cut Owens Corning from a “buy” rating to a “hold” rating and set a $103.00 target price for the company. in a research note on Tuesday, July 6th. Finally, Wells Fargo & Company initiated coverage on Owens Corning in a research note on Thursday, July 15th. They issued an “equal weight” rating and a $102.00 price target on the stock. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $93.06.

Large investors have recently modified their holdings of the stock. Bessemer Group Inc. grew its holdings in Owens Corning by 88.5% during the 2nd quarter. Bessemer Group Inc. now owns 294 shares of the construction company’s stock valued at $29,000 after purchasing an additional 138 shares during the last quarter. Arkadios Wealth Advisors lifted its position in shares of Owens Corning by 3,875.0% in the 2nd quarter. Arkadios Wealth Advisors now owns 318 shares of the construction company’s stock worth $31,000 after purchasing an additional 310 shares during the period. Ameritas Investment Company LLC purchased a new stake in shares of Owens Corning in the 1st quarter worth approximately $34,000. Acadian Asset Management LLC lifted its position in shares of Owens Corning by 51.1% in the 1st quarter. Acadian Asset Management LLC now owns 500 shares of the construction company’s stock worth $46,000 after purchasing an additional 169 shares during the period. Finally, Eubel Brady & Suttman Asset Management Inc. purchased a new stake in shares of Owens Corning in the 2nd quarter worth approximately $48,000. Institutional investors own 91.39% of the company’s stock.

Shares of NYSE OC traded down $0.42 during midday trading on Wednesday, reaching $87.16. The company had a trading volume of 1,573,766 shares, compared to its average volume of 874,922. Owens Corning has a one year low of $64.56 and a one year high of $109.89. The company has a quick ratio of 1.37, a current ratio of 1.91 and a debt-to-equity ratio of 0.76. The firm’s fifty day moving average price is $94.31 and its 200-day moving average price is $96.30. The stock has a market cap of $8.99 billion, a PE ratio of 9.89 and a beta of 1.54.

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 5th. Stockholders of record on Friday, October 22nd will be issued a $0.26 dividend. The ex-dividend date of this dividend is Thursday, October 21st. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.19%. Owens Corning’s dividend payout ratio (DPR) is presently 19.96%.

About Owens Corning

Owens Corning engages in the development, manufacture, and marketing of insulation, roofing and fiberglass composites. It operates through the following segments: Composites, Insulation and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber, and also includes vertically integrated downstream activities.

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Earnings History and Estimates for Owens Corning (NYSE:OC)

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