Owens Corning (NYSE:OC) issued its earnings results on Wednesday. The construction company reported $1.11 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.07, Bloomberg Earnings reports. Owens Corning had a return on equity of 11.40% and a net margin of 6.15%. The company had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same period in the prior year, the firm earned $0.72 earnings per share. Owens Corning’s revenue for the quarter was up 16.1% on a year-over-year basis.
Shares of Owens Corning (NYSE:OC) traded up $2.25 during trading on Thursday, reaching $85.28. The company had a trading volume of 733,870 shares, compared to its average volume of 950,127. Owens Corning has a 1-year low of $57.36 and a 1-year high of $96.52. The company has a market capitalization of $9,530.00, a P/E ratio of 33.57, a P/E/G ratio of 1.05 and a beta of 0.98. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 0.99.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 3rd. Investors of record on Friday, March 9th will be issued a dividend of $0.21 per share. The ex-dividend date of this dividend is Thursday, March 8th. This represents a $0.84 annualized dividend and a yield of 0.98%. Owens Corning’s dividend payout ratio (DPR) is currently 32.94%.
In other Owens Corning news, Director James J. Mcmonagle sold 4,136 shares of the company’s stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $87.20, for a total value of $360,659.20. Following the completion of the transaction, the director now owns 47,925 shares in the company, valued at approximately $4,179,060. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John David Williams sold 3,684 shares of the company’s stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $88.64, for a total value of $326,549.76. Following the completion of the transaction, the director now owns 24,762 shares of the company’s stock, valued at approximately $2,194,903.68. The disclosure for this sale can be found here. Insiders have sold 25,820 shares of company stock valued at $2,321,249 in the last quarter. 1.80% of the stock is currently owned by corporate insiders.
Large investors have recently made changes to their positions in the business. Cerebellum GP LLC bought a new position in shares of Owens Corning during the 4th quarter worth $119,000. Grove Bank & Trust grew its stake in shares of Owens Corning by 213.5% during the 3rd quarter. Grove Bank & Trust now owns 1,630 shares of the construction company’s stock worth $126,000 after acquiring an additional 1,110 shares during the period. Strs Ohio bought a new position in shares of Owens Corning during the 4th quarter worth $129,000. Focused Wealth Management Inc bought a new position in shares of Owens Corning during the 4th quarter worth $175,000. Finally, Avestar Capital LLC bought a new position in shares of Owens Corning during the 4th quarter worth $176,000. Hedge funds and other institutional investors own 93.65% of the company’s stock.
A number of equities analysts have recently weighed in on the company. Seaport Global Securities upped their target price on Owens Corning from $90.00 to $107.00 and gave the stock a “buy” rating in a research report on Thursday, January 11th. Stifel Nicolaus reaffirmed a “buy” rating and set a $83.00 target price on shares of Owens Corning in a research report on Thursday, October 26th. Zacks Investment Research raised Owens Corning from a “hold” rating to a “buy” rating and set a $102.00 target price on the stock in a research report on Wednesday, December 27th. SunTrust Banks upped their target price on Owens Corning from $66.00 to $75.00 and gave the stock a “hold” rating in a research report on Thursday, October 26th. Finally, Nomura upped their target price on Owens Corning from $79.00 to $83.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 31st. Nine equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. Owens Corning has an average rating of “Buy” and an average target price of $86.24.
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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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