Analysts Expect Owens Corning (NYSE:OC) Will Post Earnings of $1.13 Per Share

Equities analysts expect Owens Corning (NYSE:OC) to report earnings per share (EPS) of $1.13 for the current fiscal quarter, Zacks reports. Seven analysts have provided estimates for Owens Corning’s earnings, with the lowest EPS estimate coming in at $1.07 and the highest estimate coming in at $1.18. Owens Corning reported earnings per share of $1.17 in the same quarter last year, which would indicate a negative year-over-year growth rate of 3.4%. The business is scheduled to announce its next quarterly earnings report before the market opens on Wednesday, July 24th.

According to Zacks, analysts expect that Owens Corning will report full year earnings of $4.62 per share for the current financial year, with EPS estimates ranging from $4.45 to $4.75. For the next fiscal year, analysts forecast that the company will post earnings of $5.33 per share, with EPS estimates ranging from $4.95 to $5.81. Zacks Investment Research’s earnings per share calculations are an average based on a survey of research firms that follow Owens Corning.

Owens Corning (NYSE:OC) last issued its quarterly earnings data on Wednesday, April 24th. The construction company reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.02). The firm had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.68 billion. Owens Corning had a return on equity of 12.10% and a net margin of 7.07%. The business’s quarterly revenue was down 1.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.80 EPS.

Several equities research analysts recently commented on OC shares. Barclays restated a “buy” rating and issued a $65.00 price target on shares of Owens Corning in a research report on Monday, July 1st. ValuEngine cut shares of Intersect ENT from a “buy” rating to a “hold” rating in a research report on Monday, July 8th. Nomura reissued a “neutral” rating and set a $48.00 price objective (down previously from $70.00) on shares of Owens Corning in a research note on Thursday, May 16th. Stifel Nicolaus lowered shares of Owens Corning from a “buy” rating to a “hold” rating and set a $52.45 price target on the stock. in a research note on Wednesday, April 24th. Finally, Bank of America set a $420.00 price objective on shares of Boeing and gave the company a “hold” rating in a report on Thursday, June 27th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company. Owens Corning has an average rating of “Hold” and an average target price of $58.34.

In other news, VP Kelly Schmidt sold 2,438 shares of Owens Corning stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $53.03, for a total value of $129,287.14. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Gunner Smith sold 7,900 shares of the business’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $51.79, for a total value of $409,141.00. Following the transaction, the insider now owns 21,189 shares in the company, valued at $1,097,378.31. The disclosure for this sale can be found here. Insiders have sold 40,938 shares of company stock valued at $2,114,034 in the last quarter. 1.70% of the stock is currently owned by company insiders.

Several hedge funds have recently bought and sold shares of OC. Victory Capital Management Inc. raised its stake in shares of Owens Corning by 14.1% in the first quarter. Victory Capital Management Inc. now owns 3,561,054 shares of the construction company’s stock valued at $167,797,000 after acquiring an additional 439,337 shares in the last quarter. Long Pond Capital LP acquired a new stake in shares of Owens Corning during the 1st quarter valued at approximately $151,179,000. Dimensional Fund Advisors LP increased its stake in shares of Owens Corning by 3.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,164,180 shares of the construction company’s stock worth $139,161,000 after purchasing an additional 92,537 shares in the last quarter. Clearbridge Investments LLC grew its stake in Owens Corning by 6.5% in the 1st quarter. Clearbridge Investments LLC now owns 1,312,881 shares of the construction company’s stock worth $61,863,000 after acquiring an additional 79,653 shares during the period. Finally, Norges Bank purchased a new stake in shares of Owens Corning during the 4th quarter valued at $52,991,000. Institutional investors and hedge funds own 96.23% of the company’s stock.

Shares of NYSE:OC traded down $1.38 during trading on Wednesday, reaching $56.04. 1,371,200 shares of the company’s stock traded hands, compared to its average volume of 1,526,231. Owens Corning has a 12 month low of $40.64 and a 12 month high of $67.30. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.83 and a quick ratio of 0.96. The stock has a market cap of $6.23 billion, a PE ratio of 11.34, a P/E/G ratio of 1.52 and a beta of 1.30. The company’s 50 day moving average is $53.14.

The company also recently announced a quarterly dividend, which will be paid on Friday, August 2nd. Shareholders of record on Tuesday, July 16th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date is Monday, July 15th. Owens Corning’s dividend payout ratio is 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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