FY2017 EPS Estimates for Owens Corning Inc (OC) Increased by Jefferies Group
Owens Corning Inc (NYSE:OC) – Stock analysts at Jefferies Group boosted their FY2017 earnings estimates for Owens Corning in a research note issued to investors on Thursday. Jefferies Group analyst P. Ng now expects that the construction company will earn $4.28 per share for the year, up from their prior estimate of $4.25. Jefferies Group currently has a “Buy” rating and a $82.00 target price on the stock. Jefferies Group also issued estimates for Owens Corning’s Q1 2018 earnings at $1.05 EPS, Q2 2018 earnings at $1.52 EPS, Q3 2018 earnings at $1.42 EPS, FY2018 earnings at $5.25 EPS and FY2019 earnings at $6.14 EPS.
Several other equities analysts also recently commented on the company. Citigroup Inc. raised Owens Corning from a “sell” rating to a “neutral” rating and set a $80.00 price objective on the stock in a research report on Friday. Credit Suisse Group set a $90.00 price objective on Owens Corning and gave the company an “outperform” rating in a research report on Tuesday. Evercore ISI reaffirmed an “outperform” rating and issued a $80.00 price objective (down previously from $88.00) on shares of Owens Corning in a research report on Wednesday, October 11th. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Owens Corning in a research report on Tuesday, October 3rd. Finally, KeyCorp reaffirmed a “buy” rating and issued a $84.00 price objective on shares of Owens Corning in a research report on Wednesday, September 13th. Nine equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $74.89.
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Shares of Owens Corning (NYSE:OC) opened at 80.11 on Friday. The stock has a market cap of $8.91 billion, a price-to-earnings ratio of 23.01 and a beta of 1.05. The company has a 50-day moving average price of $77.14 and a 200-day moving average price of $67.75. Owens Corning has a 52 week low of $46.45 and a 52 week high of $80.56.
Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, July 26th. The construction company reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.12. Owens Corning had a return on equity of 11.12% and a net margin of 6.61%. The company had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same quarter last year, the firm posted $1.29 earnings per share. The firm’s revenue was up 3.4% on a year-over-year basis.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 2nd. Investors of record on Monday, October 16th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date of this dividend is Friday, October 13th. Owens Corning’s dividend payout ratio (DPR) is currently 23.05%.
In related news, Chairman Michael H. Thaman sold 130,700 shares of the company’s stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $74.95, for a total transaction of $9,795,965.00. Following the completion of the sale, the chairman now directly owns 847,992 shares in the company, valued at approximately $63,557,000.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Kelly Schmidt sold 1,462 shares of the company’s stock in a transaction on Friday, August 25th. The stock was sold at an average price of $70.35, for a total value of $102,851.70. The disclosure for this sale can be found here. Insiders have sold a total of 212,866 shares of company stock valued at $15,644,970 over the last 90 days. 1.80% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of OC. Comerica Bank lifted its stake in shares of Owens Corning by 26.2% during the 1st quarter. Comerica Bank now owns 6,865 shares of the construction company’s stock worth $417,000 after purchasing an additional 1,426 shares during the last quarter. UBS Asset Management Americas Inc. lifted its stake in shares of Owens Corning by 7.6% during the 1st quarter. UBS Asset Management Americas Inc. now owns 73,900 shares of the construction company’s stock worth $4,535,000 after purchasing an additional 5,196 shares during the last quarter. Alliancebernstein L.P. lifted its stake in shares of Owens Corning by 45.2% during the 1st quarter. Alliancebernstein L.P. now owns 109,742 shares of the construction company’s stock worth $6,735,000 after purchasing an additional 34,150 shares during the last quarter. FMR LLC lifted its stake in shares of Owens Corning by 33.6% during the 1st quarter. FMR LLC now owns 262,352 shares of the construction company’s stock worth $16,100,000 after purchasing an additional 66,027 shares during the last quarter. Finally, Legal & General Group Plc lifted its stake in shares of Owens Corning by 40.2% during the 1st quarter. Legal & General Group Plc now owns 85,361 shares of the construction company’s stock worth $5,238,000 after purchasing an additional 24,488 shares during the last quarter. Hedge funds and other institutional investors own 96.76% of the company’s stock.
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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