Owens Corning Inc (NYSE:OC) Declares $0.69 Quarterly Dividend

Owens Corning Inc (NYSE:OC - Get Free Report) announced a quarterly dividend on Thursday, June 19th, RTT News reports. Shareholders of record on Monday, July 21st will be paid a dividend of 0.69 per share by the construction company on Thursday, August 7th. This represents a $2.76 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date is Monday, July 21st.

Owens Corning has a payout ratio of 18.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect Owens Corning to earn $15.85 per share next year, which means the company should continue to be able to cover its $2.76 annual dividend with an expected future payout ratio of 17.4%.

Owens Corning Stock Up 0.8%

Shares of Owens Corning stock traded up $1.05 during trading on Friday, reaching $131.64. 1,829,835 shares of the company traded hands, compared to its average volume of 862,097. Owens Corning has a 1-year low of $123.41 and a 1-year high of $214.53. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.44 and a quick ratio of 0.93. The firm has a market capitalization of $11.20 billion, a PE ratio of 46.35, a P/E/G ratio of 3.48 and a beta of 1.34. The company has a 50 day moving average price of $138.17 and a 200-day moving average price of $156.18.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The construction company reported $2.97 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.82 by $0.15. Owens Corning had a net margin of 2.28% and a return on equity of 25.03%. The company had revenue of $2.53 billion for the quarter, compared to analysts' expectations of $2.52 billion. During the same quarter in the prior year, the firm earned $3.40 EPS. The business's revenue was up 25.4% on a year-over-year basis. As a group, equities research analysts expect that Owens Corning will post 15.49 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. JPMorgan Chase & Co. cut their target price on Owens Corning from $200.00 to $176.00 and set a "neutral" rating on the stock in a report on Tuesday, March 4th. Wall Street Zen lowered shares of Owens Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Wells Fargo & Company boosted their price target on shares of Owens Corning from $150.00 to $160.00 and gave the company an "overweight" rating in a research note on Thursday, May 15th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Owens Corning in a research note on Tuesday, April 1st. They set a "buy" rating and a $183.00 price target for the company. Finally, Royal Bank Of Canada cut their price target on Owens Corning from $199.00 to $184.00 and set an "outperform" rating for the company in a research note on Thursday, May 8th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Owens Corning has an average rating of "Moderate Buy" and a consensus target price of $183.80.

Owens Corning announced that its board has approved a stock buyback plan on Wednesday, May 14th that permits the company to buyback 12,000,000 shares. This buyback authorization permits the construction company to buy shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Hedge Funds Weigh In On Owens Corning

A hedge fund recently raised its stake in Owens Corning stock. Geneos Wealth Management Inc. lifted its holdings in Owens Corning Inc (NYSE:OC - Free Report) by 61.7% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 482 shares of the construction company's stock after buying an additional 184 shares during the period. Geneos Wealth Management Inc.'s holdings in Owens Corning were worth $69,000 at the end of the most recent reporting period. 88.40% of the stock is currently owned by institutional investors.

About Owens Corning

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.