Owens Corning (NYSE:OC) to Issue Quarterly Dividend of $0.60
Owens Corning (NYSE:OC – Get Free Report) declared a quarterly dividend on Thursday, December 7th, RTT News reports. Shareholders of record on Monday, January 8th will be given a dividend of 0.60 per share by the construction company on Friday, January 19th. This represents a $2.40 dividend on an annualized basis and a yield of 1.70%. This is an increase from Owens Corning’s previous quarterly dividend of $0.52.
Owens Corning has raised its dividend payment by an average of 16.7% per year over the last three years and has raised its dividend annually for the last 8 consecutive years. Owens Corning has a payout ratio of 15.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Owens Corning to earn $13.56 per share next year, which means the company should continue to be able to cover its $2.08 annual dividend with an expected future payout ratio of 15.3%.
Owens Corning Trading Up 1.6 %
Shares of NYSE OC traded up $2.18 during midday trading on Thursday, reaching $141.00. 650,141 shares of the stock were exchanged, compared to its average volume of 838,388. The company has a 50 day simple moving average of $127.87 and a 200 day simple moving average of $130.07. The stock has a market capitalization of $12.53 billion, a P/E ratio of 10.70, a PEG ratio of 1.28 and a beta of 1.51. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.49 and a current ratio of 2.16. Owens Corning has a twelve month low of $83.98 and a twelve month high of $147.00.
Owens Corning (NYSE:OC – Get Free Report) last announced its quarterly earnings results on Wednesday, October 25th. The construction company reported $4.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.89 by $0.26. The business had revenue of $2.48 billion during the quarter, compared to the consensus estimate of $2.54 billion. Owens Corning had a net margin of 12.31% and a return on equity of 25.59%. The business’s revenue was down 2.0% compared to the same quarter last year. During the same quarter last year, the firm earned $3.57 EPS. As a group, equities analysts expect that Owens Corning will post 13.83 earnings per share for the current year.
Insider Buying and Selling at Owens Corning
In other news, Director W Howard Morris sold 350 shares of the business’s stock in a transaction dated Monday, November 6th. The shares were sold at an average price of $122.05, for a total transaction of $42,717.50. Following the transaction, the director now directly owns 41,045 shares in the company, valued at $5,009,542.25. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.89% of the stock is currently owned by company insiders.
Institutional Trading of Owens Corning
Several institutional investors and hedge funds have recently modified their holdings of the business. US Bancorp DE grew its holdings in Owens Corning by 4.0% during the 1st quarter. US Bancorp DE now owns 6,502 shares of the construction company’s stock valued at $595,000 after purchasing an additional 249 shares in the last quarter. HighTower Advisors LLC boosted its stake in Owens Corning by 9.3% during the 1st quarter. HighTower Advisors LLC now owns 2,606 shares of the construction company’s stock valued at $238,000 after acquiring an additional 221 shares during the last quarter. Natixis Advisors L.P. boosted its stake in Owens Corning by 24.9% during the 1st quarter. Natixis Advisors L.P. now owns 13,517 shares of the construction company’s stock valued at $1,237,000 after acquiring an additional 2,693 shares during the last quarter. Bank of Montreal Can boosted its stake in Owens Corning by 10.8% during the 1st quarter. Bank of Montreal Can now owns 19,987 shares of the construction company’s stock valued at $1,888,000 after acquiring an additional 1,952 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its stake in Owens Corning by 245.2% during the 1st quarter. Acadian Asset Management LLC now owns 3,649 shares of the construction company’s stock valued at $333,000 after acquiring an additional 2,592 shares during the last quarter. Hedge funds and other institutional investors own 90.22% of the company’s stock.
Wall Street Analyst Weigh In
OC has been the subject of a number of recent analyst reports. Barclays cut their price target on shares of Owens Corning from $185.00 to $153.00 and set an “overweight” rating for the company in a report on Thursday, October 26th. The Goldman Sachs Group upgraded shares of Owens Corning from a “sell” rating to a “neutral” rating and lifted their target price for the company from $113.00 to $150.00 in a report on Thursday, September 7th. Jefferies Financial Group dropped their target price on shares of Owens Corning from $180.00 to $170.00 in a report on Thursday, October 12th. Royal Bank of Canada dropped their target price on shares of Owens Corning from $168.00 to $155.00 and set an “outperform” rating for the company in a report on Thursday, October 26th. Finally, Truist Financial dropped their target price on shares of Owens Corning from $135.00 to $115.00 and set a “hold” rating for the company in a report on Thursday, October 26th. Eight analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Owens Corning currently has an average rating of “Moderate Buy” and an average target price of $138.00.
Get Our Latest Stock Report on Owens Corning
About Owens Corning (Get Free Report)
Owens Corning engages in manufacture and sale of insulation, roofing, and fiberglass composite materials in the United States, Canada, Europe, the Asia Pacific, Latin America, and internationally. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and glass fiber products in the form of fabrics, non-wovens, and other specialized products.
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Original: MarketBeat News Feed: Owens Corning (NYSE:OC) to Issue Quarterly Dividend of $0.60