Owens Corning Inc Declares Quarterly Dividend of $0.20 (OC)
Owens Corning Inc (NYSE:OC) announced a quarterly dividend on Thursday, September 21st, RTT News reports. Investors of record on Monday, October 16th will be paid a dividend of 0.20 per share by the construction company on Monday, October 2nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.06%.
Owens Corning has a payout ratio of 18.7% meaning its dividend is sufficiently covered by earnings. Equities 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 (NYSE:OC) opened at 76.10 on Friday. Owens Corning has a 52 week low of $46.45 and a 52 week high of $76.84. The company’s 50 day moving average price is $70.76 and its 200-day moving average price is $64.99. The firm has a market capitalization of $8.46 billion, a PE ratio of 21.86 and a beta of 1.04.
Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, July 26th. The construction company reported $1.20 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.12. The business had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.48 billion. Owens Corning had a return on equity of 11.12% and a net margin of 6.61%. Owens Corning’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period last year, the company earned $1.29 EPS. On average, equities research analysts expect that Owens Corning will post $4.30 EPS for the current fiscal year.
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OC has been the subject of several analyst reports. Jefferies Group LLC reaffirmed a “buy” rating and set a $77.00 target price on shares of Owens Corning in a research report on Wednesday, July 19th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $71.00 target price on shares of Owens Corning in a research report on Monday, June 19th. Instinet reaffirmed a “buy” rating and set a $74.00 target price on shares of Owens Corning in a research report on Thursday, June 1st. BidaskClub upgraded Owens Corning from a “hold” rating to a “buy” rating in a report on Saturday, June 24th. Finally, Zacks Investment Research upgraded Owens Corning from a “hold” rating to a “buy” rating and set a $75.00 price target for the company in a report on Wednesday, June 28th. Nine investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Owens Corning has an average rating of “Buy” and an average target price of $72.10.
In related news, VP Kelly Schmidt sold 1,462 shares of Owens Corning stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $70.35, for a total value of $102,851.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Daniel T. Smith sold 41,425 shares of Owens Corning stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $70.89, for a total transaction of $2,936,618.25. Following the completion of the transaction, the vice president now owns 60,708 shares of the company’s stock, valued at $4,303,590.12. The disclosure for this sale can be found here. Insiders sold a total of 212,866 shares of company stock valued at $15,644,970 over the last quarter. 1.80% of the stock is owned by company insiders.
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.
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