Owens Corning (NYSE:OC) Releases Quarterly Earnings Results, Beats Expectations By $0.37 EPS

Owens Corning (NYSE:OC) announced its earnings results on Wednesday. The construction company reported $4.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.01 by $0.37, Briefing.com reports. The business had revenue of $3.05 billion for the quarter, compared to analyst estimates of $3.04 billion. Owens Corning had a return on equity of 26.33% and a net margin of 10.66%. The company’s revenue for the quarter was up 22.9% compared to the same quarter last year. During the same period in the previous year, the company earned $4.15 earnings per share. Owens Corning updated its Q4 2024 guidance to EPS.

Owens Corning Stock Performance

NYSE OC traded up $3.91 during midday trading on Thursday, hitting $188.55. The company had a trading volume of 488,336 shares, compared to its average volume of 680,969. The firm has a fifty day simple moving average of $174.98 and a two-hundred day simple moving average of $173.36. The stock has a market cap of $16.39 billion, a price-to-earnings ratio of 15.83, a P/E/G ratio of 2.20 and a beta of 1.41. The company has a quick ratio of 0.79, a current ratio of 1.37 and a debt-to-equity ratio of 0.91. Owens Corning has a fifty-two week low of $120.17 and a fifty-two week high of $191.44.

Owens Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Stockholders of record on Friday, October 18th were paid a $0.60 dividend. The ex-dividend date was Friday, October 18th. This represents a $2.40 annualized dividend and a dividend yield of 1.27%. Owens Corning’s payout ratio is 20.32%.

Wall Street Analyst Weigh In

OC has been the topic of several research reports. Wells Fargo & Company upped their price target on Owens Corning from $175.00 to $195.00 and gave the company an “equal weight” rating in a research report on Thursday. StockNews.com cut shares of Owens Corning from a “buy” rating to a “hold” rating in a research note on Friday, November 1st. Citigroup upgraded shares of Owens Corning from a “neutral” rating to a “buy” rating and increased their price objective for the company from $178.00 to $191.00 in a report on Thursday, July 11th. The Goldman Sachs Group boosted their target price on Owens Corning from $178.00 to $198.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a research note on Wednesday, August 7th. Eight analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Owens Corning presently has a consensus rating of “Hold” and a consensus target price of $192.62.

Insider Buying and Selling

In other news, insider Marcio A. Sandri sold 3,051 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $176.50, for a total value of $538,501.50. Following the sale, the insider now directly owns 57,079 shares in the company, valued at approximately $10,074,443.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Marcio A. Sandri sold 3,051 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $176.50, for a total transaction of $538,501.50. Following the transaction, the insider now owns 57,079 shares of the company’s stock, valued at $10,074,443.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Marcio A. Sandri sold 3,050 shares of Owens Corning stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $170.00, for a total value of $518,500.00. Following the completion of the sale, the insider now owns 60,130 shares of the company’s stock, valued at approximately $10,222,100. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.89% of the stock is owned by company insiders.

About Owens Corning

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.