Owens Corning (NYSE:OC) – Northcoast Research cut their Q3 2016 earnings per share (EPS) estimates for shares of Owens Corning in a report issued on Monday. Northcoast Research analyst K. Hocevar now expects that the brokerage will post earnings of $0.98 per share for the quarter, down from their previous estimate of $1.03. Northcoast Research also issued estimates for Owens Corning’s Q4 2016 earnings at $0.54 EPS, FY2016 earnings at $3.35 EPS and FY2017 earnings at $3.95 EPS.
A number of other equities research analysts have also weighed in on the company. Wells Fargo & Co. began coverage on Owens Corning in a research report on Thursday, September 29th. They issued a “market perform” rating on the stock. Zacks Investment Research upgraded Owens Corning from a “hold” rating to a “buy” rating and set a $60.00 price objective on the stock in a research report on Wednesday, September 28th. Bank of America Corp. began coverage on Owens Corning in a research report on Friday, September 23rd. They issued a “neutral” rating and a $59.00 price objective on the stock. Credit Suisse Group AG began coverage on Owens Corning in a research report on Thursday, August 11th. They issued an “underperform” rating and a $51.00 price objective on the stock. Finally, Citigroup Inc. lifted their price objective on Owens Corning from $41.00 to $43.00 and gave the stock a “sell” rating in a research report on Friday, July 29th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $54.75.
Shares of Owens Corning (NYSE:OC) traded up 0.95% during midday trading on Tuesday, reaching $53.34. The company had a trading volume of 247,615 shares. The company has a market capitalization of $6.12 billion, a P/E ratio of 15.06 and a beta of 1.41. The company has a 50-day moving average price of $53.45 and a 200 day moving average price of $51.47. Owens Corning has a one year low of $38.96 and a one year high of $58.69.
Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $1.29 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.43. Owens Corning had a return on equity of 10.57% and a net margin of 7.52%. The business earned $1.55 billion during the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter in the prior year, the company posted $0.76 earnings per share. Owens Corning’s revenue was up 10.1% compared to the same quarter last year.
Several hedge funds have recently modified their holdings of OC. Acrospire Investment Management LLC purchased a new stake in shares of Owens Corning during the first quarter valued at approximately $109,000. JPMorgan Chase & Co. raised its stake in Owens Corning by 22.1% in the first quarter. JPMorgan Chase & Co. now owns 928,052 shares of the company’s stock valued at $43,878,000 after buying an additional 168,241 shares in the last quarter. Columbia Partners L L C Investment Management raised its stake in Owens Corning by 1.5% in the first quarter. Columbia Partners L L C Investment Management now owns 18,025 shares of the company’s stock valued at $852,000 after buying an additional 266 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its stake in Owens Corning by 5.7% in the first quarter. Massmutual Trust Co. FSB ADV now owns 8,179 shares of the company’s stock valued at $387,000 after buying an additional 440 shares in the last quarter. Finally, BlackRock Japan Co. Ltd bought a new stake in Owens Corning during the first quarter valued at about $1,723,000.
In related news, VP Daniel T. Smith sold 1,300 shares of Owens Corning stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $54.01, for a total value of $70,213.00. Following the completion of the sale, the vice president now owns 60,275 shares of the company’s stock, valued at $3,255,452.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Arnaud Genis sold 66,619 shares of Owens Corning stock in a transaction on Tuesday, August 30th. The stock was sold at an average price of $54.68, for a total value of $3,642,726.92. Following the completion of the sale, the insider now directly owns 101,538 shares of the company’s stock, valued at approximately $5,552,097.84. The disclosure for this sale can be found here. 2.00% of the stock is owned by insiders.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 2nd. Stockholders of record on Monday, October 17th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.36%. The ex-dividend date is Thursday, October 13th. Owens Corning’s dividend payout ratio is currently 20.28%.
Owens Corning Company Profile
Owens Corning is a holding company, which is engaged in the business of composite and building materials systems. 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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