Owens Corning Inc (OC) to Issue Quarterly Dividend of $0.20
Owens Corning Inc (NYSE:OC) declared a quarterly dividend on Friday, September 22nd, Wall Street Journal reports. Investors of record on Monday, October 16th will be paid a dividend of 0.20 per share by the construction company on Thursday, November 2nd. This represents a $0.80 annualized dividend and a dividend yield of 1.06%. The ex-dividend date of this dividend is Friday, October 13th.
Owens Corning has a dividend payout ratio of 18.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect Owens Corning to earn $4.91 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 16.3%.
Shares of Owens Corning (OC) traded down 0.43% on Friday, hitting $75.77. The company had a trading volume of 590,344 shares. The firm’s 50 day moving average price is $70.76 and its 200-day moving average price is $64.99. Owens Corning has a 52 week low of $46.45 and a 52 week high of $76.84. The stock has a market capitalization of $8.43 billion, a PE ratio of 21.77 and a beta of 1.04.
Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, July 26th. The construction company reported $1.20 EPS for the quarter, beating the consensus estimate of $1.08 by $0.12. Owens Corning had a return on equity of 11.12% and a net margin of 6.61%. The business had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same period last year, the business posted $1.29 EPS. The company’s revenue was up 3.4% compared to the same quarter last year. Analysts forecast that Owens Corning will post $4.30 earnings per share for the current fiscal year.
In other Owens Corning news, CFO Michael C. Mcmurray sold 14,000 shares of the firm’s stock in a transaction dated Friday, September 8th. The stock was sold at an average price of $76.52, for a total transaction of $1,071,280.00. Following the sale, the chief financial officer now directly owns 40,903 shares of the company’s stock, valued at $3,129,897.56. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Chairman Michael H. Thaman sold 130,700 shares of the firm’s stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $74.95, for a total value of $9,795,965.00. Following the sale, the chairman now directly owns 847,992 shares in the company, valued at $63,557,000.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 212,866 shares of company stock worth $15,644,970. Insiders own 1.80% of the company’s stock.
OC has been the topic of several recent analyst reports. Instinet reiterated a “buy” rating and set a $74.00 target price on shares of Owens Corning in a research note on Thursday, June 1st. Royal Bank Of Canada restated a “buy” rating and issued a $71.00 price target on shares of Owens Corning in a research note on Monday, June 19th. Macquarie upgraded Owens Corning from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $54.00 to $68.00 in a research note on Tuesday, June 20th. Credit Suisse Group started coverage on Owens Corning in a research note on Thursday, June 22nd. They issued an “outperform” rating and a $75.00 price target on the stock. Finally, BidaskClub upgraded Owens Corning from a “hold” rating to a “buy” rating in a research note on Saturday, June 24th. Nine research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $72.10.
About Owens Corning
Owens Corning is engaged in the business of composite and building materials systems, delivering a range of products and services. The Company’s products range from glass fiber used to reinforce composite materials for transportation, electronics, marine, infrastructure, wind-energy and other markets to insulation and roofing for residential, commercial and industrial applications.
Receive News & Ratings for Owens Corning Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Owens Corning Inc and related companies with Analyst Ratings Network's FREE daily email newsletter.