Owens Corning Inc (OC) Forecasted to Post FY2017 Earnings of $4.35 Per Share
Owens Corning Inc (NYSE:OC) – Equities researchers at Northcoast Research dropped their FY2017 earnings per share (EPS) estimates for Owens Corning in a research report issued to clients and investors on Thursday. Northcoast Research analyst K. Hocevar now forecasts that the construction company will post earnings per share of $4.35 for the year, down from their previous forecast of $4.40.
Several other research analysts also recently commented on the company. Stifel Nicolaus reissued a “buy” rating and issued a $83.00 target price on shares of Owens Corning in a report on Friday, September 1st. Wells Fargo & Company upgraded shares of Owens Corning from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $68.00 to $83.00 in a research report on Wednesday, August 30th. SunTrust Banks, Inc. boosted their price objective on shares of Owens Corning from $66.00 to $75.00 and gave the stock a “hold” rating in a research report on Thursday, October 26th. Instinet cut shares of Owens Corning from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $74.00 to $79.00 in a research report on Monday, September 11th. Finally, KeyCorp restated a “buy” rating and issued a $84.00 price objective on shares of Owens Corning in a research report on Wednesday, September 13th. Eight research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Owens Corning presently has a consensus rating of “Buy” and a consensus price target of $76.95.
Shares of Owens Corning (OC) opened at 82.69 on Monday. Owens Corning has a 52-week low of $46.45 and a 52-week high of $82.90. The company has a 50-day moving average price of $78.06 and a 200 day moving average price of $68.78. The firm has a market capitalization of $9.19 billion, a PE ratio of 23.75 and a beta of 1.05.
Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, October 25th. The construction company reported $1.25 EPS for the quarter, missing the consensus estimate of $1.26 by ($0.01). Owens Corning had a net margin of 6.15% and a return on equity of 11.40%. The business had revenue of $1.70 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the prior year, the business earned $1.09 earnings per share. The firm’s revenue was up 12.2% compared to the same quarter last year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 2nd. Shareholders of record on Monday, October 16th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.97%. The ex-dividend date is Friday, October 13th. Owens Corning’s payout ratio is 23.88%.
In other Owens Corning news, insider Brian Chambers sold 16,600 shares of the company’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $67.18, for a total transaction of $1,115,188.00. Following the completion of the sale, the insider now owns 39,957 shares in the company, valued at approximately $2,684,311.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Kelly Schmidt sold 1,462 shares of the company’s stock in a transaction on Friday, August 25th. The shares were sold at an average price of $70.35, for a total transaction 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 in the last quarter. Corporate insiders own 1.80% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. TIAA FSB bought a new stake in shares of Owens Corning in the 3rd quarter valued at $3,022,000. Geneva Advisors LLC increased its position in shares of Owens Corning by 6.2% in the 2nd quarter. Geneva Advisors LLC now owns 10,380 shares of the construction company’s stock valued at $695,000 after buying an additional 603 shares in the last quarter. Marshall Wace North America L.P. increased its position in shares of Owens Corning by 317.3% in the 2nd quarter. Marshall Wace North America L.P. now owns 92,940 shares of the construction company’s stock valued at $6,227,000 after buying an additional 70,667 shares in the last quarter. Aviva PLC increased its position in shares of Owens Corning by 14.3% in the 2nd quarter. Aviva PLC now owns 39,967 shares of the construction company’s stock valued at $2,674,000 after buying an additional 5,000 shares in the last quarter. Finally, Northpointe Capital LLC increased its position in shares of Owens Corning by 4.6% in the 2nd quarter. Northpointe Capital LLC now owns 40,348 shares of the construction company’s stock valued at $2,700,000 after buying an additional 1,778 shares in the last quarter. Institutional investors and hedge funds own 98.75% 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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