SunTrust Banks Research Analysts Cut Earnings Estimates for Owens Corning Inc (OC)
Owens Corning Inc (NYSE:OC) – Analysts at SunTrust Banks lowered their Q3 2017 earnings estimates for Owens Corning in a research report issued to clients and investors on Monday. SunTrust Banks analyst K. Hughes now expects that the construction company will post earnings per share of $1.21 for the quarter, down from their prior forecast of $1.25. SunTrust Banks has a “Hold” rating on the stock. SunTrust Banks also issued estimates for Owens Corning’s Q4 2017 earnings at $0.91 EPS, Q1 2018 earnings at $0.82 EPS, Q2 2018 earnings at $1.46 EPS, Q3 2018 earnings at $1.42 EPS, Q4 2018 earnings at $1.03 EPS and FY2018 earnings at $4.73 EPS.
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 analysts’ consensus estimates of $1.08 by $0.12. Owens Corning had a net margin of 6.61% and a return on equity of 11.12%. The firm had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.48 billion. During the same quarter last year, the company earned $1.29 EPS. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year.
ILLEGAL ACTIVITY WARNING: This news story was originally published by Watch List News and is owned by of Watch List News. If you are accessing this news story on another website, it was copied illegally and republished in violation of US and international copyright and trademark legislation. The correct version of this news story can be viewed at https://www.watchlistnews.com/suntrust-banks-research-analysts-cut-earnings-estimates-for-owens-corning-inc-oc/1609519.html.
A number of other research analysts have also weighed in on OC. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Owens Corning in a report on Tuesday. Citigroup Inc. reaffirmed a “sell” rating and set a $69.00 price objective (up previously from $49.00) on shares of Owens Corning in a report on Tuesday. Stifel Nicolaus reaffirmed a “buy” rating and set a $83.00 price objective on shares of Owens Corning in a report on Friday, July 28th. Jefferies Group LLC reissued a “buy” rating and issued a $82.00 target price on shares of Owens Corning in a report on Thursday, July 27th. Finally, BidaskClub raised Owens Corning from a “sell” rating to a “hold” rating in a report on Friday, August 25th. One analyst has rated the stock with a sell rating, eight have given a hold rating and fourteen have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $72.47.
Shares of Owens Corning (NYSE:OC) opened at 79.10 on Tuesday. The company has a 50-day moving average of $73.65 and a 200-day moving average of $66.22. The firm has a market cap of $8.80 billion, a PE ratio of 22.72 and a beta of 1.05. Owens Corning has a 1-year low of $46.45 and a 1-year high of $79.42.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 2nd. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.01%. Owens Corning’s dividend payout ratio (DPR) is 23.05%.
In other news, Chairman Michael H. Thaman sold 130,700 shares of the firm’s stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $74.95, for a total value of $9,795,965.00. Following the transaction, the chairman now directly owns 847,992 shares in the company, valued at approximately $63,557,000.40. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Kelly Schmidt sold 1,462 shares of the firm’s stock in a transaction dated 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. Over the last 90 days, insiders sold 212,866 shares of company stock worth $15,644,970. Company insiders own 1.80% of the company’s stock.
Several hedge funds have recently bought and sold shares of OC. Creative Planning grew its stake in shares of Owens Corning by 104.3% in the second quarter. Creative Planning now owns 2,043 shares of the construction company’s stock valued at $137,000 after buying an additional 1,043 shares in the last quarter. Point72 Asia Hong Kong Ltd grew its stake in shares of Owens Corning by 457.1% in the first quarter. Point72 Asia Hong Kong Ltd now owns 2,301 shares of the construction company’s stock valued at $141,000 after buying an additional 1,888 shares in the last quarter. Penserra Capital Management LLC grew its stake in shares of Owens Corning by 11.1% in the second quarter. Penserra Capital Management LLC now owns 2,964 shares of the construction company’s stock valued at $198,000 after buying an additional 296 shares in the last quarter. First Bank & Trust grew its stake in shares of Owens Corning by 3.6% in the second quarter. First Bank & Trust now owns 3,024 shares of the construction company’s stock valued at $202,000 after buying an additional 104 shares in the last quarter. Finally, Cadence Capital Management LLC acquired a new stake in shares of Owens Corning in the first quarter valued at about $214,000. Institutional investors and hedge funds own 96.84% 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.
Receive News & Ratings for Owens Corning Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Owens Corning Inc and related companies with Analyst Ratings Network's FREE daily email newsletter.