KeyCorp Comments on Owens Corning’s FY2018 Earnings (OC)
Owens Corning (NYSE:OC) – Investment analysts at KeyCorp upped their FY2018 earnings per share estimates for shares of Owens Corning in a research note issued to investors on Thursday. KeyCorp analyst K. Zener now anticipates that the construction company will earn $5.07 per share for the year, up from their previous estimate of $4.78. KeyCorp has a “Buy” rating and a $115.00 price target on the stock.
OC has been the topic of a number of other research reports. Royal Bank of Canada reiterated a “buy” rating on shares of Owens Corning in a research note on Tuesday, October 3rd. Evercore ISI reiterated an “outperform” rating and set a $80.00 price objective (down previously from $88.00) on shares of Owens Corning in a research note on Wednesday, October 11th. Wells Fargo & Co reiterated an “outperform” rating on shares of Owens Corning in a research note on Thursday, October 26th. SunTrust Banks raised their price objective on shares of Owens Corning from $66.00 to $75.00 and gave the company a “hold” rating in a research note on Thursday, October 26th. Finally, Seaport Global Securities raised their price objective on shares of Owens Corning from $90.00 to $107.00 and gave the company a “buy” rating in a research note on Thursday, January 11th. Nine equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $84.77.
Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, October 25th. The construction company reported $1.25 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.26 by ($0.01). The business had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.63 billion. Owens Corning had a net margin of 6.15% and a return on equity of 11.40%. The business’s quarterly revenue was up 12.2% on a year-over-year basis. During the same period last year, the firm posted $1.09 EPS.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 17th. Shareholders of record on Tuesday, January 2nd will be given a $0.21 dividend. This is a positive change from Owens Corning’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Friday, December 29th. This represents a $0.84 annualized dividend and a yield of 0.90%. Owens Corning’s payout ratio is 25.07%.
In other Owens Corning news, VP Ava Harter sold 487 shares of Owens Corning stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $81.96, for a total value of $39,914.52. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Michael C. Mcmurray sold 18,000 shares of Owens Corning stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $90.78, for a total transaction of $1,634,040.00. Following the completion of the transaction, the chief financial officer now owns 52,228 shares in the company, valued at approximately $4,741,257.84. The disclosure for this sale can be found here. In the last 90 days, insiders sold 129,933 shares of company stock worth $11,196,722. 1.80% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of OC. Grove Bank & Trust grew its position in 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 purchasing an additional 1,110 shares in the last quarter. Crossmark Global Holdings Inc. purchased a new position in Owens Corning during the 3rd quarter worth approximately $202,000. Worth Venture Partners LLC purchased a new position in Owens Corning during the 3rd quarter worth approximately $213,000. Advisors Asset Management Inc. grew its position in Owens Corning by 214.4% during the 3rd quarter. Advisors Asset Management Inc. now owns 2,764 shares of the construction company’s stock worth $214,000 after purchasing an additional 1,885 shares in the last quarter. Finally, Csenge Advisory Group purchased a new position in Owens Corning during the 3rd quarter worth approximately $245,000. Hedge funds and other institutional investors own 94.55% of the company’s stock.
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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