Owens Corning (NYSE:OC – Get Rating) – Analysts at KeyCorp lowered their Q4 2022 earnings per share (EPS) estimates for shares of Owens Corning in a note issued to investors on Monday, August 1st. KeyCorp analyst K. Zener now expects that the construction company will post earnings of $2.48 per share for the quarter, down from their prior estimate of $2.49. The consensus estimate for Owens Corning’s current full-year earnings is $12.41 per share. KeyCorp also issued estimates for Owens Corning’s FY2023 earnings at $12.26 EPS.
Owens Corning (NYSE:OC – Get Rating) last released its quarterly earnings results on Wednesday, July 27th. The construction company reported $3.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.31 by $0.52. The business had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.58 billion. Owens Corning had a return on equity of 26.22% and a net margin of 12.20%. The business’s quarterly revenue was up 16.2% compared to the same quarter last year. During the same period in the previous year, the company posted $2.60 EPS.
Owens Corning Trading Down 3.0 %
Owens Corning stock opened at $86.30 on Thursday. The business has a 50-day simple moving average of $83.95 and a two-hundred day simple moving average of $88.67. The company has a market cap of $8.31 billion, a P/E ratio of 7.67, a P/E/G ratio of 0.75 and a beta of 1.51. Owens Corning has a 52-week low of $72.97 and a 52-week high of $101.12. The company has a quick ratio of 1.23, a current ratio of 1.87 and a debt-to-equity ratio of 0.66.
Owens Corning Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 4th. Shareholders of record on Monday, July 18th were paid a $0.35 dividend. The ex-dividend date was Friday, July 15th. This represents a $1.40 annualized dividend and a yield of 1.62%. Owens Corning’s payout ratio is 12.44%.
Insiders Place Their Bets
In other news, VP Kelly Schmidt sold 1,940 shares of the company’s stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $91.93, for a total transaction of $178,344.20. Following the sale, the vice president now directly owns 15,083 shares of the company’s stock, valued at approximately $1,386,580.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.44% of the stock is currently owned by corporate insiders.
Institutional Trading of Owens Corning
Several hedge funds have recently modified their holdings of OC. Bank of America Corp DE raised its holdings in shares of Owens Corning by 135.1% during the 1st quarter. Bank of America Corp DE now owns 1,692,633 shares of the construction company’s stock worth $154,876,000 after acquiring an additional 972,789 shares in the last quarter. American Century Companies Inc. raised its holdings in Owens Corning by 1,750.0% during the 1st quarter. American Century Companies Inc. now owns 443,570 shares of the construction company’s stock valued at $40,587,000 after buying an additional 419,593 shares during the period. State Street Corp raised its holdings in Owens Corning by 9.2% during the 4th quarter. State Street Corp now owns 4,890,796 shares of the construction company’s stock valued at $442,617,000 after buying an additional 413,742 shares during the period. Millennium Management LLC raised its holdings in Owens Corning by 78.3% during the 4th quarter. Millennium Management LLC now owns 900,714 shares of the construction company’s stock valued at $81,515,000 after buying an additional 395,541 shares during the period. Finally, Los Angeles Capital Management LLC raised its holdings in Owens Corning by 119.5% during the 1st quarter. Los Angeles Capital Management LLC now owns 583,002 shares of the construction company’s stock valued at $53,345,000 after buying an additional 317,369 shares during the period. 92.55% of the stock is owned by hedge funds and other institutional investors.
About Owens Corning
Owens Corning manufactures and markets insulation, roofing, and fiberglass composite materials in the United States, Canada, Europe, the Asia Pacific, and internationally. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and glass fiber products in the form of fabrics, non-wovens, and other specialized products.
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