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

Owens Corning Inc (NYSE:OC - Get Free Report) declared a quarterly dividend on Thursday, June 19th, RTT News reports. Shareholders of record on Monday, July 21st will be given 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 2.11%.

Owens Corning has a payout ratio of 18.7% indicating that its dividend is sufficiently covered by earnings. 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 Trading Down 1.5%

NYSE:OC traded down $2.03 during mid-day trading on Thursday, hitting $130.57. 1,078,685 shares of the stock traded hands, compared to its average volume of 861,483. The company has a quick ratio of 0.93, a current ratio of 1.44 and a debt-to-equity ratio of 1.02. Owens Corning has a 52 week low of $123.41 and a 52 week high of $214.53. The stock has a market capitalization of $11.10 billion, a price-to-earnings ratio of 45.97, a PEG ratio of 3.45 and a beta of 1.34. The firm's 50 day moving average is $138.32 and its two-hundred day moving average is $157.00.

Owens Corning (NYSE:OC - Get Free Report) last released its earnings results on Wednesday, May 7th. The construction company reported $2.97 EPS for the quarter, beating analysts' consensus estimates of $2.82 by $0.15. Owens Corning had a return on equity of 25.03% and a net margin of 2.28%. The firm 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 posted $3.40 earnings per share. The company's quarterly revenue was up 25.4% on a year-over-year basis. On average, equities research analysts predict that Owens Corning will post 15.49 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on OC shares. Barclays decreased their target price on Owens Corning from $179.00 to $167.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. Evercore ISI set a $165.00 price objective on shares of Owens Corning in a report on Thursday, May 15th. Royal Bank Of Canada lowered their price objective on shares of Owens Corning from $199.00 to $184.00 and set an "outperform" rating for the company in a research report on Thursday, May 8th. Deutsche Bank Aktiengesellschaft started coverage on shares of Owens Corning in a research note on Tuesday, April 1st. They issued a "buy" rating and a $183.00 target price on the stock. Finally, Benchmark reaffirmed a "hold" rating on shares of Owens Corning in a research note on Monday, March 3rd. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $183.80.

Owens Corning declared that its Board of Directors has approved a stock buyback plan on Wednesday, May 14th that allows the company to repurchase 12,000,000 outstanding shares. This repurchase authorization allows the construction company to buy shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

Hedge Funds Weigh In On Owens Corning

An institutional investor recently raised its position in Owens Corning stock. Geneos Wealth Management Inc. raised its stake in shares of Owens Corning Inc (NYSE:OC - Free Report) by 61.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 482 shares of the construction company's stock after acquiring an additional 184 shares during the quarter. Geneos Wealth Management Inc.'s holdings in Owens Corning were worth $69,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 88.40% of the company's stock.

Owens Corning Company Profile

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.

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