Analysts Expect Owens Corning (OC) Will Announce Quarterly Sales of $1.52 Billion
Wall Street analysts predict that Owens Corning (NYSE:OC) will report $1.52 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Eight analysts have made estimates for Owens Corning’s earnings, with estimates ranging from $1.49 billion to $1.56 billion. Owens Corning posted sales of $1.38 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 10.1%. The company is expected to announce its next earnings report before the market opens on Wednesday, February 21st.
On average, analysts expect that Owens Corning will report full-year sales of $1.52 billion for the current year, with estimates ranging from $6.26 billion to $6.34 billion. For the next financial year, analysts forecast that the company will post sales of $6.86 billion per share, with estimates ranging from $6.56 billion to $7.19 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Owens Corning.
Several analysts recently commented on the company. Credit Suisse Group reiterated an “outperform” rating and set a $110.00 price target (up from $95.00) on shares of Owens Corning in a research report on Monday, January 22nd. They noted that the move was a valuation call. Zacks Investment Research upgraded Owens Corning from a “hold” rating to a “buy” rating and set a $105.00 price target for the company in a research report on Thursday, January 18th. KeyCorp reiterated a “buy” rating and set a $115.00 price target on shares of Owens Corning in a research report on Friday, January 12th. Seaport Global Securities boosted their price target on Owens Corning from $90.00 to $107.00 and gave the stock a “buy” rating in a research report on Thursday, January 11th. Finally, Zelman & Associates cut Owens Corning from a “buy” rating to a “hold” rating in a research report on Friday, January 5th. Nine analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $85.45.
Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. lifted its stake in shares of Owens Corning by 20.9% in the 4th quarter. BlackRock Inc. now owns 7,357,067 shares of the construction company’s stock valued at $676,411,000 after purchasing an additional 1,273,051 shares during the last quarter. Bank of Montreal Can lifted its stake in shares of Owens Corning by 1.3% in the 4th quarter. Bank of Montreal Can now owns 2,330,788 shares of the construction company’s stock valued at $214,292,000 after purchasing an additional 28,893 shares during the last quarter. LSV Asset Management lifted its stake in shares of Owens Corning by 0.5% in the 4th quarter. LSV Asset Management now owns 1,970,691 shares of the construction company’s stock valued at $181,185,000 after purchasing an additional 9,884 shares during the last quarter. Allianz Asset Management GmbH lifted its stake in shares of Owens Corning by 5.3% in the 4th quarter. Allianz Asset Management GmbH now owns 1,894,037 shares of the construction company’s stock valued at $174,137,000 after purchasing an additional 95,571 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Owens Corning by 3.9% in the 4th quarter. Geode Capital Management LLC now owns 1,361,187 shares of the construction company’s stock valued at $125,094,000 after purchasing an additional 51,140 shares during the last quarter. 93.06% of the stock is currently owned by institutional investors and hedge funds.
Shares of Owens Corning (OC) traded up $0.50 on Friday, hitting $85.72. The company had a trading volume of 916,045 shares, compared to its average volume of 918,885. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 0.99. Owens Corning has a 52-week low of $56.92 and a 52-week high of $96.52. The stock has a market capitalization of $9,430.00, a PE ratio of 25.59, a price-to-earnings-growth ratio of 0.98 and a beta of 0.98.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 3rd. Shareholders of record on Friday, March 9th will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 0.98%. The ex-dividend date of this dividend is Thursday, March 8th. Owens Corning’s payout ratio is currently 25.07%.
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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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