Analysts expect Owens Corning (NYSE:OC) to announce sales of $1.47 billion for the current fiscal quarter, Zacks Investment Research reports. Nine analysts have provided estimates for Owens Corning’s earnings, with the highest sales estimate coming in at $1.49 billion and the lowest estimate coming in at $1.41 billion. Owens Corning posted sales of $1.55 billion during the same quarter last year, which would indicate a negative year-over-year growth rate of 5.2%. The company is expected to announce its next earnings results on Wednesday, July 26th.
According to Zacks, analysts expect that Owens Corning will report full year sales of $1.47 billion for the current fiscal year, with estimates ranging from $5.88 billion to $6.02 billion. For the next fiscal year, analysts expect that the company will post sales of $6.19 billion per share, with estimates ranging from $6.1 billion to $6.36 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that cover Owens Corning.
Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, April 26th. The construction company reported $0.85 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.61 by $0.24. The firm had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.31 billion. Owens Corning had a net margin of 6.92% and a return on equity of 10.75%. The business’s quarterly revenue was up 20.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.53 EPS.
A number of analysts recently issued reports on the company. Jefferies Group LLC restated a “buy” rating and issued a $71.00 price target on shares of Owens Corning in a research report on Thursday, March 23rd. Royal Bank of Canada restated a “buy” rating and issued a $61.00 price target on shares of Owens Corning in a research report on Thursday, February 9th. Zelman & Associates upgraded Owens Corning from a “hold” rating to a “buy” rating in a research report on Thursday, February 9th. Stifel Nicolaus restated a “buy” rating and issued a $64.00 price target on shares of Owens Corning in a research report on Thursday, February 9th. Finally, Goldman Sachs Group Inc upgraded Owens Corning from a “neutral” rating to a “buy” rating and raised their price target for the stock from $61.00 to $69.00 in a research report on Friday, February 17th. Four analysts have rated the stock with a sell rating, five have issued a hold rating and twelve have assigned a buy rating to the company. Owens Corning has an average rating of “Hold” and a consensus target price of $61.50.
Shares of Owens Corning (NYSE:OC) traded up 0.18% during midday trading on Wednesday, hitting $62.47. 632,515 shares of the stock were exchanged. The firm’s 50-day moving average is $61.02 and its 200 day moving average is $55.92. Owens Corning has a 52-week low of $46.45 and a 52-week high of $63.42. The firm has a market cap of $6.99 billion, a PE ratio of 16.37 and a beta of 1.09.
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In other Owens Corning news, Director Ralph F. Hake sold 8,149 shares of Owens Corning stock in a transaction dated Thursday, March 2nd. The stock was sold at an average price of $60.00, for a total value of $488,940.00. Following the transaction, the director now owns 44,546 shares in the company, valued at $2,672,760. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Brian Chambers sold 10,000 shares of Owens Corning stock in a transaction dated Monday, March 20th. The shares were sold at an average price of $61.95, for a total value of $619,500.00. Following the completion of the transaction, the insider now owns 32,688 shares in the company, valued at approximately $2,025,021.60. The disclosure for this sale can be found here. 2.00% of the stock is owned by insiders.
A number of institutional investors have recently bought and sold shares of OC. Nordea Investment Management AB raised its position in Owens Corning by 28.3% in the first quarter. Nordea Investment Management AB now owns 29,579 shares of the construction company’s stock valued at $1,815,000 after buying an additional 6,531 shares during the period. Pacer Advisors Inc. raised its stake in shares of Owens Corning by 22.5% in the first quarter. Pacer Advisors Inc. now owns 16,728 shares of the construction company’s stock worth $1,027,000 after buying an additional 3,071 shares during the last quarter. Hancock Holding Co. raised its stake in shares of Owens Corning by 22.4% in the first quarter. Hancock Holding Co. now owns 21,114 shares of the construction company’s stock worth $1,296,000 after buying an additional 3,868 shares during the last quarter. Penserra Capital Management LLC raised its stake in shares of Owens Corning by 9.5% in the first quarter. Penserra Capital Management LLC now owns 2,668 shares of the construction company’s stock worth $163,000 after buying an additional 232 shares during the last quarter. Finally, Oxford Asset Management acquired a new stake in shares of Owens Corning during the first quarter worth $1,990,000.
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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