Owens Corning (NYSE:OC) Increases Dividend to $0.69 Per Share

Owens Corning (NYSE:OC) announced a quarterly dividend on Thursday, December 5th,RTT News reports. Stockholders 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 annualized dividend and a dividend yield of 1.38%. This is a boost from Owens Corning’s previous quarterly dividend of $0.60.

Owens Corning has raised its dividend by an average of 29.4% annually over the last three years. Owens Corning has a payout ratio of 14.7% meaning its dividend is sufficiently covered by earnings. Equities 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 $2.40 annual dividend with an expected future payout ratio of 15.2%.

Owens Corning Stock Performance

Shares of Owens Corning stock traded down $3.08 during trading on Thursday, reaching $200.16. The company’s stock had a trading volume of 596,881 shares, compared to its average volume of 689,294. The company has a current ratio of 1.44, a quick ratio of 0.85 and a debt-to-equity ratio of 0.89. The firm has a market cap of $17.17 billion, a PE ratio of 17.30, a P/E/G ratio of 2.26 and a beta of 1.42. Owens Corning has a fifty-two week low of $138.26 and a fifty-two week high of $214.53. The company has a 50-day moving average price of $188.00 and a two-hundred day moving average price of $177.02.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, November 6th. The construction company reported $4.38 EPS for the quarter, topping analysts’ consensus estimates of $4.05 by $0.33. The firm 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% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.15 earnings per share. On average, analysts forecast that Owens Corning will post 15.46 EPS for the current year.

Insiders Place Their Bets

In other news, insider Marcio A. Sandri sold 3,051 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $176.50, for a total value of $538,501.50. Following the sale, the insider now owns 57,079 shares in the company, valued at approximately $10,074,443.50. The trade was a 5.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.89% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Evercore ISI upped their target price on shares of Owens Corning from $189.00 to $196.00 and gave the company an “in-line” rating in a research note on Thursday, November 7th. Benchmark reiterated a “hold” rating on shares of Owens Corning in a research note on Wednesday, August 7th. The Goldman Sachs Group increased 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. UBS Group raised their price target on shares of Owens Corning from $197.00 to $218.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Royal Bank of Canada raised their price target on shares of Owens Corning from $213.00 to $217.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $192.62.

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.