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

Owens Corning (NYSE:OC) issued its quarterly 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. Owens Corning had a net margin of 11.53% and a return on equity of 26.52%. The business had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.28 billion. During the same quarter in the prior year, the firm posted $2.77 earnings per share. The business’s quarterly revenue was down 1.3% compared to the same quarter last year.

Owens Corning Price Performance

NYSE OC traded up $3.46 during trading hours on Friday, hitting $168.50. The company had a trading volume of 527,322 shares, compared to its average volume of 599,767. The firm has a 50 day simple moving average of $159.88 and a 200 day simple moving average of $146.32. Owens Corning has a 52 week low of $99.49 and a 52 week high of $173.65. The firm has a market capitalization of $14.60 billion, a price-to-earnings ratio of 13.65, a PEG ratio of 6.97 and a beta of 1.47. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.17 and a current ratio of 1.76.

Owens Corning Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Stockholders of record on Monday, March 4th were given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 1.42%. The ex-dividend date of this dividend was Friday, March 1st. Owens Corning’s dividend payout ratio (DPR) is presently 19.43%.

Insider Activity

In other news, insider Gunner Smith sold 708 shares of the business’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $153.73, for a total transaction of $108,840.84. Following the completion of the transaction, 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 can be accessed through 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 shares were sold at an average price of $162.00, for a total transaction of $609,930.00. Following the completion of the sale, the executive vice president now directly owns 20,419 shares in the company, valued at $3,307,878. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Gunner Smith sold 708 shares of the stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $153.73, for a total transaction of $108,840.84. Following the completion of the transaction, the insider now directly owns 39,994 shares in the company, valued at approximately $6,148,277.62. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 21,672 shares of company stock worth $3,325,799. 0.89% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on OC. Truist Financial boosted their target price on shares of Owens Corning from $115.00 to $145.00 and gave the company a “hold” rating in a research report on Thursday, February 15th. JPMorgan Chase & Co. cut their price objective on shares of Owens Corning from $164.00 to $163.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 20th. Loop Capital boosted their target price on Owens Corning from $167.00 to $188.00 and gave the company a “buy” rating in a research report on Monday, April 1st. UBS Group increased their price target on Owens Corning from $169.00 to $192.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Royal Bank of Canada boosted their price objective on Owens Corning from $175.00 to $192.00 and gave the company an “outperform” rating in a report on Thursday. Eight investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $168.21.

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.