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

Owens Corning (NYSE:OC) posted its quarterly earnings data on Wednesday. The construction company reported $3.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.04 by $0.55, Briefing.com reports. The business had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.28 billion. Owens Corning had a net margin of 11.53% and a return on equity of 26.52%. The company’s revenue was down 1.3% compared to the same quarter last year. During the same period last year, the firm posted $2.77 earnings per share.

Owens Corning Trading Up 2.1 %

OC stock traded up $3.46 during midday trading on Friday, hitting $168.50. 527,322 shares of the company’s stock were exchanged, compared to its average volume of 599,767. Owens Corning has a 1-year low of $99.49 and a 1-year high of $173.65. The company has a current ratio of 1.76, a quick ratio of 1.17 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $14.60 billion, a PE ratio of 13.65, a P/E/G ratio of 6.97 and a beta of 1.47. The business has a 50-day simple moving average of $159.88 and a two-hundred day simple moving average of $146.32.

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Monday, March 4th were issued a $0.60 dividend. The ex-dividend date 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%.

Insider Activity

In other Owens Corning news, CEO Brian Chambers sold 9,100 shares of Owens Corning stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $153.57, for a total transaction of $1,397,487.00. Following the completion of the sale, the chief executive officer now directly owns 269,696 shares in the company, valued at $41,417,214.72. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, insider Gunner Smith sold 708 shares of Owens Corning 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 completion of the transaction, the insider now owns 39,994 shares in the company, valued at $6,148,277.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Brian Chambers sold 9,100 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $153.57, for a total transaction of $1,397,487.00. Following the sale, the chief executive officer now directly owns 269,696 shares in the company, valued at $41,417,214.72. The disclosure for this sale can be found here. Insiders have sold a total of 21,672 shares of company stock valued at $3,325,799 in the last quarter. Insiders own 0.89% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on OC shares. Loop Capital raised their price target on shares of Owens Corning from $167.00 to $188.00 and gave the company a “buy” rating in a research note on Monday, April 1st. JPMorgan Chase & Co. decreased their target price on Owens Corning from $164.00 to $163.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 20th. Truist Financial boosted their price target on Owens Corning from $115.00 to $145.00 and gave the stock a “hold” rating in a research report on Thursday, February 15th. Evercore ISI raised their price objective on Owens Corning from $154.00 to $172.00 and gave the company an “in-line” rating in a report on Thursday. Finally, Citigroup lifted their target price on shares of Owens Corning from $150.00 to $169.00 and gave the stock a “neutral” rating in a research note on Friday, April 5th. Eight research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Owens Corning presently 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.