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. Shareholders 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 yield of 1.50%.

Owens Corning has increased its dividend payment by an average of 30.1% per year over the last three years. Owens Corning has a payout ratio of 15.7% meaning its dividend is sufficiently covered by earnings. 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 Price Performance

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

Owens Corning (NYSE:OC) last issued its quarterly earnings results on Wednesday, November 6th. The construction company reported $4.38 EPS for the quarter, beating the consensus estimate of $4.05 by $0.33. The company 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 9.92% and a return on equity of 25.82%. The firm’s 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 EPS. On average, analysts predict that Owens Corning will post 15.49 EPS for the current year.

Insider Activity at Owens Corning

In other Owens Corning news, insider Gunner Smith sold 17,450 shares of the company’s stock in a transaction that occurred 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 approximately $3,606,990.54. This represents a 48.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.90% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

OC has been the topic of several analyst reports. Citigroup cut their price target on shares of Owens Corning from $212.00 to $207.00 and set a “buy” rating on the stock in a report on Monday, January 6th. The Goldman Sachs Group upped their price target on shares of Owens Corning from $178.00 to $198.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Evercore ISI upped their price target on shares of Owens Corning from $189.00 to $196.00 and gave the company an “in-line” rating in a report on Thursday, November 7th. UBS Group upped their target price on shares of Owens Corning from $197.00 to $218.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, Royal Bank of Canada upped their target price on shares of Owens Corning from $213.00 to $217.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $201.75.

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.