Owens Corning (NYSE:OC) Declares Dividend Increase – $0.69 Per Share

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 annualized dividend and a dividend yield of 1.60%. The ex-dividend date of this dividend is Monday, January 6th. This is a positive change from Owens Corning’s previous quarterly dividend of $0.60.

Owens Corning has raised its dividend payment by an average of 29.4% annually over the last three years. Owens Corning has a dividend payout ratio of 16.8% meaning its dividend is sufficiently covered by earnings. Equities 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 Stock Performance

NYSE OC opened at $172.14 on Friday. Owens Corning has a 52-week low of $138.70 and a 52-week high of $214.53. The stock has a market cap of $14.77 billion, a PE ratio of 14.65, a P/E/G ratio of 2.14 and a beta of 1.42. The firm has a 50-day moving average of $187.98 and a 200-day moving average of $177.41. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44.

Owens Corning (NYSE:OC) last issued its quarterly earnings data on Wednesday, November 6th. The construction company reported $4.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.05 by $0.33. The company had revenue of $3.05 billion during the quarter, compared to analysts’ expectations of $3.04 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The business’s revenue was up 22.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.15 earnings per share. On average, sell-side analysts anticipate that Owens Corning will post 15.46 EPS for the current year.

Insider Buying and Selling

In other Owens Corning 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 sale, the insider now owns 18,866 shares of the company’s stock, valued at approximately $3,606,990.54. The trade was a 48.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.89% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

OC has been the topic of several recent research reports. Evercore ISI increased their price objective on Owens Corning from $189.00 to $196.00 and gave the stock an “in-line” rating in a research report 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. Royal Bank of Canada raised their target price 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. The Goldman Sachs Group boosted their price target on Owens Corning from $178.00 to $198.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Finally, Barclays upgraded Owens Corning from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $192.00 to $245.00 in a research note on Wednesday, December 11th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Owens Corning presently has an average rating of “Moderate Buy” and a consensus price target of $200.83.

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.