Zacks: Brokerages Expect Owens Corning (OC) Will Announce Earnings of $1.24 Per Share

Equities research analysts expect Owens Corning (NYSE:OC) to announce $1.24 earnings per share for the current quarter, Zacks Investment Research reports. Seven analysts have made estimates for Owens Corning’s earnings, with estimates ranging from $1.19 to $1.36. Owens Corning reported earnings of $1.11 per share during the same quarter last year, which indicates a positive year-over-year growth rate of 11.7%. The firm is scheduled to issue its next quarterly earnings report on Wednesday, February 20th.

According to Zacks, analysts expect that Owens Corning will report full-year earnings of $4.74 per share for the current fiscal year, with EPS estimates ranging from $4.70 to $4.86. For the next financial year, analysts anticipate that the business will report earnings of $5.52 per share, with EPS estimates ranging from $5.23 to $5.68. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of sell-side research firms that that provide coverage for Owens Corning.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, October 24th. The construction company reported $1.54 earnings per share for the quarter, missing the consensus estimate of $1.65 by ($0.11). The business had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.89 billion. Owens Corning had a return on equity of 12.37% and a net margin of 5.33%. Owens Corning’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.25 EPS.



OC has been the subject of several research analyst reports. Zacks Investment Research upgraded shares of Owens Corning from a “hold” rating to a “buy” rating and set a $70.00 target price for the company in a research report on Monday, July 2nd. Wells Fargo & Co reiterated a “hold” rating on shares of Owens Corning in a research report on Thursday, July 26th. Seaport Global Securities set a $72.00 target price on shares of Owens Corning and gave the company a “buy” rating in a research report on Wednesday, July 25th. Bank of America lowered shares of Owens Corning from a “buy” rating to a “neutral” rating and dropped their target price for the company from $90.00 to $75.00 in a research report on Thursday, July 26th. Finally, Credit Suisse Group dropped their target price on shares of Owens Corning from $84.00 to $72.00 and set an “outperform” rating for the company in a research report on Thursday, July 26th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company. Owens Corning has a consensus rating of “Hold” and an average target price of $74.94.

NYSE:OC traded up $2.85 during mid-day trading on Tuesday, hitting $47.45. 2,112,027 shares of the stock traded hands, compared to its average volume of 1,607,799. The stock has a market cap of $4.94 billion, a P/E ratio of 10.78, a P/E/G ratio of 0.71 and a beta of 0.98. Owens Corning has a 12-month low of $42.88 and a 12-month high of $96.52. The company has a current ratio of 1.62, a quick ratio of 0.87 and a debt-to-equity ratio of 0.87.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 2nd. Stockholders of record on Tuesday, October 16th will be issued a $0.21 dividend. The ex-dividend date is Monday, October 15th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.77%. Owens Corning’s payout ratio is 19.09%.

In related news, Director W Howard Morris sold 1,514 shares of the company’s stock in a transaction on Thursday, August 23rd. The shares were sold at an average price of $58.47, for a total transaction of $88,523.58. Following the completion of the sale, the director now directly owns 36,332 shares in the company, valued at approximately $2,124,332.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.60% of the company’s stock.

A number of large investors have recently bought and sold shares of the stock. BlackRock Inc. raised its holdings in Owens Corning by 2.5% during the 2nd quarter. BlackRock Inc. now owns 7,547,845 shares of the construction company’s stock valued at $478,305,000 after buying an additional 181,922 shares during the last quarter. Boston Partners increased its position in Owens Corning by 3,089.6% during the 2nd quarter. Boston Partners now owns 5,655,318 shares of the construction company’s stock valued at $358,378,000 after purchasing an additional 5,478,011 shares during the period. Iridian Asset Management LLC CT increased its position in Owens Corning by 44.2% during the 2nd quarter. Iridian Asset Management LLC CT now owns 4,220,826 shares of the construction company’s stock valued at $267,474,000 after purchasing an additional 1,293,828 shares during the period. Victory Capital Management Inc. increased its position in Owens Corning by 47.8% during the 2nd quarter. Victory Capital Management Inc. now owns 2,931,929 shares of the construction company’s stock valued at $185,795,000 after purchasing an additional 947,917 shares during the period. Finally, Wells Fargo & Company MN increased its position in Owens Corning by 22.9% during the 2nd quarter. Wells Fargo & Company MN now owns 2,033,976 shares of the construction company’s stock valued at $128,892,000 after purchasing an additional 378,414 shares during the period. Institutional investors own 94.36% of the company’s stock.

Owens Corning Company Profile

Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential and commercial 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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