Owens Corning (OC) to Issue Quarterly Dividend of $0.69 on January 17th

Owens Corning (NYSE:OC) declared a quarterly dividend on Thursday, December 5th,RTT News reports. Shareholders of record on Monday, January 6th will be given a dividend of 0.69 per share by the construction company on Friday, January 17th. This represents a $2.76 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date is Monday, January 6th. This is a boost from Owens Corning’s previous quarterly dividend of $0.60.

Owens Corning has increased its dividend payment by an average of 29.4% per year over the last three years. Owens Corning has a dividend payout ratio of 16.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Owens Corning to earn $15.76 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 17.5%.

Owens Corning Trading Up 1.7 %

Shares of NYSE OC opened at $172.14 on Friday. Owens Corning has a fifty-two week low of $138.70 and a fifty-two week high of $214.53. The firm has a market capitalization of $14.77 billion, a P/E ratio of 14.65, a P/E/G ratio of 2.14 and a beta of 1.42. 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 company’s 50 day simple moving average is $187.98 and its 200 day simple moving average is $177.41.

Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share for the quarter, beating analysts’ consensus estimates 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 return on equity of 25.82% and a net margin of 9.92%. The firm’s quarterly revenue was up 22.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $4.15 EPS. On average, analysts predict that Owens Corning will post 15.46 EPS for the current year.

Insider Transactions at Owens Corning

In related news, insider Gunner Smith sold 17,450 shares of the business’s 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 directly owns 18,866 shares in the company, valued at approximately $3,606,990.54. The trade was a 48.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.89% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on OC. UBS Group upped their price target on Owens Corning from $197.00 to $218.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. The Goldman Sachs Group upped their target price 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. Wells Fargo & Company raised shares of Owens Corning from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $195.00 to $225.00 in a research report on Tuesday, December 17th. Barclays upgraded shares of Owens Corning from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $192.00 to $245.00 in a research report on Wednesday, December 11th. Finally, Royal Bank of Canada boosted their target price on Owens Corning from $213.00 to $217.00 and gave the company 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 assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $200.83.

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.