Owens Corning (NYSE:OC) Plans Quarterly Dividend of $0.60

Owens Corning (NYSE:OC) announced a quarterly dividend on Thursday, June 20th, RTT News reports. Stockholders of record on Monday, July 15th will be paid a dividend of 0.60 per share by the construction company on Friday, August 2nd. This represents a $2.40 annualized dividend and a dividend yield of 1.37%.

Owens Corning has increased its dividend payment by an average of 29.4% annually over the last three years. Owens Corning has a dividend payout ratio of 15.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Owens Corning to earn $17.56 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 13.7%.

Owens Corning Trading Down 2.1 %

Owens Corning stock opened at $175.63 on Friday. The stock has a 50-day moving average price of $174.04 and a 200 day moving average price of $160.11. Owens Corning has a 52 week low of $109.95 and a 52 week high of $184.00. The stock has a market cap of $15.22 billion, a PE ratio of 14.22, a P/E/G ratio of 5.34 and a beta of 1.46. The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 0.50.

Owens Corning (NYSE:OC) last issued its quarterly earnings results on Wednesday, April 24th. The construction company reported $3.59 EPS for the quarter, topping analysts’ consensus estimates of $3.04 by $0.55. The business had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.28 billion. Owens Corning had a net margin of 11.53% and a return on equity of 26.52%. The company’s quarterly revenue was down 1.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.77 earnings per share. Equities research analysts predict that Owens Corning will post 15.48 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

OC has been the subject of several analyst reports. The Goldman Sachs Group reiterated a “neutral” rating and issued a $187.00 price target on shares of Owens Corning in a report on Monday. Royal Bank of Canada upped their target price on Owens Corning from $192.00 to $201.00 and gave the company an “outperform” rating in a research note on Tuesday, May 21st. Argus raised their price target on Owens Corning from $175.00 to $182.00 and gave the stock a “buy” rating in a research note on Thursday, April 25th. Loop Capital upped their price objective on shares of Owens Corning from $167.00 to $188.00 and gave the company a “buy” rating in a research note on Monday, April 1st. Finally, Jefferies Financial Group started coverage on shares of Owens Corning in a research report on Wednesday, May 22nd. They issued a “buy” rating and a $215.00 target price on the stock. Eight investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $177.07.

Insider Activity

In related news, insider Monaco Nicolas Del sold 3,423 shares of the company’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $176.47, for a total transaction of $604,056.81. Following the completion of the sale, the insider now directly owns 11,381 shares of the company’s stock, valued at approximately $2,008,405.07. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Owens Corning news, CFO Todd W. Fister sold 3,000 shares of the stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $180.85, for a total value of $542,550.00. Following the completion of the sale, the chief financial officer now owns 34,626 shares of the company’s stock, valued at $6,262,112.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Monaco Nicolas Del sold 3,423 shares of Owens Corning stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $176.47, for a total transaction of $604,056.81. Following the sale, the insider now owns 11,381 shares in the company, valued at approximately $2,008,405.07. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,360 shares of company stock valued at $2,916,365. Company insiders own 0.89% of the company’s stock.

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.