Owens Corning Plans Quarterly Dividend of $0.60 (NYSE:OC)

Owens Corning (NYSE:OC) declared a quarterly dividend on Thursday, June 20th, RTT News reports. Stockholders of record on Monday, July 15th will be given a dividend of 0.60 per share by the construction company on Friday, August 2nd. This represents a $2.40 annualized dividend and a dividend yield of 1.37%.

Owens Corning has raised its dividend by an average of 29.4% per year over the last three years. Owens Corning has a payout ratio of 15.0% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Owens Corning to earn $17.56 per share next year, which means the company should continue to be able to cover its $2.40 annual dividend with an expected future payout ratio of 13.7%.

Owens Corning Trading Down 2.1 %

OC stock traded down $3.68 during trading on Thursday, reaching $175.63. 536,451 shares of the stock were exchanged, compared to its average volume of 646,256. The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 0.50. The business has a 50 day moving average price of $173.86 and a 200-day moving average price of $160.00. Owens Corning has a 1 year low of $109.95 and a 1 year high of $184.00. The firm has a market capitalization of $15.22 billion, a price-to-earnings ratio of 14.52, a P/E/G ratio of 5.34 and a beta of 1.46.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, April 24th. The construction company reported $3.59 EPS for the quarter, topping analysts’ consensus estimates of $3.04 by $0.55. Owens Corning had a net margin of 11.53% and a return on equity of 26.52%. The company had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.28 billion. During the same period in the previous year, the firm earned $2.77 earnings per share. Owens Corning’s quarterly revenue was down 1.3% compared to the same quarter last year. On average, research analysts predict that Owens Corning will post 15.48 earnings per share for the current year.

Insider Transactions at Owens Corning

In related news, VP Mari Doerfler sold 240 shares of the company’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $182.05, for a total value of $43,692.00. Following the completion of the sale, the vice president now owns 4,954 shares in the company, valued at approximately $901,875.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, VP Mari Doerfler sold 240 shares of the company’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $182.05, for a total value of $43,692.00. Following the completion of the sale, the vice president now owns 4,954 shares in the company, valued at approximately $901,875.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Todd W. Fister sold 3,000 shares of the company’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $180.85, for a total transaction of $542,550.00. Following the completion of the sale, the chief financial officer now owns 34,626 shares of the company’s stock, valued at approximately $6,262,112.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,360 shares of company stock worth $2,916,365. 0.89% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Royal Bank of Canada lifted their price target on shares of Owens Corning from $192.00 to $201.00 and gave the company an “outperform” rating in a research report on Tuesday, May 21st. Citigroup lifted their price target on shares of Owens Corning from $150.00 to $169.00 and gave the company a “neutral” rating in a research report on Friday, April 5th. UBS Group lifted their price objective on shares of Owens Corning from $169.00 to $192.00 and gave the company a “buy” rating in a report on Thursday, April 25th. Argus lifted their price objective on shares of Owens Corning from $175.00 to $182.00 and gave the company a “buy” rating in a report on Thursday, April 25th. Finally, Barclays lifted their price objective on shares of Owens Corning from $160.00 to $190.00 and gave the company an “equal weight” rating in a report on Monday, June 3rd. Eight research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Owens Corning has an average rating of “Hold” and an average price target of $177.07.

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.