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

Owens Corning (NYSE:OC) issued its 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. Owens Corning had a return on equity of 25.88% and a net margin of 12.36%. The business had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.28 billion. During the same period last year, the company posted $2.77 EPS. The business’s quarterly revenue was down 1.3% on a year-over-year basis.

Owens Corning Stock Performance

NYSE OC traded down $0.52 during trading hours on Thursday, reaching $164.70. The company’s stock had a trading volume of 220,465 shares, compared to its average volume of 667,978. The company has a current ratio of 1.69, a quick ratio of 1.17 and a debt-to-equity ratio of 0.50. The business has a 50-day simple moving average of $158.41 and a 200 day simple moving average of $145.80. Owens Corning has a 52 week low of $98.02 and a 52 week high of $173.65. The stock has a market cap of $14.33 billion, a PE ratio of 12.51, a PEG ratio of 7.08 and a beta of 1.47.

Owens Corning Dividend Announcement

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

Insiders Place Their Bets

In other Owens Corning news, insider Gunner Smith sold 7,442 shares of the firm’s 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 transaction, the insider now owns 36,140 shares of the company’s stock, valued at $5,384,498.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Gunner Smith sold 7,442 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $148.99, for a total transaction of $1,108,783.58. Following the completion of the transaction, the insider now directly owns 36,140 shares in the company, valued at $5,384,498.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Paula Russell sold 3,765 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president now owns 20,419 shares of the company’s stock, valued at $3,307,878. The disclosure for this sale can be found here. Insiders have sold 21,672 shares of company stock valued at $3,325,799 over the last quarter. Insiders own 0.89% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on OC. UBS Group increased their price target on Owens Corning from $169.00 to $192.00 and gave the company a “buy” rating in a report on Thursday. Citigroup increased their price target on Owens Corning from $150.00 to $169.00 and gave the company a “neutral” rating in a report on Friday, April 5th. Evercore ISI increased their price target on Owens Corning from $154.00 to $172.00 and gave the company an “in-line” rating in a report on Thursday. Barclays downgraded 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 report on Monday, February 12th. Finally, Argus increased their price target on Owens Corning from $175.00 to $182.00 and gave the company a “buy” rating in a report on Thursday. Eight research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $168.21.

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.