Owens Corning Declares Quarterly Dividend of $0.22 (NYSE:OC)

Owens Corning (NYSE:OC) announced a quarterly dividend on Thursday, June 20th, Zacks reports. Stockholders of record on Tuesday, July 16th will be given a dividend of 0.22 per share by the construction company on Friday, August 2nd. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date is Monday, July 15th.

Owens Corning has increased its dividend payment by an average of 7.8% per year over the last three years and has increased its dividend annually for the last 4 consecutive years. Owens Corning has a payout ratio of 16.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Owens Corning to earn $5.38 per share next year, which means the company should continue to be able to cover its $0.88 annual dividend with an expected future payout ratio of 16.4%.

Shares of OC stock opened at $56.27 on Friday. The company has a fifty day moving average of $52.62. The company has a current ratio of 1.83, a quick ratio of 0.96 and a debt-to-equity ratio of 0.86. The firm has a market cap of $6.11 billion, a price-to-earnings ratio of 12.15, a price-to-earnings-growth ratio of 1.48 and a beta of 1.30. Owens Corning has a one year low of $40.64 and a one year high of $67.30.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, April 24th. The construction company reported $0.54 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.56 by ($0.02). The company had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.68 billion. Owens Corning had a net margin of 7.07% and a return on equity of 12.10%. Owens Corning’s quarterly revenue was down 1.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.80 EPS. As a group, research analysts anticipate that Owens Corning will post 4.62 EPS for the current year.

In other news, insider Julian Francis sold 600 shares of the business’s stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $51.51, for a total transaction of $30,906.00. Following the completion of the sale, the insider now owns 76,662 shares in the company, valued at $3,948,859.62. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Gunner Smith sold 7,900 shares of the business’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $51.79, for a total value of $409,141.00. Following the sale, the insider now owns 21,189 shares of the company’s stock, valued at approximately $1,097,378.31. The disclosure for this sale can be found here. In the last quarter, insiders sold 40,938 shares of company stock valued at $2,114,034. Corporate insiders own 1.70% of the company’s stock.

Several analysts recently commented on OC shares. Stifel Nicolaus lowered Owens Corning from a “buy” rating to a “hold” rating and set a $52.45 price target on the stock. in a research note on Wednesday, April 24th. Bank of America set a $420.00 price target on Boeing and gave the company a “hold” rating in a research note on Thursday, June 27th. Zacks Investment Research raised Triple-S Management from a “hold” rating to a “buy” rating and set a $26.00 price target on the stock in a research note on Monday, April 29th. Nomura reaffirmed a “neutral” rating and issued a $48.00 price target (down previously from $70.00) on shares of Owens Corning in a research note on Thursday, May 16th. Finally, Royal Bank of Canada downgraded 3M from an “outperform” rating to a “sector perform” rating and cut their price objective for the company from $207.00 to $176.00 in a research report on Monday, July 8th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $58.34.

About Owens Corning

Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential, commercial, and industrial building materials worldwide. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and manufactures and sells glass fiber products in the form of fabrics, non-wovens, and other specialized products.

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Dividend History for Owens Corning (NYSE:OC)

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