Wall Street brokerages expect that Owens Corning (NYSE:OC) will report $1.71 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have provided estimates for Owens Corning’s earnings. The highest sales estimate is $1.76 billion and the lowest is $1.66 billion. Owens Corning posted sales of $1.69 billion during the same quarter last year, which suggests a positive year over year growth rate of 1.2%. The company 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 sales of $7.19 billion for the current fiscal year, with estimates ranging from $6.95 billion to $7.30 billion. For the next year, analysts anticipate that the company will report sales of $7.44 billion, with estimates ranging from $7.32 billion to $7.49 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow Owens Corning.
Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, February 20th. The construction company reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.29 by $0.09. The business had revenue of $1.72 billion during 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 firm’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.11 earnings per share.
A number of equities analysts have issued reports on OC shares. TheStreet upgraded Owens Corning from a “c+” rating to a “b-” rating in a report on Thursday, February 14th. Barclays set a $58.00 price objective on Owens Corning and gave the stock a “buy” rating in a report on Tuesday, February 5th. Zacks Investment Research upgraded Owens Corning from a “sell” rating to a “buy” rating and set a $46.00 price objective for the company in a report on Monday, December 31st. Citigroup set a $53.00 price objective on Owens Corning and gave the stock a “hold” rating in a report on Tuesday, February 26th. Finally, Zelman & Associates downgraded Owens Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 26th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the stock. Owens Corning has a consensus rating of “Hold” and an average target price of $69.12.
In other news, VP Daniel T. Smith sold 18,681 shares of the stock in a transaction on Friday, February 22nd. The stock was sold at an average price of $50.75, for a total value of $948,060.75. Following the sale, the vice president now directly owns 74,891 shares of the company’s stock, valued at $3,800,718.25. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Marcio A. Sandri sold 3,700 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $47.01, for a total value of $173,937.00. Following the completion of the sale, the insider now directly owns 42,005 shares in the company, valued at $1,974,655.05. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Stephens Inc. AR boosted its position in shares of Owens Corning by 17.7% during the fourth quarter. Stephens Inc. AR now owns 5,853 shares of the construction company’s stock valued at $257,000 after buying an additional 880 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Owens Corning by 0.6% during the third quarter. Vanguard Group Inc. now owns 9,479,115 shares of the construction company’s stock valued at $514,432,000 after buying an additional 58,689 shares during the last quarter. Morgan Stanley boosted its position in shares of Owens Corning by 360.0% during the third quarter. Morgan Stanley now owns 1,151,400 shares of the construction company’s stock valued at $62,487,000 after buying an additional 901,083 shares during the last quarter. KCS Wealth Advisory purchased a new stake in shares of Owens Corning during the fourth quarter valued at $548,000. Finally, Paragon Capital Management Ltd purchased a new stake in shares of Owens Corning during the fourth quarter valued at $268,000. 94.51% of the stock is currently owned by hedge funds and other institutional investors.
OC traded up $0.18 during trading on Friday, 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 current ratio of 1.58, a quick ratio of 0.74 and a debt-to-equity ratio of 0.78. 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. Owens Corning has a one year low of $40.64 and a one year high of $82.71.
The business also recently announced a quarterly dividend, which was paid on Tuesday, April 2nd. Stockholders of record on Friday, March 8th were paid a $0.22 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.68%. Owens Corning’s dividend payout ratio is currently 17.81%.
Owens Corning Company Profile
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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