Owens Corning Inc (NYSE:OC) – Stock analysts at SunTrust Banks boosted their FY2017 EPS estimates for Owens Corning in a research report issued on Wednesday, according to Zacks Investment Research. SunTrust Banks analyst K. Hughes now forecasts that the construction company will post earnings per share of $4.28 for the year, up from their previous forecast of $4.17. SunTrust Banks currently has a “Hold” rating and a $75.00 target price on the stock. SunTrust Banks also issued estimates for Owens Corning’s Q4 2017 earnings at $0.97 EPS, Q2 2018 earnings at $1.47 EPS, Q3 2018 earnings at $1.57 EPS, Q4 2018 earnings at $1.13 EPS and FY2018 earnings at $4.95 EPS.
Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, October 25th. The construction company reported $1.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.26 by ($0.01). The company had revenue of $1.70 billion during the quarter, compared to analyst estimates of $1.63 billion. Owens Corning had a return on equity of 11.40% and a net margin of 6.15%. The business’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.09 earnings per share.
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Several other analysts have also issued reports on OC. Jefferies Group LLC restated a “buy” rating and issued a $77.00 price target on shares of Owens Corning in a research report on Wednesday, July 19th. MKM Partners upgraded shares of Owens Corning from a “sell” rating to a “neutral” rating and lifted their target price for the company from $47.00 to $62.00 in a research report on Thursday, July 27th. BidaskClub downgraded shares of Owens Corning from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. FBR & Co lifted their price target on shares of Owens Corning from $63.00 to $70.00 and gave the company a “mkt perform” rating in a report on Thursday, July 27th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $83.00 price target on shares of Owens Corning in a report on Friday, July 28th. Eight analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Owens Corning currently has a consensus rating of “Buy” and an average price target of $76.95.
Owens Corning (OC) traded down $0.57 during midday trading on Friday, reaching $81.89. 663,400 shares of the company’s stock traded hands, compared to its average volume of 1,006,326. The company has a quick ratio of 0.99, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The firm has a market cap of $9,172.93, a price-to-earnings ratio of 20.51, a price-to-earnings-growth ratio of 1.44 and a beta of 1.08. Owens Corning has a 52 week low of $49.80 and a 52 week high of $83.31.
A number of hedge funds and other institutional investors have recently bought and sold shares of OC. BlackRock Inc. raised its position in Owens Corning by 4,010.8% during the first quarter. BlackRock Inc. now owns 6,496,203 shares of the construction company’s stock worth $398,669,000 after acquiring an additional 6,338,177 shares in the last quarter. PGGM Investments bought a new position in shares of Owens Corning in the second quarter valued at about $26,366,000. Boston Partners bought a new position in shares of Owens Corning in the second quarter valued at about $26,195,000. FMR LLC raised its position in shares of Owens Corning by 118.4% in the second quarter. FMR LLC now owns 572,911 shares of the construction company’s stock valued at $38,339,000 after purchasing an additional 310,559 shares during the period. Finally, Principal Financial Group Inc. raised its position in shares of Owens Corning by 213.0% in the third quarter. Principal Financial Group Inc. now owns 436,865 shares of the construction company’s stock valued at $33,792,000 after purchasing an additional 297,311 shares during the period. 98.00% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Chairman Michael H. Thaman sold 130,700 shares of the company’s stock in a transaction that occurred 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 transaction, the chairman now owns 847,992 shares in the company, valued at $63,557,000.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Michael C. Mcmurray sold 14,000 shares of the business’s stock in a transaction on Friday, September 8th. The stock was sold at an average price of $76.52, for a total transaction of $1,071,280.00. Following the completion of the sale, the chief financial officer now directly owns 40,903 shares in the company, valued at approximately $3,129,897.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 196,266 shares of company stock valued at $14,529,782. Corporate insiders own 1.80% of the company’s stock.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 2nd. Investors of record on Monday, October 16th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.98%. The ex-dividend date was Friday, October 13th. Owens Corning’s dividend payout ratio is currently 23.88%.
About Owens Corning
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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