Owens Corning (NYSE:OC) Declares Quarterly Dividend of $0.35

Owens Corning (NYSE:OC – Get Rating) declared a quarterly dividend on Thursday, June 16th, RTT News reports. Shareholders of record on Monday, July 18th will be paid a dividend of 0.35 per share by the construction company on Thursday, August 4th. This represents a $1.40 dividend on an annualized basis and a yield of 1.84%.

Owens Corning has raised its dividend payment by an average of 10.0% annually over the last three years and has increased its dividend annually for the last 7 consecutive years. Owens Corning has a dividend payout ratio of 11.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Owens Corning to earn $11.44 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 12.2%.

Shares of Owens Corning stock opened at $76.19 on Friday. The company has a current ratio of 1.72, a quick ratio of 1.14 and a debt-to-equity ratio of 0.68. Owens Corning has a 12-month low of $75.58 and a 12-month high of $101.12. The firm has a market capitalization of $7.40 billion, a price-to-earnings ratio of 7.20, a PEG ratio of 0.56 and a beta of 1.37. The firm’s 50 day simple moving average is $90.81 and its two-hundred day simple moving average is $91.11.

Owens Corning (NYSE:OC – Get Rating) last issued its quarterly earnings results on Wednesday, April 27th. The construction company reported $2.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.42 by $0.42. Owens Corning had a net margin of 12.20% and a return on equity of 24.44%. The business had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.23 billion. During the same quarter in the prior year, the business posted $1.73 EPS. Owens Corning’s revenue for the quarter was up 22.5% compared to the same quarter last year. On average, sell-side analysts predict that Owens Corning will post 11.65 EPS for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in OC. Morgan Stanley grew its position in Owens Corning by 157.2% during the second quarter. Morgan Stanley now owns 398,817 shares of the construction company’s stock valued at $39,043,000 after buying an additional 243,775 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Owens Corning by 33.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 555,037 shares of the construction company’s stock valued at $50,231,000 after purchasing an additional 139,152 shares in the last quarter. Allianz Asset Management GmbH lifted its holdings in Owens Corning by 58.0% during the fourth quarter. Allianz Asset Management GmbH now owns 355,285 shares of the construction company’s stock valued at $32,143,000 after purchasing an additional 130,395 shares in the last quarter. First Trust Advisors LP lifted its holdings in Owens Corning by 31.5% during the first quarter. First Trust Advisors LP now owns 437,827 shares of the construction company’s stock valued at $40,061,000 after purchasing an additional 104,974 shares in the last quarter. Finally, Prudential Financial Inc. lifted its holdings in Owens Corning by 140.9% during the first quarter. Prudential Financial Inc. now owns 170,212 shares of the construction company’s stock valued at $15,575,000 after purchasing an additional 99,569 shares in the last quarter. Institutional investors own 92.55% of the company’s stock.

A number of research analysts have issued reports on the stock. Jefferies Financial Group upped their price target on shares of Owens Corning from $136.00 to $144.00 and gave the company a “buy” rating in a research note on Thursday, February 17th. Bank of America lowered shares of Owens Corning from a “buy” rating to an “underperform” rating in a research note on Friday. Royal Bank of Canada increased their price objective on shares of Owens Corning from $97.00 to $105.00 and gave the stock a “sector perform” rating in a research note on Tuesday, February 22nd. Credit Suisse Group assumed coverage on shares of Owens Corning in a research note on Tuesday, April 5th. They issued a “neutral” rating and a $105.00 price objective on the stock. Finally, StockNews.com lowered shares of Owens Corning from a “strong-buy” rating to a “buy” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $110.36.

Owens Corning Company Profile (Get Rating)

Owens Corning manufactures and markets insulation, roofing, and fiberglass composite materials in the United States, Canada, Europe, the Asia Pacific, 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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