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

Owens Corning (NYSE:OC) announced a quarterly dividend on Thursday, September 19th, NASDAQ reports. Investors of record on Friday, October 18th will be given a dividend of 0.60 per share by the construction company on Monday, November 4th. This represents a $2.40 dividend on an annualized basis and a yield of 1.38%. The ex-dividend date of this dividend is Friday, October 18th.

Owens Corning has increased its dividend payment by an average of 29.4% annually over the last three years. Owens Corning has a payout ratio of 14.6% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Owens Corning to earn $16.04 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 15.0%.

Owens Corning Trading Down 2.2 %

Shares of OC stock traded down $3.87 on Friday, hitting $174.28. The company had a trading volume of 2,203,129 shares, compared to its average volume of 679,999. Owens Corning has a twelve month low of $109.95 and a twelve month high of $191.13. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.79 and a current ratio of 1.37. The firm has a market cap of $15.10 billion, a P/E ratio of 14.11, a P/E/G ratio of 3.18 and a beta of 1.41. The stock’s 50-day moving average is $167.69 and its two-hundred day moving average is $169.24.

Owens Corning (NYSE:OC) last issued its quarterly earnings results on Tuesday, August 6th. The construction company reported $4.64 earnings per share for the quarter, topping analysts’ consensus estimates of $4.37 by $0.27. The firm had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.92 billion. Owens Corning had a return on equity of 26.33% and a net margin of 10.66%. The business’s revenue was up 8.8% compared to the same quarter last year. During the same period last year, the business posted $4.22 EPS. On average, equities research analysts anticipate that Owens Corning will post 15.38 earnings per share for the current fiscal year.

Insider Activity

In other Owens Corning news, CFO Todd W. Fister sold 3,000 shares of the business’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $173.65, for a total transaction of $520,950.00. Following the sale, the chief financial officer now owns 31,626 shares of the company’s stock, valued at approximately $5,491,854.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Todd W. Fister sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $173.65, for a total value of $520,950.00. Following the completion of the transaction, the chief financial officer now directly owns 31,626 shares in the company, valued at $5,491,854.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Marcio A. Sandri sold 3,050 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $170.00, for a total transaction of $518,500.00. Following the sale, the insider now directly owns 60,130 shares in the company, valued at approximately $10,222,100. The disclosure for this sale can be found here. Insiders own 0.89% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on OC. Loop Capital upped their price target on Owens Corning from $188.00 to $215.00 and gave the stock a “buy” rating in a research note on Friday, June 21st. StockNews.com raised Owens Corning from a “hold” rating to a “buy” rating in a research report on Saturday, September 7th. Citigroup raised shares of Owens Corning from a “neutral” rating to a “buy” rating and lifted their price target for the company from $178.00 to $191.00 in a research report on Thursday, July 11th. Benchmark restated a “hold” rating on shares of Owens Corning in a report on Wednesday, August 7th. Finally, UBS Group raised their price objective on shares of Owens Corning from $192.00 to $197.00 and gave the company a “buy” rating in a research note on Wednesday, August 7th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Owens Corning presently has a consensus rating of “Moderate Buy” and a consensus target price of $184.23.

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.