Owens Corning Announces Quarterly Dividend of $0.69 (NYSE:OC)

Owens Corning (NYSE:OC) announced a quarterly dividend on Thursday, February 6th,RTT News reports. Stockholders of record on Monday, March 10th will be paid a dividend of 0.69 per share by the construction company on Thursday, April 10th. This represents a $2.76 annualized dividend and a dividend yield of 1.50%.

Owens Corning has increased its dividend payment by an average of 30.1% annually over the last three years. Owens Corning has a payout ratio of 15.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Owens Corning to earn $15.85 per share next year, which means the company should continue to be able to cover its $2.76 annual dividend with an expected future payout ratio of 17.4%.

Owens Corning Stock Up 0.8 %

OC stock traded up $1.51 during mid-day trading on Thursday, reaching $183.66. 728,582 shares of the company traded hands, compared to its average volume of 683,967. The stock has a market cap of $15.75 billion, a price-to-earnings ratio of 15.63, a P/E/G ratio of 2.02 and a beta of 1.46. The company has a quick ratio of 0.85, a current ratio of 1.44 and a debt-to-equity ratio of 0.89. Owens Corning has a fifty-two week low of $138.70 and a fifty-two week high of $214.53. The firm’s 50 day moving average price is $182.97 and its 200 day moving average price is $178.69.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.05 by $0.33. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The business had revenue of $3.05 billion during the quarter, compared to the consensus estimate of $3.04 billion. During the same quarter in the previous year, the business earned $4.15 EPS. The company’s quarterly revenue was up 22.9% on a year-over-year basis. As a group, equities research analysts predict that Owens Corning will post 15.49 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently commented on OC shares. Royal Bank of Canada lifted 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, November 7th. Wells Fargo & Company raised shares of Owens Corning from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $195.00 to $225.00 in a research note on Tuesday, December 17th. The Goldman Sachs Group upped their price objective on shares of Owens Corning from $178.00 to $198.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. StockNews.com upgraded shares of Owens Corning from a “hold” rating to a “buy” rating in a report on Saturday, November 9th. Finally, Loop Capital cut their price objective on shares of Owens Corning from $215.00 to $210.00 and set a “buy” rating on the stock in a report on Friday, January 10th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $201.75.

Insiders Place Their Bets

In other news, insider Gunner Smith sold 17,450 shares of Owens Corning stock in a transaction on Friday, December 13th. The shares were sold at an average price of $191.19, for a total transaction of $3,336,265.50. Following the transaction, the insider now owns 18,866 shares in the company, valued at $3,606,990.54. This trade represents a 48.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.90% of the stock is currently owned by insiders.

Owens Corning Company Profile

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.