Research Analysts Offer Predictions for Owens Corning’s Q3 2016 Earnings (OC)
Owens Corning (NYSE:OC) – Investment analysts at Northcoast Research lowered their Q3 2016 earnings per share (EPS) estimates for Owens Corning in a research report issued to clients and investors on Monday. Northcoast Research analyst K. Hocevar now anticipates that the firm will earn $0.98 per share for the quarter, down from their prior 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.
OC has been the subject of several other reports. Zacks Investment Research raised shares of Owens Corning from a “hold” rating to a “buy” rating and set a $55.00 target price for the company in a report on Wednesday, June 29th. Citigroup Inc. lifted their target price on shares of Owens Corning from $41.00 to $43.00 and gave the stock a “sell” rating in a report on Friday, July 29th. Wells Fargo & Co. assumed coverage on shares of Owens Corning in a report on Thursday, September 29th. They issued a “market perform” rating for the company. FBR & Co lifted their target price on shares of Owens Corning from $53.00 to $57.00 and gave the stock a “market perform” rating in a report on Friday, July 29th. Finally, Credit Suisse Group AG assumed coverage on shares of Owens Corning in a report on Thursday, August 11th. They issued an “underperform” rating and a $51.00 target price for the company. Three analysts have rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $54.75.
Owens Corning (NYSE:OC) opened at 53.11 on Tuesday. The company has a market capitalization of $6.09 billion, a P/E ratio of 14.99 and a beta of 1.41. Owens Corning has a 12-month low of $38.96 and a 12-month high of $58.69. The company has a 50-day moving average of $53.42 and a 200 day moving average of $51.51.
Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, July 27th. The company reported $1.29 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.43. The company earned $1.55 billion during the quarter, compared to the consensus estimate of $1.46 billion. Owens Corning had a net margin of 7.52% and a return on equity of 10.57%. Owens Corning’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same period last year, the firm earned $0.76 EPS.
Several institutional investors have recently modified their holdings of the company. Acrospire Investment Management LLC bought a new position in shares of Owens Corning during the first quarter worth $109,000. JPMorgan Chase & Co. raised its position in shares of Owens Corning by 22.1% in the first quarter. JPMorgan Chase & Co. now owns 928,052 shares of the company’s stock worth $43,878,000 after buying an additional 168,241 shares in the last quarter. Columbia Partners L L C Investment Management raised its position in shares of 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 worth $852,000 after buying an additional 266 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its position in shares of Owens Corning by 5.7% in the first quarter. Massmutual Trust Co. FSB ADV now owns 8,179 shares of the company’s stock worth $387,000 after buying an additional 440 shares in the last quarter. Finally, BlackRock Japan Co. Ltd bought a new position in shares of Owens Corning during the first quarter worth $1,723,000.
In related news, Chairman Michael H. Thaman sold 150,000 shares of the company’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $53.19, for a total transaction of $7,978,500.00. Following the completion of the transaction, the chairman now owns 835,189 shares in the company, valued at $44,423,702.91. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Arnaud Genis sold 66,619 shares of the company’s stock in a transaction on Tuesday, August 30th. The stock was sold at an average price of $54.68, for a total transaction of $3,642,726.92. Following the transaction, the insider now 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 currently owned by company insiders.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 2nd. Shareholders of record on Monday, October 17th will be given a $0.18 dividend. The ex-dividend date is Thursday, October 13th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.36%. Owens Corning’s payout ratio is currently 20.28%.
About Owens Corning
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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