Owens Corning Inc (NYSE:OC) Declares Quarterly Dividend of $0.79

Owens Corning Inc (NYSE:OC) announced a quarterly dividend on Thursday, September 17th. Investors of record on Monday, October 19th will be given a dividend of 0.79 per share by the construction company on Thursday, November 5th. This represents a c) annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Monday, October 19th.

Owens Corning has raised its dividend payment by an average of 0.2%per year over the last three years and has raised its dividend every year for the last 10 years. Owens Corning has a dividend payout ratio of 21.4% meaning its dividend is sufficiently covered by earnings. Analysts expect Owens Corning to earn $12.13 per share next year, which means the company should continue to be able to cover its $3.16 annual dividend with an expected future payout ratio of 26.1%.

Owens Corning Price Performance

OC opened at $124.68 on Friday. The firm has a market capitalization of $9.86 billion, a PE ratio of -15.47, a price-to-earnings-growth ratio of 1.90 and a beta of 1.32. The business’s 50-day moving average is $142.29 and its two-hundred day moving average is $127.85. Owens Corning has a 1 year low of $97.53 and a 1 year high of $159.91. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.16 and a quick ratio of 0.67.

Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share for the quarter, beating the consensus estimate of $3.09 by $0.84. The company had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.66 billion. Owens Corning had a negative net margin of 6.81% and a positive return on equity of 20.52%. Owens Corning’s revenue was up .3% compared to the same quarter last year. During the same period last year, the firm earned $4.21 earnings per share. Research analysts anticipate that Owens Corning will post 9.94 earnings per share for the current fiscal year.

Insider Transactions at Owens Corning

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 900 shares of the firm’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $144.07, for a total transaction of $129,663.00. Following the completion of the transaction, the insider directly owned 21,449 shares of the company’s stock, valued at approximately $3,090,157.43. This trade represents a 4.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.92% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in OC. BlackRock Inc. purchased a new stake in Owens Corning during the second quarter worth $1,401,161,000. Arrowstreet Capital Limited Partnership raised its position in shares of Owens Corning by 460.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,313,019 shares of the construction company’s stock worth $146,940,000 after acquiring an additional 1,078,877 shares during the period. Norges Bank acquired a new position in shares of Owens Corning in the fourth quarter worth about $119,748,000. Nykredit A S purchased a new stake in shares of Owens Corning during the 2nd quarter worth about $166,083,000. Finally, Allspring Global Investments Holdings LLC grew its position in shares of Owens Corning by 721.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,170,179 shares of the construction company’s stock valued at $125,513,000 after acquiring an additional 1,027,800 shares during the period. Hedge funds and other institutional investors own 88.40% of the company’s stock.

About Owens Corning

Owens Corning (NYSE:OC) is a global building materials company that develops and manufactures products used in residential, commercial and industrial construction. Its portfolio includes insulation, roofing materials and glass-fiber composites designed to improve energy efficiency, durability and structural performance.

The company’s insulation products include fiberglass, mineral wool and foam insulation, as well as related air-sealing and weatherization products. Its roofing business provides asphalt shingles, roofing components and other solutions for residential and commercial applications.