Owens Corning (NYSE:OC) Posts Earnings Results, Beats Estimates By $0.55 EPS

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

Owens Corning Stock Down 0.4 %

NYSE:OC traded down $0.67 on Thursday, reaching $164.55. 171,071 shares of the stock traded hands, compared to its average volume of 667,316. The company’s fifty day simple moving average is $158.41 and its 200 day simple moving average is $145.80. The company has a market capitalization of $14.32 billion, a price-to-earnings ratio of 12.49, a PEG ratio of 7.08 and a beta of 1.47. Owens Corning has a 12 month low of $98.02 and a 12 month high of $173.65. The company has a current ratio of 1.69, a quick ratio of 1.17 and a debt-to-equity ratio of 0.50.

Owens Corning Dividend Announcement

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

Insider Activity

In other news, EVP Paula Russell sold 3,765 shares of the company’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $162.00, for a total transaction of $609,930.00. Following the transaction, the executive vice president now directly owns 20,419 shares of the company’s stock, valued at $3,307,878. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, EVP Paula Russell sold 3,765 shares of Owens Corning stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $162.00, for a total value of $609,930.00. Following the completion of the sale, the executive vice president now owns 20,419 shares of the company’s stock, valued at $3,307,878. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Gunner Smith sold 7,442 shares of the stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $148.99, for a total value of $1,108,783.58. Following the completion of the transaction, the insider now directly owns 36,140 shares in the company, valued at approximately $5,384,498.60. The disclosure for this sale can be found here. Insiders have sold a total of 21,672 shares of company stock worth $3,325,799 over the last 90 days. 0.89% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages recently weighed in on OC. Citigroup increased their target price on Owens Corning from $150.00 to $169.00 and gave the company a “neutral” rating in a report on Friday, April 5th. Royal Bank of Canada lowered their price target on shares of Owens Corning from $183.00 to $175.00 and set an “outperform” rating for the company in a report on Thursday, February 15th. UBS Group boosted their price objective on shares of Owens Corning from $169.00 to $192.00 and gave the company a “buy” rating in a research report on Thursday. Argus raised 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 lowered their price target for the company from $170.00 to $160.00 in a research report on Monday, February 12th. Eight equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $167.00.

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.