Northcoast Research Weighs in on Owens Corning Inc’s Q3 2017 Earnings (OC)
Owens Corning Inc (NYSE:OC) – Equities research analysts at Northcoast Research raised their Q3 2017 EPS estimates for shares of Owens Corning in a note issued to investors on Wednesday. Northcoast Research analyst K. Hocevar now forecasts that the construction company will post earnings of $1.33 per share for the quarter, up from their previous estimate of $1.24. Northcoast Research currently has a “Buy” rating and a $76.00 target price on the stock.
Other analysts have also issued reports about the company. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $71.00 price target on shares of Owens Corning in a research note on Monday, June 19th. FBR & Co lifted their price target on Owens Corning from $63.00 to $70.00 and gave the stock a “mkt perform” rating in a research note on Thursday, July 27th. Credit Suisse Group began coverage on Owens Corning in a research note on Thursday, June 22nd. They issued an “outperform” rating and a $75.00 price target on the stock. Macquarie raised Owens Corning from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $54.00 to $68.00 in a research note on Tuesday, June 20th. Finally, KeyCorp reaffirmed an “overweight” rating and issued a $75.00 price target (up from $70.00) on shares of Owens Corning in a research note on Monday, June 26th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and fourteen have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $72.47.
Owens Corning (NYSE OC) opened at 79.25 on Friday. Owens Corning has a 1-year low of $46.45 and a 1-year high of $79.44. The company has a market capitalization of $8.81 billion, a P/E ratio of 22.77 and a beta of 1.05. The firm has a 50-day moving average price of $74.33 and a 200 day moving average price of $66.43.
Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, July 26th. The construction company reported $1.20 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.12. The business had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.48 billion. Owens Corning had a return on equity of 11.12% and a net margin of 6.61%. The business’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.29 EPS.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 2nd. Investors of record on Monday, October 16th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Friday, October 13th. This represents a $0.80 annualized dividend and a dividend yield of 1.01%. Owens Corning’s dividend payout ratio is presently 23.05%.
In related news, Chairman Michael H. Thaman sold 130,700 shares of the business’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 transaction, the chairman now directly owns 847,992 shares of the company’s stock, valued at approximately $63,557,000.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Arnaud Genis sold 6,000 shares of the business’s stock in a transaction on Monday, August 28th. The stock was sold at an average price of $70.75, for a total value of $424,500.00. Following the transaction, the insider now directly owns 58,374 shares of the company’s stock, valued at $4,129,960.50. The disclosure for this sale can be found here. Insiders sold a total of 212,866 shares of company stock worth $15,644,970 in the last quarter. Company insiders own 1.80% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in OC. Vantage Financial Partners Ltd. Inc. acquired a new position in shares of Owens Corning during the 2nd quarter worth about $228,000. Creative Planning boosted its position in shares of Owens Corning by 104.3% during the 2nd quarter. Creative Planning now owns 2,043 shares of the construction company’s stock worth $137,000 after acquiring an additional 1,043 shares in the last quarter. Point72 Asia Hong Kong Ltd boosted its position in shares of Owens Corning by 457.1% during the 1st quarter. Point72 Asia Hong Kong Ltd now owns 2,301 shares of the construction company’s stock worth $141,000 after acquiring an additional 1,888 shares in the last quarter. Penserra Capital Management LLC boosted its position in shares of Owens Corning by 11.1% during the 2nd quarter. Penserra Capital Management LLC now owns 2,964 shares of the construction company’s stock worth $198,000 after acquiring an additional 296 shares in the last quarter. Finally, First Bank & Trust boosted its position in shares of Owens Corning by 3.6% during the 2nd quarter. First Bank & Trust now owns 3,024 shares of the construction company’s stock worth $202,000 after acquiring an additional 104 shares in the last quarter. 96.84% of the stock is owned by hedge funds and other institutional investors.
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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