Owens Corning (NYSE:OC) Posts Earnings Results

Owens Corning (NYSE:OC) announced its quarterly earnings results on Tuesday. The construction company reported $2.52 earnings per share for the quarter, beating analysts’ consensus estimates of $2.46 by $0.06, MarketWatch Earnings reports. Owens Corning had a net margin of 11.85% and a return on equity of 21.31%. The business had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $2.17 billion. During the same period last year, the business earned $1.70 earnings per share. The business’s revenue for the quarter was up 15.5% on a year-over-year basis.

Shares of Owens Corning stock traded down $0.17 during trading on Wednesday, reaching $90.32. The company’s stock had a trading volume of 1,720,583 shares, compared to its average volume of 887,071. The company has a 50-day moving average price of $92.46 and a two-hundred day moving average price of $96.37. The firm has a market cap of $9.31 billion, a PE ratio of 10.25 and a beta of 1.54. Owens Corning has a fifty-two week low of $64.56 and a fifty-two week high of $109.89. The company has a current ratio of 1.91, a quick ratio of 1.37 and a debt-to-equity ratio of 0.76.

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 5th. Stockholders of record on Friday, October 22nd will be issued a $0.26 dividend. The ex-dividend date is Thursday, October 21st. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.15%. Owens Corning’s payout ratio is 19.96%.

An institutional investor recently raised its position in Owens Corning stock. Morgan Stanley raised its position in Owens Corning (NYSE:OC) by 157.2% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 398,817 shares of the construction company’s stock after buying an additional 243,775 shares during the quarter. Morgan Stanley owned about 0.39% of Owens Corning worth $39,043,000 as of its most recent filing with the SEC. 91.39% of the stock is currently owned by institutional investors and hedge funds.

A number of equities research analysts have weighed in on OC shares. Wells Fargo & Company started coverage on shares of Owens Corning in a research report on Thursday, July 15th. They set an “equal weight” rating and a $102.00 price target for the company. Loop Capital raised their price objective on shares of Owens Corning from $112.00 to $120.00 and gave the company a “buy” rating in a research note on Thursday, July 29th. Zacks Investment Research lowered shares of Owens Corning from a “strong-buy” rating to a “hold” rating and set a $96.00 price objective for the company. in a research note on Tuesday, September 28th. Royal Bank of Canada raised their price objective on shares of Owens Corning from $99.00 to $105.00 and gave the company a “sector perform” rating in a research note on Thursday, July 29th. Finally, Evercore ISI reissued a “buy” rating and issued a $135.00 price objective on shares of Owens Corning in a research note on Friday, October 15th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $95.44.

Owens Corning Company Profile

Owens Corning engages in the development, manufacture, and marketing of insulation, roofing and fiberglass composites. It operates through the following segments: Composites, Insulation and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber, and also includes vertically integrated downstream activities.

Read More: Capital gains and your 401(k) or IRA

Earnings History for Owens Corning (NYSE:OC)

Receive News & Ratings for Owens Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Owens Corning and related companies with MarketBeat.com's FREE daily email newsletter.