Seaport Global Securities Comments on Owens Corning’s Q1 2019 Earnings (OC)

Owens Corning (NYSE:OC) – Stock analysts at Seaport Global Securities issued their Q1 2019 earnings estimates for Owens Corning in a research note issued on Tuesday, April 23rd. Seaport Global Securities analyst R. Garner forecasts that the construction company will earn $0.61 per share for the quarter. Seaport Global Securities currently has a “Sell” rating on the stock. Seaport Global Securities also issued estimates for Owens Corning’s Q2 2019 earnings at $1.26 EPS, Q3 2019 earnings at $1.66 EPS, Q4 2019 earnings at $1.42 EPS, FY2019 earnings at $4.95 EPS and FY2020 earnings at $5.50 EPS.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, April 24th. The construction company reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.02). The company had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.68 billion. Owens Corning had a net margin of 7.72% and a return on equity of 12.92%. The firm’s revenue was down 1.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.80 earnings per share.

A number of other analysts have also recently weighed in on OC. Citigroup set a $53.00 price target on Owens Corning and gave the company a “hold” rating in a research note on Tuesday, February 26th. Zacks Investment Research cut Owens Corning from a “hold” rating to a “sell” rating in a research note on Monday, January 28th. Stifel Nicolaus cut Owens Corning from a “buy” rating to a “hold” rating and set a $52.45 price target on the stock. in a research note on Wednesday. Barclays set a $58.00 price target on Owens Corning and gave the company a “buy” rating in a research note on Tuesday, February 5th. Finally, TheStreet upgraded Owens Corning from a “c+” rating to a “b-” rating in a research note on Thursday, February 14th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $67.71.

Shares of NYSE OC opened at $50.25 on Thursday. The firm has a market capitalization of $6.09 billion, a PE ratio of 10.17, a P/E/G ratio of 1.14 and a beta of 1.19. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.74 and a current ratio of 1.58. Owens Corning has a 12-month low of $40.64 and a 12-month high of $69.02.

A number of institutional investors and hedge funds have recently made changes to their positions in OC. FMR LLC boosted its holdings in Owens Corning by 1.3% in the 3rd quarter. FMR LLC now owns 118,978 shares of the construction company’s stock valued at $6,457,000 after purchasing an additional 1,565 shares in the last quarter. Man Group plc lifted its position in shares of Owens Corning by 100.2% during the 3rd quarter. Man Group plc now owns 58,385 shares of the construction company’s stock valued at $3,169,000 after acquiring an additional 29,228 shares during the period. Teachers Advisors LLC lifted its position in shares of Owens Corning by 2.6% during the 3rd quarter. Teachers Advisors LLC now owns 395,034 shares of the construction company’s stock valued at $21,438,000 after acquiring an additional 10,065 shares during the period. TIAA CREF Investment Management LLC lifted its position in shares of Owens Corning by 22.8% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 2,043,039 shares of the construction company’s stock valued at $110,876,000 after acquiring an additional 379,529 shares during the period. Finally, Legal & General Group Plc lifted its position in shares of Owens Corning by 2.2% during the 3rd quarter. Legal & General Group Plc now owns 156,430 shares of the construction company’s stock valued at $8,490,000 after acquiring an additional 3,319 shares during the period. 94.60% of the stock is currently owned by institutional investors.

In other Owens Corning news, VP Daniel T. Smith sold 18,681 shares of Owens Corning stock in a transaction that occurred on Friday, February 22nd. The stock was sold at an average price of $50.75, for a total value of $948,060.75. Following the sale, the vice president now owns 74,891 shares of the company’s stock, valued at approximately $3,800,718.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Marcio A. Sandri sold 3,700 shares of Owens Corning stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $47.01, for a total value of $173,937.00. Following the completion of the sale, the insider now directly owns 42,005 shares in the company, valued at approximately $1,974,655.05. The disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 2nd. Investors of record on Friday, March 8th were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.75%. The ex-dividend date of this dividend was Thursday, March 7th. Owens Corning’s dividend payout ratio is currently 17.81%.

About Owens Corning

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

Further Reading: 52-Week High/Low

Earnings History and Estimates for Owens Corning (NYSE:OC)

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