Owens Corning Inc (OC) Plans Quarterly Dividend of $0.20
Owens Corning Inc (NYSE:OC) declared a quarterly dividend on Thursday, September 21st, RTT News reports. Shareholders of record on Monday, October 16th will be given 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 yield of 1.06%.
Owens Corning has a payout ratio of 18.7% indicating that 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%.
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, 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 firm had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same period last year, the firm posted $1.29 EPS. The business’s revenue was up 3.4% compared to the same quarter last year.
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OC has been the subject of several research analyst reports. 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. 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. Macquarie raised Owens Corning from an “underperform” rating to a “neutral” rating and raised their target price for the company from $54.00 to $68.00 in a research report on Tuesday, June 20th. Credit Suisse Group initiated coverage on Owens Corning in a research report on Thursday, June 22nd. They set an “outperform” rating and a $75.00 target price for the company. Finally, BidaskClub raised Owens Corning from a “hold” rating to a “buy” rating in a research report on Saturday, June 24th. Nine research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Owens Corning currently has a consensus rating of “Buy” and an average price target of $72.10.
In other news, VP Kelly Schmidt sold 1,462 shares of Owens Corning stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $70.35, for a total transaction of $102,851.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Brian Chambers sold 16,600 shares of Owens Corning stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $67.18, for a total value of $1,115,188.00. Following the sale, the insider now owns 39,957 shares of the company’s stock, valued at approximately $2,684,311.26. The disclosure for this sale can be found here. In the last 90 days, insiders sold 212,866 shares of company stock valued at $15,644,970. 1.80% of the stock is owned by corporate 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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