Owens Corning (NYSE:OC – Get Rating) – Equities research analysts at KeyCorp dropped their Q4 2022 earnings per share (EPS) estimates for shares of Owens Corning in a research report issued on Monday, August 1st. KeyCorp analyst K. Zener now expects that the construction company will earn $2.48 per share for the quarter, down from their prior estimate of $2.49. The consensus estimate for Owens Corning’s current full-year earnings is $12.41 per share. KeyCorp also issued estimates for Owens Corning’s FY2023 earnings at $12.26 EPS.
Owens Corning (NYSE:OC – Get Rating) last posted its quarterly earnings results on Wednesday, July 27th. The construction company reported $3.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.31 by $0.52. Owens Corning had a return on equity of 26.22% and a net margin of 12.20%. The business had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter in the prior year, the company earned $2.60 EPS. The business’s revenue was up 16.2% compared to the same quarter last year.
Owens Corning Price Performance
OC opened at $86.30 on Thursday. Owens Corning has a 12-month low of $72.97 and a 12-month high of $101.12. The company has a current ratio of 1.87, a quick ratio of 1.23 and a debt-to-equity ratio of 0.66. The business’s fifty day simple moving average is $83.95 and its 200-day simple moving average is $88.67. The company has a market capitalization of $8.31 billion, a price-to-earnings ratio of 7.67, a PEG ratio of 0.75 and a beta of 1.51.
Institutional Inflows and Outflows
Several institutional investors have recently modified their holdings of OC. Bank of America Corp DE raised its stake in shares of Owens Corning by 135.1% in the first quarter. Bank of America Corp DE now owns 1,692,633 shares of the construction company’s stock worth $154,876,000 after purchasing an additional 972,789 shares during the last quarter. American Century Companies Inc. raised its position in Owens Corning by 1,750.0% during the first quarter. American Century Companies Inc. now owns 443,570 shares of the construction company’s stock valued at $40,587,000 after acquiring an additional 419,593 shares in the last quarter. State Street Corp raised its position in Owens Corning by 9.2% during the fourth quarter. State Street Corp now owns 4,890,796 shares of the construction company’s stock valued at $442,617,000 after acquiring an additional 413,742 shares in the last quarter. Millennium Management LLC raised its position in Owens Corning by 78.3% during the fourth quarter. Millennium Management LLC now owns 900,714 shares of the construction company’s stock valued at $81,515,000 after acquiring an additional 395,541 shares in the last quarter. Finally, Los Angeles Capital Management LLC raised its position in Owens Corning by 119.5% during the first quarter. Los Angeles Capital Management LLC now owns 583,002 shares of the construction company’s stock valued at $53,345,000 after acquiring an additional 317,369 shares in the last quarter. 92.55% of the stock is currently owned by hedge funds and other institutional investors.
Insider Transactions at Owens Corning
In other news, VP Kelly Schmidt sold 1,940 shares of the firm’s stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $91.93, for a total value of $178,344.20. Following the completion of the transaction, the vice president now directly owns 15,083 shares in the company, valued at $1,386,580.19. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.44% of the company’s stock.
Owens Corning Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 4th. Stockholders of record on Monday, July 18th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.62%. The ex-dividend date of this dividend was Friday, July 15th. Owens Corning’s payout ratio is 12.44%.
Owens Corning Company Profile
Owens Corning manufactures and markets insulation, roofing, and fiberglass composite materials in the United States, Canada, Europe, the Asia Pacific, and internationally. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and glass fiber products in the form of fabrics, non-wovens, and other specialized products.
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