US stock futures muted with Jackson Hole, retail earnings on tap
In a recent shareholder meeting, Owens Corning , a $11.8 billion market cap company specializing in abrasive, asbestos, and miscellaneous nonmetallic mineral products, concluded its annual voting on key company matters. The company, which has maintained consistent profitability with a 29.8% gross margin and generated $1.2 billion in free cash flow over the last twelve months, released an 8-K filing with the Securities and Exchange Commission detailing the outcomes of the votes held during the Annual Meeting on April 15, 2025. InvestingPro analysis shows the company maintains strong financial health, with 12 consecutive years of dividend payments.
The first proposal saw shareholders elect directors to serve until the 2026 Annual Meeting. Brian D. Chambers, along with other nominees, received a majority of votes for their election, with a notable number of votes against and abstentions. The exact count for each nominee varied, but all nominees were successfully elected.
The second proposal involved the ratification of PricewaterhouseCoopers LLP as the independent registered public accounting firm for Owens Corning for the year 2025. This proposal was also passed with a significant majority, with 67,199,797 votes for, 8,174,891 votes against, and 66,216 abstentions.
Additionally, the third proposal, which concerned the approval of the 2024 compensation for the company’s named executive officers, was approved on an advisory basis. The vote count for this proposal showed 63,322,043 votes in favor, 7,489,558 against, and 263,431 abstentions, with broker non-votes recorded for each proposal.
The filing did not include any additional proposals or issues addressed at the Annual Meeting. It is standard practice for companies to hold annual meetings where shareholders vote on the election of directors and other significant corporate matters.
The outcomes of these votes are a routine part of corporate governance, ensuring that shareholders have a say in the strategic direction and oversight of the company. Owens Corning, headquartered in Toledo, Ohio, is listed on the New York Stock Exchange under the ticker symbol (NYSE:OC). The information provided in this article is based on a press release statement from the company.
In other recent news, Owens Corning reported strong fourth-quarter results for 2024, exceeding consensus expectations in revenue, EBITDA, and earnings per share (EPS). This performance was driven by sustained demand for shingles, although challenges persist in the repair and remodel sectors and international insulation markets. Despite these results, Benchmark analysts maintained a Hold rating on the stock and adjusted their EPS estimates downward by $2.00 for the current and following year, setting them at $14 and $15, respectively. Meanwhile, RBC Capital Markets revised its price target for Owens Corning to $199, down from $212, while maintaining an Outperform rating. RBC cited a mix of industry trends and adjustments in Owens Corning’s forecasts, leading to a reduced EPS estimate for fiscal year 2025. Evercore ISI, on the other hand, increased its price target to $185 and raised EPS projections for 2025 and 2026, attributing this to refined sales estimates in the Roofing segment. Additionally, Owens Corning has terminated its trade receivables securitization program, indicating a shift in its financial management strategy. The company also announced the promotion of Gina Beredo to Executive Vice President, Chief Administrative Officer, and General Counsel, marking a strategic alignment in its leadership team.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.