Owens Corning (NYSE:OC) Announces Earnings Results

by · The Markets Daily

Owens Corning (NYSE:OC – Get Free Report) posted its quarterly earnings results on Wednesday. The construction company reported $4.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.05 by $0.33, Briefing.com reports. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The company had revenue of $3.05 billion during the quarter, compared to analyst estimates of $3.04 billion. Owens Corning’s revenue for the quarter was up 22.9% compared to the same quarter last year. During the same period last year, the firm posted $4.15 EPS. Owens Corning updated its Q4 2024 guidance to EPS.

Owens Corning Trading Up 1.6 %

NYSE OC traded up $3.02 during trading hours on Friday, reaching $190.44. The company had a trading volume of 796,320 shares, compared to its average volume of 697,772. The stock has a 50-day moving average of $175.83 and a 200 day moving average of $173.64. Owens Corning has a 1-year low of $121.08 and a 1-year high of $193.93. The company has a current ratio of 1.44, a quick ratio of 0.79 and a debt-to-equity ratio of 0.89. The stock has a market capitalization of $16.56 billion, a P/E ratio of 16.21, a price-to-earnings-growth ratio of 2.27 and a beta of 1.41.

Owens Corning Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, November 4th. Shareholders of record on Friday, October 18th were given a $0.60 dividend. The ex-dividend date of this dividend was Friday, October 18th. This represents a $2.40 dividend on an annualized basis and a yield of 1.26%. Owens Corning’s payout ratio is currently 20.43%.

Insider Buying and Selling at Owens Corning

In other Owens Corning news, insider Marcio A. Sandri sold 3,051 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $176.50, for a total value of $538,501.50. Following the transaction, the insider now owns 57,079 shares of the company’s stock, valued at $10,074,443.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Owens Corning news, insider Marcio A. Sandri sold 3,051 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $176.50, for a total transaction of $538,501.50. Following the sale, the insider now directly owns 57,079 shares in the company, valued at $10,074,443.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Marcio A. Sandri sold 3,050 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $170.00, for a total transaction of $518,500.00. Following the sale, the insider now owns 60,130 shares in the company, valued at $10,222,100. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.89% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on OC. Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a report on Wednesday, August 7th. The Goldman Sachs Group lifted their target price on shares of Owens Corning from $178.00 to $198.00 and gave the company a “neutral” rating in a report on Thursday. UBS Group lifted their target price on shares of Owens Corning from $197.00 to $218.00 and gave the company a “buy” rating in a report on Thursday. Evercore ISI boosted their price target on shares of Owens Corning from $189.00 to $196.00 and gave the stock an “in-line” rating in a report on Thursday. Finally, Royal Bank of Canada boosted their price target on shares of Owens Corning from $213.00 to $217.00 and gave the stock an “outperform” rating in a report on Thursday. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $192.62.

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About Owens Corning

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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.

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