Equities Analysts Set Expectations for Owens Corning’s FY2023 Earnings (NYSE:OC)

Owens Corning (NYSE:OCGet Rating) – Equities researchers at Jefferies Financial Group lowered their FY2023 earnings estimates for Owens Corning in a report issued on Wednesday, July 27th. Jefferies Financial Group analyst P. Ng now forecasts that the construction company will post earnings per share of $10.02 for the year, down from their prior forecast of $12.32. The consensus estimate for Owens Corning’s current full-year earnings is $11.64 per share.

Owens Corning (NYSE:OCGet 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 the consensus estimate of $3.31 by $0.52. The firm had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.58 billion. Owens Corning had a net margin of 12.20% and a return on equity of 24.44%. The firm’s quarterly revenue was up 16.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.60 earnings per share.

Other research analysts have also issued research reports about the stock. Credit Suisse Group started coverage on shares of Owens Corning in a research report on Tuesday, April 5th. They issued a “neutral” rating and a $105.00 price target on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Owens Corning from $102.00 to $86.00 in a research report on Friday, July 15th. Royal Bank of Canada reiterated a “maintains” rating on shares of Owens Corning in a research report on Thursday. Truist Financial cut shares of Owens Corning from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $115.00 to $85.00 in a research report on Tuesday, April 5th. Finally, UBS Group lowered their price objective on shares of Owens Corning from $137.00 to $128.00 and set a “buy” rating on the stock in a research report on Thursday. Two analysts have rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $102.92.

Owens Corning Trading Up 3.0 %

Owens Corning stock opened at $92.74 on Monday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.14 and a current ratio of 1.72. The firm has a market cap of $9.00 billion, a price-to-earnings ratio of 8.77, a price-to-earnings-growth ratio of 1.10 and a beta of 1.44. Owens Corning has a 1 year low of $72.97 and a 1 year high of $101.12. The firm’s 50 day moving average price is $84.41 and its two-hundred day moving average price is $88.81.

Institutional Investors Weigh In On Owens Corning

Several institutional investors and hedge funds have recently modified their holdings of the business. Quadrant Capital Group LLC lifted its stake in shares of Owens Corning by 32.0% in the 1st quarter. Quadrant Capital Group LLC now owns 487 shares of the construction company’s stock valued at $44,000 after purchasing an additional 118 shares during the last quarter. First Bank & Trust lifted its stake in shares of Owens Corning by 3.6% in the 1st quarter. First Bank & Trust now owns 3,461 shares of the construction company’s stock valued at $316,000 after purchasing an additional 121 shares during the last quarter. Convergence Investment Partners LLC lifted its stake in shares of Owens Corning by 7.6% in the 1st quarter. Convergence Investment Partners LLC now owns 1,860 shares of the construction company’s stock valued at $170,000 after purchasing an additional 132 shares during the last quarter. CIBC World Markets Inc. lifted its position in Owens Corning by 1.0% during the 4th quarter. CIBC World Markets Inc. now owns 15,140 shares of the construction company’s stock worth $1,370,000 after acquiring an additional 146 shares during the last quarter. Finally, Fifth Third Bancorp lifted its position in Owens Corning by 33.7% during the 1st quarter. Fifth Third Bancorp now owns 663 shares of the construction company’s stock worth $61,000 after acquiring an additional 167 shares during the last quarter. Institutional investors and hedge funds own 92.55% of the company’s stock.

Owens Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 4th. Investors of record on Monday, July 18th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.51%. The ex-dividend date of this dividend is Friday, July 15th. Owens Corning’s payout ratio is presently 13.23%.

Owens Corning Company Profile

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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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Earnings History and Estimates for Owens Corning (NYSE:OC)

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