The Brokers Set Expectations for Owens Corning’s FY2016 Earnings (OC)

The Brokers Set Expectations for Owens Corning’s FY2016 Earnings (OC)

Owens Corning (NYSE:OC) – Investment analysts at FBR & Co boosted their FY2016 earnings per share estimates for Owens Corning in a research report issued to clients and investors on Wednesday. FBR & Co analyst A. Rygiel now forecasts that the brokerage will post earnings per share of $3.51 for the year, up from their prior forecast of $3.40. FBR & Co has a “Market Perform” rating and a $56.00 price objective on the stock. FBR & Co also issued estimates for Owens Corning’s Q4 2016 earnings at $0.61 EPS and FY2017 earnings at $3.60 EPS.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, October 26th. The company reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.10. Owens Corning had a net margin of 7.44% and a return on equity of 10.77%. The firm earned $1.52 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same quarter last year, the business earned $0.96 EPS. The company’s revenue was up 4.0% compared to the same quarter last year.

Several other equities research analysts have also recently weighed in on the company. Zacks Investment Research upgraded Owens Corning from a “hold” rating to a “buy” rating and set a $54.00 price target on the stock in a research report on Saturday. Jefferies Group reiterated a “buy” rating and set a $60.00 price target (down from $63.00) on shares of Owens Corning in a research report on Friday. Vertical Research upgraded Owens Corning from a “hold” rating to a “buy” rating in a research report on Thursday. CL King cut Owens Corning from a “buy” rating to a “neutral” rating in a research report on Thursday. Finally, Vertical Group upgraded Owens Corning from a “hold” rating to a “buy” rating and set a $56.00 price target on the stock in a research report on Thursday. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $54.63.

Owens Corning (NYSE:OC) opened at 48.48 on Monday. Owens Corning has a 12-month low of $38.96 and a 12-month high of $58.69. The company has a market cap of $5.49 billion, a price-to-earnings ratio of 13.57 and a beta of 1.41. The firm’s 50-day moving average is $52.11 and its 200 day moving average is $51.93.

Several hedge funds have recently added to or reduced their stakes in the stock. Fisher Asset Management LLC raised its stake in Owens Corning by 8.6% in the second quarter. Fisher Asset Management LLC now owns 374,744 shares of the company’s stock worth $20,251,000 after buying an additional 29,697 shares during the period. Bank of Montreal Can bought a new stake in Owens Corning during the second quarter worth $33,777,000. Geode Capital Management LLC raised its stake in Owens Corning by 19.4% in the first quarter. Geode Capital Management LLC now owns 820,853 shares of the company’s stock worth $38,809,000 after buying an additional 133,178 shares during the period. LSV Asset Management bought a new stake in Owens Corning during the second quarter worth $2,766,000. Finally, UBS Group AG raised its stake in Owens Corning by 12.3% in the first quarter. UBS Group AG now owns 41,231 shares of the company’s stock worth $1,949,000 after buying an additional 4,525 shares during the period.

In other news, VP Daniel T. Smith sold 13,700 shares of the stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $54.00, for a total transaction of $739,800.00. Following the completion of the sale, the vice president now owns 58,975 shares of the company’s stock, valued at $3,184,650. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Daniel T. Smith sold 1,300 shares of the stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $54.01, for a total value of $70,213.00. Following the sale, the vice president now directly owns 60,275 shares of the company’s stock, valued at approximately $3,255,452.75. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 2nd. Shareholders of record on Monday, October 17th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.49%. The ex-dividend date is Thursday, October 13th. Owens Corning’s dividend payout ratio is currently 20.17%.

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