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

Key Points

• Owens Corning Inc declared a quarterly dividend of $0.69 per share, with payment scheduled for November 6th to investors of record on October 20th, indicating an annual yield of 1.9%.
• The company's recent earnings report showed a better-than-expected EPS of $4.21 for the quarter, beating estimates by $0.41, alongside a year-over-year revenue increase of 10% to $2.75 billion.
• A number of analysts have recently raised their price targets for Owens Corning, with an average target of $185.10, indicating a consensus rating of "Moderate Buy."

Owens Corning Inc (NYSE:OC - Get Free Report) declared a quarterly dividend on Thursday, September 18th, RTT News reports. Investors of record on Monday, October 20th will be paid a dividend of 0.69 per share by the construction company on Thursday, November 6th. This represents a c) annualized dividend and a yield of 1.9%.

Owens Corning has a dividend payout ratio of 18.7% indicating that 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 1.0%

Shares of NYSE:OC traded up $1.52 during midday trading on Thursday, hitting $147.59. The stock had a trading volume of 1,087,842 shares, compared to its average volume of 944,540. Owens Corning has a 12 month low of $123.40 and a 12 month high of $214.53. The company has a quick ratio of 0.95, a current ratio of 1.52 and a debt-to-equity ratio of 0.98. The business's 50-day simple moving average is $147.61 and its 200-day simple moving average is $142.59. The company has a market cap of $12.34 billion, a P/E ratio of 38.34, a PEG ratio of 10.34 and a beta of 1.32.

Owens Corning (NYSE:OC - Get Free Report) last released its earnings results on Wednesday, August 6th. The construction company reported $4.21 earnings per share for the quarter, beating the consensus estimate of $3.80 by $0.41. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. The business had revenue of $2.75 billion during the quarter, compared to analysts' expectations of $2.70 billion. During the same period last year, the business earned $4.64 earnings per share. The firm's revenue was up 10.0% on a year-over-year basis. On average, sell-side analysts forecast that Owens Corning will post 15.49 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Barclays lifted their target price on Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. UBS Group reduced their price target on Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. Wells Fargo & Company upped their price objective on Owens Corning from $170.00 to $175.00 and gave the company an "overweight" rating in a research note on Thursday, September 11th. Royal Bank Of Canada cut their price objective on Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a research report on Thursday, August 7th. Finally, Evercore ISI boosted their price target on Owens Corning from $165.00 to $169.00 and gave the stock an "in-line" rating in a research note on Friday, August 8th. Eight research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Owens Corning has an average rating of "Moderate Buy" and an average price target of $185.10.

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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