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

Owens Corning (NYSE:OC) released its quarterly earnings data on Wednesday. The construction company reported $3.59 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.28 billion. During the same quarter in the prior year, the business earned $2.77 earnings per share. Owens Corning’s quarterly revenue was down 1.3% on a year-over-year basis.

Owens Corning Price Performance

Owens Corning stock traded up $4.54 during mid-day trading on Friday, reaching $169.58. 85,836 shares of the company were exchanged, compared to its average volume of 666,992. 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 firm has a market cap of $14.76 billion, a PE ratio of 13.36, a PEG ratio of 6.98 and a beta of 1.47. The company has a fifty day simple moving average of $158.86 and a 200-day simple moving average of $145.94. Owens Corning has a 12 month low of $99.49 and a 12 month high of $173.65.

Owens Corning Announces Dividend

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

Insider Transactions at Owens Corning

In other Owens Corning news, EVP Paula Russell sold 3,765 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $162.00, for a total value of $609,930.00. Following the completion of the transaction, the executive vice president now directly owns 20,419 shares in the company, valued at approximately $3,307,878. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Gunner Smith sold 7,442 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $148.99, for a total value of $1,108,783.58. Following the transaction, the insider now owns 36,140 shares of the company’s stock, valued at approximately $5,384,498.60. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Paula Russell sold 3,765 shares of the firm’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $162.00, for a total value of $609,930.00. Following the transaction, the executive vice president now owns 20,419 shares in the company, valued at $3,307,878. The disclosure for this sale can be found here. In the last quarter, insiders sold 21,672 shares of company stock valued at $3,325,799. Corporate insiders own 0.89% of the company’s stock.

Analyst Upgrades and Downgrades

OC has been the subject of a number of analyst reports. UBS Group boosted their price target on Owens Corning from $169.00 to $192.00 and gave the stock a “buy” rating in a research report on Thursday. Loop Capital upped their price target on shares of Owens Corning from $167.00 to $188.00 and gave the stock a “buy” rating in a research note on Monday, April 1st. Truist Financial increased their price target on Owens Corning from $115.00 to $145.00 and gave the company a “hold” rating in a research note on Thursday, February 15th. Barclays lowered Owens Corning from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $170.00 to $160.00 in a report on Monday, February 12th. Finally, JPMorgan Chase & Co. lowered their target price on Owens Corning from $164.00 to $163.00 and set a “neutral” rating on the stock in a report on Tuesday, February 20th. Eight equities research 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 stock presently has a consensus rating of “Moderate Buy” and a consensus price target 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.