Equities Analysts Set Expectations for Owens Corning’s Q4 2022 Earnings (NYSE:OC)

Posted by on Aug 5th, 2022

Owens Corning (NYSE:OC – Get Rating) – Investment analysts at KeyCorp lowered their Q4 2022 earnings per share estimates for shares of Owens Corning in a research report issued to clients and investors on Monday, August 1st. KeyCorp analyst K. Zener now expects that the construction company will post earnings of $2.48 per share for the quarter, down from their prior forecast of $2.49. The consensus estimate for Owens Corning’s current full-year earnings is $12.41 per share. KeyCorp also issued estimates for Owens Corning’s FY2023 earnings at $12.26 EPS.

Owens Corning (NYSE:OC – Get Rating) last issued its quarterly earnings results on Wednesday, July 27th. The construction company reported $3.83 earnings per share for the quarter, beating analysts’ consensus estimates of $3.31 by $0.52. Owens Corning had a return on equity of 26.22% and a net margin of 12.20%. The business had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter in the previous year, the company posted $2.60 earnings per share. Owens Corning’s revenue for the quarter was up 16.2% compared to the same quarter last year.

A number of other analysts have also recently issued reports on OC. StockNews.com raised Owens Corning from a “buy” rating to a “strong-buy” rating in a research report on Wednesday. Bank of America cut Owens Corning from a “buy” rating to an “underperform” rating and reduced their price target for the stock from $119.00 to $80.00 in a research report on Friday, June 17th. UBS Group reduced their price target on Owens Corning from $137.00 to $128.00 and set a “buy” rating for the company in a research report on Thursday, July 28th. Wells Fargo & Company boosted their price target on Owens Corning from $83.00 to $89.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 28th. Finally, Barclays reduced their price target on 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. Two investment analysts have rated the stock with a sell rating, six 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, Owens Corning currently has an average rating of “Hold” and an average target price of $102.92.

Owens Corning Price Performance

OC opened at $88.99 on Thursday. The stock has a market cap of $8.56 billion, a price-to-earnings ratio of 7.91, a PEG ratio of 0.76 and a beta of 1.51. Owens Corning has a 1 year low of $72.97 and a 1 year high of $101.12. The company has a current ratio of 1.87, a quick ratio of 1.23 and a debt-to-equity ratio of 0.66. The stock has a fifty day moving average price of $84.17 and a 200 day moving average price of $88.72.

Owens Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 4th. Stockholders of record on Monday, July 18th were paid a $0.35 dividend. The ex-dividend date was Friday, July 15th. This represents a $1.40 annualized dividend and a dividend yield of 1.57%. Owens Corning’s dividend payout ratio is currently 12.44%.

Insider Activity

In other news, VP Kelly Schmidt sold 1,940 shares of the company’s stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $91.93, for a total value of $178,344.20. Following the sale, the vice president now directly owns 15,083 shares in the company, valued at approximately $1,386,580.19. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.44% of the company’s stock.

Institutional Investors Weigh In On Owens Corning

Large investors have recently bought and sold shares of the business. Bank of America Corp DE lifted its holdings in Owens Corning by 135.1% during the 1st quarter. Bank of America Corp DE now owns 1,692,633 shares of the construction company’s stock worth $154,876,000 after buying an additional 972,789 shares in the last quarter. American Century Companies Inc. lifted its holdings in Owens Corning by 1,750.0% during the 1st quarter. American Century Companies Inc. now owns 443,570 shares of the construction company’s stock worth $40,587,000 after buying an additional 419,593 shares in the last quarter. State Street Corp lifted its holdings in Owens Corning by 9.2% during the 4th quarter. State Street Corp now owns 4,890,796 shares of the construction company’s stock worth $442,617,000 after buying an additional 413,742 shares in the last quarter. Millennium Management LLC lifted its holdings in Owens Corning by 78.3% during the 4th quarter. Millennium Management LLC now owns 900,714 shares of the construction company’s stock worth $81,515,000 after buying an additional 395,541 shares in the last quarter. Finally, Los Angeles Capital Management LLC lifted its holdings in Owens Corning by 119.5% during the 1st quarter. Los Angeles Capital Management LLC now owns 583,002 shares of the construction company’s stock worth $53,345,000 after buying an additional 317,369 shares in the last quarter. 92.55% of the stock is currently owned by institutional investors.

About Owens Corning

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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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