Owens Corning (NYSE:OC) Issues Earnings Results

Owens Corning (NYSE:OC) posted its earnings results on Wednesday. The construction company reported $3.59 earnings per share for the quarter, beating analysts’ consensus estimates of $3.04 by $0.55, Briefing.com reports. The business had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.28 billion. Owens Corning had a return on equity of 25.88% and a net margin of 12.36%. The company’s quarterly revenue was down 1.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.77 EPS.

Owens Corning Stock Performance

Owens Corning stock traded down $0.52 during midday trading on Thursday, hitting $164.70. 220,465 shares of the company were exchanged, compared to its average volume of 667,978. The firm has a market capitalization of $14.33 billion, a PE ratio of 12.51, a price-to-earnings-growth ratio of 7.08 and a beta of 1.47. Owens Corning has a fifty-two week low of $98.02 and a fifty-two week high of $173.65. The business has a fifty day simple moving average of $158.41 and a two-hundred day simple moving average of $145.80. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.17 and a current ratio of 1.69.

Owens Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 4th. Stockholders of record on Monday, March 4th were issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date was Friday, March 1st. Owens Corning’s dividend payout ratio is presently 18.29%.

Analysts Set New Price Targets

A number of research analysts have weighed in on OC shares. Loop Capital lifted their target price on Owens Corning from $167.00 to $188.00 and gave the company a “buy” rating in a report on Monday, April 1st. JPMorgan Chase & Co. cut their price objective on Owens Corning from $164.00 to $163.00 and set a “neutral” rating for the company in a report on Tuesday, February 20th. Royal Bank of Canada boosted their price objective on Owens Corning from $175.00 to $192.00 and gave the stock an “outperform” rating in a report on Thursday. Argus upped their target price on Owens Corning from $175.00 to $182.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Barclays lowered Owens Corning from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $170.00 to $160.00 in a research note on Monday, February 12th. Eight equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $168.21.

Insider Buying and Selling

In related news, EVP Paula Russell sold 3,765 shares of the firm’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $162.00, for a total transaction of $609,930.00. Following the sale, the executive vice president now directly owns 20,419 shares of the company’s stock, valued at $3,307,878. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Owens Corning news, insider Gunner Smith sold 7,442 shares of the stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $148.99, for a total transaction of $1,108,783.58. Following the transaction, the insider now owns 36,140 shares in the company, valued at $5,384,498.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Paula Russell sold 3,765 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $162.00, for a total value of $609,930.00. Following the completion of the transaction, the executive vice president now owns 20,419 shares in the company, valued at approximately $3,307,878. The disclosure for this sale can be found here. Insiders have sold a total of 21,672 shares of company stock valued at $3,325,799 over the last ninety days. Company insiders own 0.89% of the company’s stock.

Owens Corning Company Profile

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.