Zacks: Brokerages Expect Owens Corning (OC) to Post $1.71 Earnings Per Share

Analysts expect Owens Corning (NYSE:OC) to post $1.71 earnings per share for the current fiscal quarter, Zacks reports. Seven analysts have issued estimates for Owens Corning’s earnings. The highest EPS estimate is $1.79 and the lowest is $1.55. Owens Corning posted earnings per share of $1.25 during the same quarter last year, which would indicate a positive year-over-year growth rate of 36.8%. The company is scheduled to announce its next earnings results on Wednesday, October 24th.

According to Zacks, analysts expect that Owens Corning will report full-year earnings of $5.27 per share for the current fiscal year, with EPS estimates ranging from $5.12 to $5.40. For the next financial year, analysts forecast that the firm will report earnings of $6.27 per share, with EPS estimates ranging from $5.72 to $6.74. Zacks’ earnings per share averages are a mean average based on a survey of sell-side research firms that cover Owens Corning.

Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, July 25th. The construction company reported $1.17 earnings per share for the quarter, missing analysts’ consensus estimates of $1.45 by ($0.28). Owens Corning had a net margin of 4.47% and a return on equity of 11.72%. The business had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.86 billion. During the same quarter last year, the company posted $1.20 EPS. The firm’s revenue was up 14.2% on a year-over-year basis.

OC has been the topic of a number of research reports. Citigroup upped their price objective on Owens Corning from $72.00 to $73.00 and gave the company a “neutral” rating in a report on Wednesday, June 20th. Zelman & Associates raised Owens Corning from a “hold” rating to a “buy” rating in a report on Tuesday, June 19th. Zacks Investment Research lowered Owens Corning from a “buy” rating to a “sell” rating in a report on Monday, July 9th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $80.00 price objective on shares of Owens Corning in a report on Thursday, June 28th. Finally, Argus lowered Owens Corning from a “buy” rating to a “hold” rating and upped their price objective for the company from $96.52 to $109.00 in a report on Friday, June 1st. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $80.11.

OC traded down $0.26 during trading hours on Thursday, reaching $55.99. The company’s stock had a trading volume of 1,025,147 shares, compared to its average volume of 1,536,227. Owens Corning has a 52 week low of $55.39 and a 52 week high of $96.52. The company has a current ratio of 1.59, a quick ratio of 0.88 and a debt-to-equity ratio of 0.87. The stock has a market cap of $6.46 billion, a PE ratio of 12.72, a price-to-earnings-growth ratio of 0.67 and a beta of 0.97.

The business also recently announced a quarterly dividend, which will be paid on Friday, November 2nd. Stockholders of record on Tuesday, October 16th will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.50%. The ex-dividend date is Monday, October 15th. Owens Corning’s dividend payout ratio (DPR) is currently 19.09%.

In other news, Director W Howard Morris sold 1,514 shares of the stock in a transaction on Thursday, August 23rd. The stock was sold at an average price of $58.47, for a total transaction of $88,523.58. Following the sale, the director now directly owns 36,332 shares of the company’s stock, valued at approximately $2,124,332.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.60% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Carillon Tower Advisers Inc. grew its holdings in shares of Owens Corning by 69.2% during the 2nd quarter. Carillon Tower Advisers Inc. now owns 210,775 shares of the construction company’s stock worth $13,357,000 after purchasing an additional 86,175 shares in the last quarter. Keybank National Association OH boosted its stake in Owens Corning by 54.2% in the second quarter. Keybank National Association OH now owns 13,699 shares of the construction company’s stock valued at $868,000 after buying an additional 4,815 shares in the last quarter. Strs Ohio boosted its stake in Owens Corning by 451.8% in the second quarter. Strs Ohio now owns 7,504 shares of the construction company’s stock valued at $475,000 after buying an additional 6,144 shares in the last quarter. Handelsinvest Investeringsforvaltning acquired a new stake in Owens Corning in the second quarter valued at about $3,802,000. Finally, Janus Henderson Group PLC boosted its stake in Owens Corning by 29.6% in the second quarter. Janus Henderson Group PLC now owns 743,637 shares of the construction company’s stock valued at $47,124,000 after buying an additional 169,721 shares in the last quarter.

Owens Corning Company Profile

Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential and commercial 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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