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

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Owens Corning (NYSE:OC) declared a quarterly dividend on Thursday, June 20th, Zacks reports. Stockholders of record on Tuesday, July 16th will be paid 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 dividend payout ratio of 16.7% meaning its dividend is sufficiently covered by earnings. 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 NYSE OC opened at $56.27 on Friday. The company has a market capitalization of $6.11 billion, a price-to-earnings ratio of 12.15, a P/E/G ratio of 1.48 and a beta of 1.30. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.96 and a current ratio of 1.83. Owens Corning has a 1-year low of $40.64 and a 1-year high of $67.30. The business’s 50 day moving average price is $52.62.

Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, April 24th. The construction company reported $0.54 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.56 by ($0.02). The firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.68 billion. Owens Corning had a return on equity of 12.10% and a net margin of 7.07%. Owens Corning’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same quarter last year, the business posted $0.80 EPS. On average, research analysts predict that Owens Corning will post 4.62 earnings per share for the current fiscal year.

A number of equities research analysts recently issued reports on OC shares. 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 report on Monday, April 29th. Nomura reissued a “neutral” rating and set a $48.00 price target (down previously from $70.00) on shares of Owens Corning in a research report on Thursday, May 16th. ValuEngine downgraded Intersect ENT from a “buy” rating to a “hold” rating in a research report on Monday, July 8th. Royal Bank of Canada downgraded 3M from an “outperform” rating to a “sector perform” rating and reduced their target price for the company from $207.00 to $176.00 in a report on Monday, July 8th. Finally, Seaport Global Securities raised Owens Corning from a “sell” rating to a “neutral” rating in a report on Thursday, June 27th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $58.34.

In related news, insider Julian Francis sold 600 shares of the firm’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 transaction, the insider now directly owns 76,662 shares of the company’s stock, valued at approximately $3,948,859.62. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Michael H. Thaman sold 30,000 shares of the firm’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $51.49, for a total value of $1,544,700.00. Following the transaction, the insider now directly owns 856,240 shares of the company’s stock, valued at $44,087,797.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 40,938 shares of company stock worth $2,114,034. 1.70% of the stock is currently owned by company insiders.

Owens Corning Company Profile

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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