Owens Corning (OC) reported quarterly earnings results on Wednesday, Jul-27-2016. The company said it had a profit of $1.29 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.44. Analysts had a consensus of $0.85. The company posted revenue of $1545.00 million in the period, compared to analysts expectations of $1460.09 million. The company’s revenue was up 10.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.76 EPS.
Many Wall Street Analysts have commented on Owens Corning. Owens Corning was Upgraded by Goldman to ” Neutral” on Jul 12, 2016. Company shares were Reiterated by Wedbush on Jul 6, 2016 to “Neutral”, Firm has raised the Price Target to $ 58 from a previous price target of $52 .FBR Capital Initiated Owens Corning on Jun 1, 2016 to “Mkt Perform”, Price Target of the shares are set at $53.
Owens Corning opened for trading at $52.84 and hit $55.17 on the upside on Thursday, eventually ending the session at $54.11, with a gain of 2.71% or 1.43 points. The heightened volatility saw the trading volume jump to 19,93,597 shares. Company has a market cap of $6,250 M.
In a different news, on Apr 13, 2016, Kelly Schmidt (Vice President, Controller) sold 2,000 shares at $50.00 per share price. According to the SEC, on Nov 25, 2015, W Howard Morris (director) sold 3,000 shares at $47.13 per share price. On Nov 19, 2015, F Philip Handy (director) sold 13,000 shares at $46.94 per share price, according to the Form-4 filing with the securities and exchange commission.
Owens Corning is a holding company. The Company is engaged in composite and building materials systems. The Company’s products range from glass fiber used to reinforce composite materials for transportation electronics marine infrastructure wind energy and other markets to insulation and roofing for residential commercial and industrial applications. The Company operates under three segments: Composites Insulation and Roofing. The Composites segment is comprised of the Company’s Reinforcements and Downstream businesses. Insulation segment includes products such as thermal and acoustical batts loosefill insulation foam sheathing and accessories. The Roofing segment includes products such as laminate and strip asphalt roofing shingles. The Company’s subsidiaries are Owens Corning Sales LLC and Owens Corning Receivables LLC.