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

Owens Corning (NYSE:OC) announced its earnings results on Wednesday. The construction company reported $3.59 EPS for the quarter, beating analysts’ consensus estimates of $3.04 by $0.55, Briefing.com reports. The company had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.28 billion. Owens Corning had a return on equity of 26.52% and a net margin of 11.53%. The firm’s revenue for the quarter was down 1.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.77 earnings per share.

Owens Corning Stock Performance

Owens Corning stock traded up $4.54 during midday trading on Friday, reaching $169.58. 85,836 shares of the company traded hands, compared to its average volume of 666,992. Owens Corning has a 12 month low of $99.49 and a 12 month high of $173.65. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.76 and a quick ratio of 1.17. The business has a 50 day moving average of $158.86 and a two-hundred day moving average of $145.94. The firm has a market capitalization of $14.76 billion, a price-to-earnings ratio of 13.36, a price-to-earnings-growth ratio of 6.98 and a beta of 1.47.

Owens Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 4th. Investors of record on Monday, March 4th were issued a $0.60 dividend. The ex-dividend date of this dividend was Friday, March 1st. This represents a $2.40 annualized dividend and a yield of 1.42%. Owens Corning’s payout ratio is 19.43%.

Analyst Ratings Changes

OC has been the subject of several research reports. Loop Capital upped their price objective on shares of Owens Corning from $167.00 to $188.00 and gave the stock a “buy” rating in a report on Monday, April 1st. Truist Financial raised their price objective on shares of Owens Corning from $115.00 to $145.00 and gave the stock a “hold” rating in a report on Thursday, February 15th. Argus lifted their price objective on Owens Corning from $175.00 to $182.00 and gave the company a “buy” rating in a research report on Thursday. Royal Bank of Canada increased their target price on Owens Corning from $175.00 to $192.00 and gave the stock an “outperform” rating in a research report on Thursday. Finally, Barclays cut Owens Corning from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $170.00 to $160.00 in a research note on Monday, February 12th. Eight research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Owens Corning presently has an average rating of “Moderate Buy” and a consensus target price of $168.21.

Insider Buying and Selling at Owens Corning

In other news, insider Gunner Smith sold 708 shares of the company’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $153.73, for a total value of $108,840.84. Following the completion of the sale, the insider now directly owns 39,994 shares in the company, valued at approximately $6,148,277.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Owens Corning news, EVP Paula Russell sold 3,765 shares of Owens Corning 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 sale, the executive vice president now owns 20,419 shares of the company’s stock, valued at approximately $3,307,878. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Gunner Smith sold 708 shares of the stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $153.73, for a total value of $108,840.84. Following the transaction, the insider now owns 39,994 shares of the company’s stock, valued at $6,148,277.62. The disclosure for this sale can be found here. In the last ninety days, insiders sold 21,672 shares of company stock worth $3,325,799. Insiders own 0.89% of the company’s stock.

About Owens Corning

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.