Owens Corning Inc (OC) Shares Gap Down After Earnings Miss

Owens Corning Inc (NYSE:OC)’s share price gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $74.82, but opened at $76.67. Owens Corning shares last traded at $79.83, with a volume of 1,173,886 shares traded.

The construction company reported $1.25 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.26 by ($0.01). The company had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.63 billion. Owens Corning had a return on equity of 11.12% and a net margin of 6.61%. The firm’s revenue for the quarter was up 12.2% compared to the same quarter last year. During the same period last year, the firm earned $1.09 EPS.



The business also recently declared a quarterly dividend, which will be paid on Thursday, November 2nd. Shareholders of record on Monday, October 16th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.01%. The ex-dividend date is Friday, October 13th. Owens Corning’s dividend payout ratio (DPR) is 23.05%.

OC has been the topic of several recent analyst reports. Jefferies Group LLC reaffirmed a “buy” rating and set a $72.00 price target on shares of Owens Corning in a research report on Sunday, July 9th. BidaskClub lowered Owens Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, July 11th. MKM Partners raised Owens Corning from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $47.00 to $62.00 in a research report on Thursday, July 27th. FBR & Co boosted their price target on Owens Corning from $63.00 to $70.00 and gave the stock a “mkt perform” rating in a research report on Thursday, July 27th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $83.00 price target on shares of Owens Corning in a research report on Friday, July 28th. Nine analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $75.70.

In related news, insider Brian Chambers sold 16,600 shares of the business’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $67.18, for a total value of $1,115,188.00. Following the completion of the sale, the insider now directly owns 39,957 shares in the company, valued at approximately $2,684,311.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Michael H. Thaman sold 130,700 shares of the business’s stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $74.95, for a total value of $9,795,965.00. Following the completion of the sale, the chairman now owns 847,992 shares of the company’s stock, valued at $63,557,000.40. The disclosure for this sale can be found here. Insiders sold a total of 212,866 shares of company stock valued at $15,644,970 over the last 90 days. 1.80% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OC. Geneva Advisors LLC lifted its position in shares of Owens Corning by 6.2% during the 2nd quarter. Geneva Advisors LLC now owns 10,380 shares of the construction company’s stock valued at $695,000 after acquiring an additional 603 shares during the period. Marshall Wace North America L.P. lifted its position in shares of Owens Corning by 317.3% during the 2nd quarter. Marshall Wace North America L.P. now owns 92,940 shares of the construction company’s stock valued at $6,227,000 after acquiring an additional 70,667 shares during the period. Aviva PLC lifted its position in shares of Owens Corning by 14.3% during the 2nd quarter. Aviva PLC now owns 39,967 shares of the construction company’s stock valued at $2,674,000 after acquiring an additional 5,000 shares during the period. Northpointe Capital LLC lifted its position in shares of Owens Corning by 4.6% during the 2nd quarter. Northpointe Capital LLC now owns 40,348 shares of the construction company’s stock valued at $2,700,000 after acquiring an additional 1,778 shares during the period. Finally, BNP Paribas Arbitrage SA lifted its position in shares of Owens Corning by 35.3% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 91,953 shares of the construction company’s stock valued at $6,153,000 after acquiring an additional 24,014 shares during the period. Institutional investors and hedge funds own 97.97% of the company’s stock.

The company has a market capitalization of $8.81 billion, a PE ratio of 22.75 and a beta of 1.05. The firm’s 50 day moving average price is $77.48 and its 200-day moving average price is $68.21.

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Owens Corning Company Profile

Owens Corning is engaged in the business of composite and building materials systems, delivering a range of products and services. The Company’s products range from glass fiber used to reinforce composite materials for transportation, electronics, marine, infrastructure, wind-energy and other markets to insulation and roofing for residential, commercial and industrial applications.

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