Q3 2022 Earnings Forecast for Owens Corning Issued By KeyCorp (NYSE:OC)

Owens Corning (NYSE:OCGet Rating) – Research analysts at KeyCorp upped their Q3 2022 earnings estimates for shares of Owens Corning in a report issued on Monday, August 1st. KeyCorp analyst K. Zener now anticipates that the construction company will post earnings per share of $3.03 for the quarter, up from their prior forecast of $2.87. The consensus estimate for Owens Corning’s current full-year earnings is $12.30 per share. KeyCorp also issued estimates for Owens Corning’s FY2022 earnings at $12.20 EPS.

OC has been the topic of several other research reports. Loop Capital reduced their price target on shares of Owens Corning from $120.00 to $105.00 and set a “buy” rating on the stock in a report on Friday, April 8th. Barclays dropped their price target on shares of Owens Corning from $100.00 to $91.00 and set an “equal weight” rating for the company in a research report on Thursday, July 14th. Wells Fargo & Company increased their price objective on shares of Owens Corning from $83.00 to $89.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 28th. Bank of America lowered shares of Owens Corning from a “buy” rating to an “underperform” rating and dropped their price objective for the stock from $119.00 to $80.00 in a research report on Friday, June 17th. Finally, UBS Group dropped their price objective on shares of Owens Corning from $137.00 to $128.00 and set a “buy” rating for the company in a research report on Thursday, July 28th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Owens Corning currently has an average rating of “Hold” and a consensus price target of $102.92.

Owens Corning Trading Down 1.0 %

Shares of Owens Corning stock opened at $88.39 on Wednesday. Owens Corning has a 52-week low of $72.97 and a 52-week high of $101.12. The company has a quick ratio of 1.23, a current ratio of 1.87 and a debt-to-equity ratio of 0.66. The company’s 50-day simple moving average is $84.29 and its 200-day simple moving average is $88.76. The firm has a market cap of $8.51 billion, a price-to-earnings ratio of 7.86, a price-to-earnings-growth ratio of 0.80 and a beta of 1.51.

Owens Corning (NYSE:OCGet Rating) last released its quarterly earnings data 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. Owens Corning had a net margin of 12.20% and a return on equity of 26.22%. The business had revenue of $2.60 billion during the quarter, compared to analysts’ expectations of $2.58 billion. During the same period in the previous year, the company earned $2.60 EPS. The company’s revenue for the quarter was up 16.2% on a year-over-year basis.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in OC. Quadrant Capital Group LLC raised its holdings in Owens Corning by 32.0% during the 1st quarter. Quadrant Capital Group LLC now owns 487 shares of the construction company’s stock worth $44,000 after purchasing an additional 118 shares during the last quarter. First Bank & Trust increased 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 acquiring an additional 121 shares during the last quarter. Convergence Investment Partners LLC increased 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 acquiring an additional 132 shares during the last quarter. CIBC World Markets Inc. increased its stake in shares of Owens Corning by 1.0% in the 4th quarter. CIBC World Markets Inc. now owns 15,140 shares of the construction company’s stock valued at $1,370,000 after acquiring an additional 146 shares during the last quarter. Finally, Asahi Life Asset Management CO. LTD. increased its stake in shares of Owens Corning by 3.9% in the 2nd quarter. Asahi Life Asset Management CO. LTD. now owns 4,030 shares of the construction company’s stock valued at $299,000 after acquiring an additional 150 shares during the last quarter. Institutional investors and hedge funds own 92.55% of the company’s stock.

Insider Buying and Selling

In other Owens Corning news, VP Kelly Schmidt sold 1,940 shares of Owens Corning stock in a transaction on Friday, July 29th. The shares were sold at an average price of $91.93, for a total transaction of $178,344.20. Following the sale, the vice president now owns 15,083 shares in the company, valued at $1,386,580.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.44% of the stock is currently owned by insiders.

Owens Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 4th. Investors of record on Monday, July 18th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date of this dividend is Friday, July 15th. Owens Corning’s dividend payout ratio (DPR) is currently 12.44%.

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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