Owens Corning (NYSE:OC) Announces Quarterly Earnings Results, Beats Estimates By $0.37 EPS

Owens Corning (NYSE:OC) announced its quarterly earnings results on Wednesday. The construction company reported $4.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.01 by $0.37, Briefing.com reports. The firm had revenue of $3.05 billion for the quarter, compared to the consensus estimate of $3.04 billion. Owens Corning had a net margin of 10.66% and a return on equity of 26.33%. The firm’s quarterly revenue was up 22.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.15 earnings per share. Owens Corning updated its Q4 2024 guidance to EPS.

Owens Corning Stock Performance

Owens Corning stock traded up $3.65 during midday trading on Thursday, hitting $188.29. 438,345 shares of the company’s stock were exchanged, compared to its average volume of 680,738. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.79 and a current ratio of 1.37. The firm’s 50 day simple moving average is $174.98 and its 200 day simple moving average is $173.36. Owens Corning has a 12-month low of $120.17 and a 12-month high of $191.44. The stock has a market cap of $16.37 billion, a price-to-earnings ratio of 15.83, a price-to-earnings-growth ratio of 2.20 and a beta of 1.41.

Owens Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Shareholders of record on Friday, October 18th were paid a $0.60 dividend. The ex-dividend date was Friday, October 18th. This represents a $2.40 annualized dividend and a yield of 1.27%. Owens Corning’s dividend payout ratio is presently 20.32%.

Insider Activity

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

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Evercore ISI boosted their price objective on Owens Corning from $189.00 to $196.00 and gave the company an “in-line” rating in a research report on Thursday. UBS Group increased their price target on Owens Corning from $197.00 to $218.00 and gave the company a “buy” rating in a report on Thursday. The Goldman Sachs Group increased their price target on shares of Owens Corning from $178.00 to $198.00 and gave the company a “neutral” rating in a research note on Thursday. Barclays decreased their price target on Owens Corning from $190.00 to $189.00 and set an “equal weight” rating on the stock in a research note on Friday, July 12th. Finally, Citigroup raised shares of Owens Corning from a “neutral” rating to a “buy” rating and increased their price target for the stock from $178.00 to $191.00 in a research report on Thursday, July 11th. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $192.62.

About Owens Corning

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.