Owens Corning Inc (OC) Announces Dividend Increase – $0.21 Per Share
Owens Corning Inc (NYSE:OC) announced a quarterly dividend on Thursday, December 7th, RTT News reports. Shareholders of record on Tuesday, January 2nd will be paid a dividend of 0.21 per share by the construction company on Wednesday, January 17th. This represents a $0.84 annualized dividend and a yield of 0.97%. This is a boost from Owens Corning’s previous quarterly dividend of $0.20.
Owens Corning has a payout ratio of 18.5% meaning its dividend is sufficiently covered by earnings. Research analysts expect Owens Corning to earn $5.12 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 15.6%.
Shares of Owens Corning (NYSE OC) traded down $2.25 on Thursday, reaching $86.65. The company’s stock had a trading volume of 1,546,300 shares, compared to its average volume of 1,060,353. The stock has a market capitalization of $9,889.33, a price-to-earnings ratio of 22.11, a P/E/G ratio of 1.34 and a beta of 1.09. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.99 and a current ratio of 1.66. Owens Corning has a 1-year low of $50.77 and a 1-year high of $91.40.
OC has been the subject of a number of analyst reports. Credit Suisse Group set a $90.00 price objective on Owens Corning and gave the company an “outperform” rating in a research note on Tuesday, October 17th. Evercore ISI reissued an “outperform” rating and set a $80.00 price objective (down previously from $88.00) on shares of Owens Corning in a research note on Wednesday, October 11th. Bank of America increased their price objective on Owens Corning from $84.00 to $97.00 and gave the company a “buy” rating in a research note on Friday, November 17th. Nomura reissued a “neutral” rating and set a $79.00 price objective on shares of Owens Corning in a research note on Monday, September 11th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $83.00 price objective on shares of Owens Corning in a research note on Friday, September 1st. Nine research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Owens Corning presently has a consensus rating of “Buy” and an average target price of $80.14.
In other Owens Corning news, CFO Michael C. Mcmurray sold 18,000 shares of the stock in a transaction on Monday, December 4th. The stock was sold at an average price of $90.78, for a total value of $1,634,040.00. Following the completion of the transaction, the chief financial officer now owns 52,228 shares in the company, valued at $4,741,257.84. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Ava Harter sold 487 shares of the stock in a transaction on Friday, November 10th. The stock was sold at an average price of $81.96, for a total value of $39,914.52. The disclosure for this sale can be found here. In the last quarter, insiders sold 274,633 shares of company stock valued at $22,063,967. 1.80% of the stock is owned by corporate insiders.
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Owens Corning Company Profile
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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