Owens Corning (OC) Expected to Announce Earnings of $1.24 Per Share

Wall Street analysts predict that Owens Corning (NYSE:OC) will report earnings of $1.24 per share for the current quarter, according to Zacks. Seven analysts have made estimates for Owens Corning’s earnings. The highest EPS estimate is $1.36 and the lowest is $1.19. Owens Corning posted earnings per share of $1.11 in the same quarter last year, which indicates a positive year-over-year growth rate of 11.7%. The company is scheduled to issue its next quarterly earnings report on Wednesday, February 20th.

On average, analysts expect that Owens Corning will report full-year earnings of $4.74 per share for the current fiscal year, with EPS estimates ranging from $4.70 to $4.86. For the next fiscal year, analysts expect that the company will report earnings of $5.52 per share, with EPS estimates ranging from $5.23 to $5.68. Zacks’ earnings per share averages are a mean average based on a survey of analysts that that provide coverage for Owens Corning.

Owens Corning (NYSE:OC) last issued its quarterly earnings data on Wednesday, October 24th. The construction company reported $1.54 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.65 by ($0.11). Owens Corning had a return on equity of 12.37% and a net margin of 5.33%. The company had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.89 billion. During the same period in the prior year, the company earned $1.25 EPS. The firm’s revenue was up 6.8% on a year-over-year basis.

OC has been the subject of a number of recent analyst reports. Goldman Sachs Group initiated coverage on shares of Owens Corning in a research note on Tuesday, October 2nd. They issued a “buy” rating and a $75.00 price target for the company. Longbow Research reiterated a “buy” rating on shares of Owens Corning in a research note on Monday, September 24th. Barclays upgraded shares of Owens Corning from an “equal weight” rating to an “overweight” rating and cut their price target for the company from $62.00 to $58.00 in a research note on Thursday, October 25th. TheStreet cut shares of Owens Corning from a “b-” rating to a “c+” rating in a research note on Tuesday, October 30th. Finally, Bank of America cut shares of Owens Corning from a “neutral” rating to an “underperform” rating in a research note on Tuesday, October 23rd. Two analysts have rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company’s stock. Owens Corning has an average rating of “Hold” and a consensus target price of $74.94.

OC traded down $0.20 during trading hours on Friday, hitting $51.15. 45,274 shares of the company’s stock were exchanged, compared to its average volume of 1,467,049. Owens Corning has a 1-year low of $42.88 and a 1-year high of $96.52. The stock has a market capitalization of $5.61 billion, a price-to-earnings ratio of 11.62, a PEG ratio of 0.80 and a beta of 1.14. The company has a current ratio of 1.62, a quick ratio of 0.87 and a debt-to-equity ratio of 0.87.

The business also recently declared a quarterly dividend, which was paid on Friday, November 2nd. Stockholders of record on Tuesday, October 16th were paid a $0.21 dividend. The ex-dividend date was Monday, October 15th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.64%. Owens Corning’s payout ratio is currently 19.09%.

Several institutional investors and hedge funds have recently bought and sold shares of OC. Zacks Investment Management lifted its position in shares of Owens Corning by 4.9% in the 2nd quarter. Zacks Investment Management now owns 18,662 shares of the construction company’s stock worth $1,183,000 after purchasing an additional 880 shares during the period. Nissay Asset Management Corp Japan ADV increased its stake in shares of Owens Corning by 10.3% in the 2nd quarter. Nissay Asset Management Corp Japan ADV now owns 9,802 shares of the construction company’s stock valued at $621,000 after acquiring an additional 912 shares in the last quarter. Vident Investment Advisory LLC increased its stake in shares of Owens Corning by 2.8% in the 2nd quarter. Vident Investment Advisory LLC now owns 37,334 shares of the construction company’s stock valued at $2,366,000 after acquiring an additional 1,028 shares in the last quarter. Teacher Retirement System of Texas increased its stake in shares of Owens Corning by 1.5% in the 2nd quarter. Teacher Retirement System of Texas now owns 74,111 shares of the construction company’s stock valued at $4,696,000 after acquiring an additional 1,128 shares in the last quarter. Finally, DNB Asset Management AS increased its stake in shares of Owens Corning by 8.5% in the 3rd quarter. DNB Asset Management AS now owns 15,300 shares of the construction company’s stock valued at $830,000 after acquiring an additional 1,200 shares in the last quarter. Institutional investors own 90.42% of the company’s stock.

About Owens Corning

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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