Brokerages Anticipate Owens Corning (OC) to Announce $0.60 EPS

Equities analysts forecast that Owens Corning (NYSE:OC) will announce earnings of $0.60 per share for the current fiscal quarter, Zacks reports. Seven analysts have provided estimates for Owens Corning’s earnings. The lowest EPS estimate is $0.52 and the highest is $0.75. Owens Corning reported earnings of $0.80 per share in the same quarter last year, which indicates a negative year over year growth rate of 25%. The company is scheduled to report its next quarterly earnings report before the market opens on Wednesday, April 24th.

According to Zacks, analysts expect that Owens Corning will report full-year earnings of $4.92 per share for the current fiscal year, with EPS estimates ranging from $4.67 to $5.10. For the next year, analysts anticipate that the company will post earnings of $5.68 per share, with EPS estimates ranging from $5.16 to $6.06. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side research analysts that follow Owens Corning.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, February 20th. The construction company reported $1.38 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.29 by $0.09. The business had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.69 billion. Owens Corning had a return on equity of 12.92% and a net margin of 7.72%. The company’s revenue was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.11 earnings per share.

OC has been the topic of a number of recent analyst reports. Citigroup set a $53.00 target price on Owens Corning and gave the stock a “hold” rating in a research report on Tuesday, February 26th. Zacks Investment Research lowered Owens Corning from a “hold” rating to a “sell” rating in a research report on Monday, January 28th. Barclays set a $58.00 target price on Owens Corning and gave the stock a “buy” rating in a research report on Tuesday, February 5th. TheStreet raised Owens Corning from a “c+” rating to a “b-” rating in a research report on Thursday, February 14th. Finally, Zelman & Associates lowered Owens Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 26th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the stock. Owens Corning presently has a consensus rating of “Hold” and an average price target of $69.12.

Shares of Owens Corning stock traded up $0.66 during trading on Wednesday, hitting $54.00. The stock had a trading volume of 2,663,618 shares, compared to its average volume of 1,517,139. The firm has a market cap of $5.93 billion, a price-to-earnings ratio of 10.93, a price-to-earnings-growth ratio of 1.07 and a beta of 1.19. The company has a quick ratio of 0.74, a current ratio of 1.58 and a debt-to-equity ratio of 0.78. Owens Corning has a fifty-two week low of $40.64 and a fifty-two week high of $82.71.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 2nd. Investors of record on Friday, March 8th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.63%. The ex-dividend date was Thursday, March 7th. Owens Corning’s payout ratio is 17.81%.

In other Owens Corning news, VP Daniel T. Smith sold 18,681 shares of the company’s stock in a transaction dated Friday, February 22nd. The stock was sold at an average price of $50.75, for a total value of $948,060.75. Following the transaction, the vice president now directly owns 74,891 shares of the company’s stock, valued at approximately $3,800,718.25. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Marcio A. Sandri sold 3,700 shares of the company’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $47.01, for a total value of $173,937.00. Following the completion of the transaction, the insider now directly owns 42,005 shares in the company, valued at $1,974,655.05. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by insiders.

A number of hedge funds have recently modified their holdings of OC. Oregon Public Employees Retirement Fund increased its position in Owens Corning by 5,667.2% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 2,135,185 shares of the construction company’s stock worth $49,000 after purchasing an additional 2,098,162 shares during the last quarter. Norges Bank acquired a new position in Owens Corning in the 4th quarter worth about $52,991,000. Fairpointe Capital LLC acquired a new position in Owens Corning in the 3rd quarter worth about $61,008,000. Park Presidio Capital LLC acquired a new position in Owens Corning in the 4th quarter worth about $45,167,000. Finally, Millennium Management LLC increased its position in Owens Corning by 1,056.5% in the 4th quarter. Millennium Management LLC now owns 1,057,016 shares of the construction company’s stock worth $46,488,000 after purchasing an additional 965,621 shares during the last quarter. 94.51% of the stock is currently owned by institutional investors.

Owens Corning Company Profile

Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential, commercial, and industrial building materials worldwide. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and manufactures and sells glass fiber products in the form of fabrics, non-wovens, and other specialized products.

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