$1.70 Billion in Sales Expected for Owens Corning (NYSE:OC) This Quarter

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Equities research analysts predict that Owens Corning (NYSE:OC) will announce $1.70 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Eight analysts have issued estimates for Owens Corning’s earnings. The lowest sales estimate is $1.62 billion and the highest is $1.79 billion. Owens Corning reported sales of $1.72 billion in the same quarter last year, which would indicate a negative year-over-year growth rate of 1.2%. The company is expected to announce its next quarterly earnings report on Wednesday, February 19th.

According to Zacks, analysts expect that Owens Corning will report full year sales of $7.16 billion for the current financial year, with estimates ranging from $7.08 billion to $7.24 billion. For the next financial year, analysts forecast that the business will post sales of $7.32 billion, with estimates ranging from $7.15 billion to $7.44 billion. Zacks’ sales averages are an average based on a survey of research firms that cover Owens Corning.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, October 23rd. The construction company reported $1.63 EPS for the quarter, beating the Zacks’ consensus estimate of $1.50 by $0.13. The company had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.86 billion. Owens Corning had a return on equity of 12.14% and a net margin of 6.99%. Owens Corning’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.54 earnings per share.

A number of brokerages recently commented on OC. Deutsche Bank initiated coverage on Owens Corning in a research note on Wednesday, November 20th. They set a “buy” rating and a $75.00 price objective for the company. ValuEngine cut Owens Corning from a “sell” rating to a “strong sell” rating in a research note on Thursday, October 24th. Bank of America cut Owens Corning from a “buy” rating to a “neutral” rating and set a $72.00 target price on the stock. in a research note on Wednesday, December 4th. Longbow Research boosted their price target on shares of Owens Corning from $66.00 to $79.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Finally, Wells Fargo & Co upgraded shares of Owens Corning from a “market perform” rating to an “outperform” rating in a research report on Wednesday, November 27th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and ten have assigned a buy rating to the company’s stock. Owens Corning presently has an average rating of “Hold” and a consensus price target of $65.60.

In other Owens Corning news, insider Marcio A. Sandri sold 3,865 shares of the business’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $64.92, for a total transaction of $250,915.80. Following the sale, the insider now directly owns 38,850 shares in the company, valued at approximately $2,522,142. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Ava Harter sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $63.25, for a total transaction of $316,250.00. Following the completion of the sale, the vice president now directly owns 38,425 shares of the company’s stock, valued at $2,430,381.25. The disclosure for this sale can be found here. In the last three months, insiders sold 67,834 shares of company stock valued at $4,248,079. Company insiders own 1.70% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Commonwealth Equity Services LLC boosted its stake in shares of Owens Corning by 4.5% during the 3rd quarter. Commonwealth Equity Services LLC now owns 3,835 shares of the construction company’s stock worth $242,000 after acquiring an additional 164 shares in the last quarter. Penserra Capital Management LLC lifted its stake in shares of Owens Corning by 25.0% in the third quarter. Penserra Capital Management LLC now owns 980 shares of the construction company’s stock worth $61,000 after acquiring an additional 196 shares during the period. Strs Ohio boosted its holdings in Owens Corning by 3.2% in the third quarter. Strs Ohio now owns 7,625 shares of the construction company’s stock valued at $481,000 after acquiring an additional 238 shares during the last quarter. MBM Wealth Consultants LLC boosted its holdings in Owens Corning by 3.1% in the third quarter. MBM Wealth Consultants LLC now owns 8,242 shares of the construction company’s stock valued at $521,000 after acquiring an additional 248 shares during the last quarter. Finally, Comerica Bank increased its position in Owens Corning by 5.6% during the 2nd quarter. Comerica Bank now owns 5,407 shares of the construction company’s stock valued at $303,000 after purchasing an additional 289 shares during the period. Institutional investors and hedge funds own 99.65% of the company’s stock.

Shares of NYSE OC traded down $0.04 during mid-day trading on Wednesday, hitting $64.96. The company had a trading volume of 29,829 shares, compared to its average volume of 1,149,383. Owens Corning has a 12 month low of $40.64 and a 12 month high of $68.72. The stock has a market cap of $7.07 billion, a price-to-earnings ratio of 13.16, a PEG ratio of 1.77 and a beta of 1.24. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.69 and a quick ratio of 0.87. The firm’s 50 day simple moving average is $65.28 and its two-hundred day simple moving average is $59.14.

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Friday, January 3rd will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 1.48%. The ex-dividend date of this dividend is Thursday, January 2nd. This is a positive change from Owens Corning’s previous quarterly dividend of $0.22. Owens Corning’s payout ratio is 17.81%.

Owens Corning Company Profile

Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential, commercial, and industrial building materials worldwide. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and manufactures and sells glass fiber products in the form of fabrics, non-wovens, and other specialized products.

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Earnings History and Estimates for Owens Corning (NYSE:OC)

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