Zacks: Brokerages Anticipate Owens Corning Inc (OC) Will Post Quarterly Sales of $1.63 Billion
Wall Street brokerages forecast that Owens Corning Inc (NYSE:OC) will announce $1.63 billion in sales for the current quarter, Zacks Investment Research reports. Eight analysts have issued estimates for Owens Corning’s earnings. The lowest sales estimate is $1.61 billion and the highest is $1.66 billion. Owens Corning reported sales of $1.52 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 7.2%. The company is expected to issue its next quarterly earnings report on Wednesday, October 25th.
According to Zacks, analysts expect that Owens Corning will report full-year sales of $1.63 billion for the current fiscal year, with estimates ranging from $6.13 billion to $6.24 billion. For the next fiscal year, analysts expect that the business will post sales of $6.54 billion per share, with estimates ranging from $6.42 billion to $6.66 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that that provide coverage for Owens Corning.
Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, July 26th. The construction company reported $1.20 EPS for the quarter, beating the consensus estimate of $1.08 by $0.12. The firm had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.48 billion. Owens Corning had a return on equity of 11.12% and a net margin of 6.61%. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.29 earnings per share.
Several equities analysts recently issued reports on OC shares. Stifel Nicolaus reissued a “buy” rating and set a $83.00 target price on shares of Owens Corning in a research note on Friday, September 1st. Nomura reissued a “neutral” rating and set a $79.00 target price on shares of Owens Corning in a research note on Monday, September 11th. Wells Fargo & Company raised Owens Corning from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $68.00 to $83.00 in a research note on Wednesday, August 30th. SunTrust Banks, Inc. reissued a “hold” rating on shares of Owens Corning in a research note on Tuesday, September 12th. Finally, Jefferies Group LLC reissued a “buy” rating and set a $77.00 target price on shares of Owens Corning in a research note on Wednesday, July 19th. Nine research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $72.10.
In other news, Chairman Michael H. Thaman sold 130,700 shares of the 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 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 available at this hyperlink. Also, VP Kelly Schmidt sold 1,462 shares of the company’s stock in a transaction dated Friday, August 25th. The shares were 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. In the last quarter, 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 and other institutional investors have recently made changes to their positions in the stock. Raymond James Trust N.A. boosted its position in shares of Owens Corning by 0.4% in the 2nd quarter. Raymond James Trust N.A. now owns 7,114 shares of the construction company’s stock valued at $476,000 after purchasing an additional 26 shares during the period. World Asset Management Inc boosted its position in shares of Owens Corning by 1.1% in the 1st quarter. World Asset Management Inc now owns 4,941 shares of the construction company’s stock valued at $303,000 after purchasing an additional 52 shares during the period. Laurion Capital Management LP boosted its position in shares of Owens Corning by 1.8% in the 1st quarter. Laurion Capital Management LP now owns 5,700 shares of the construction company’s stock valued at $350,000 after purchasing an additional 103 shares during the period. First Bank & Trust boosted its position in shares of Owens Corning by 3.6% in the 2nd quarter. First Bank & Trust now owns 3,024 shares of the construction company’s stock valued at $202,000 after purchasing an additional 104 shares during the period. Finally, Vantage Financial Partners Ltd. Inc. acquired a new stake in shares of Owens Corning in the 2nd quarter valued at about $228,000. 96.78% of the stock is owned by hedge funds and other institutional investors.
Owens Corning (NYSE:OC) opened at 75.50 on Monday. The stock’s 50 day moving average price is $70.31 and its 200 day moving average price is $64.69. Owens Corning has a 52 week low of $46.45 and a 52 week high of $76.84. The stock has a market cap of $8.40 billion, a price-to-earnings ratio of 21.69 and a beta of 1.04.
Owens Corning Company Profile
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.
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