Owens Corning (OC) Declares $0.52 Dividend

Owens Corning said on February 2, 2023 that its board of directors declared a regular quarterly dividend of $0.52 per share ($2.08 annualized). Shareholders of record as of March 2, 2023 will receive the payment on April 6, 2023. Previously, the company paid $0.52 per share.

At the current share price of $101.00 / share, the stock's dividend yield is 2.06%. Looking back five years and taking a sample every week, the average dividend yield has been 1.51%, the lowest has been 0.96%, and the highest has been 3.09%. The standard deviation of yields is 0.35 (n=237).

The current dividend yield is 1.58 standard deviations above the historical average.

Additionally, the company's dividend payout ratio is 0.14. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company's 3-Year dividend growth rate is 1.17%, demonstrating that it has increased its dividend over time.

Analyst Price Forecast Suggests 2.27% Upside

As of February 5, 2023, the average one-year price target for Owens Corning is $103.29. The forecasts range from a low of $75.75 to a high of $162.75. The average price target represents an increase of 2.27% from its latest reported closing price of $101.00.

The projected annual revenue for Owens Corning is $9,677MM, an increase of 0.73%. The projected annual EPS is $11.06, a decrease of 18.88%.

Fund Sentiment

There are 1091 funds or institutions reporting positions in Owens Corning. This is a decrease of 7 owner(s) or 0.64%.

Average portfolio weight of all funds dedicated to US:OC is 0.2335%, an increase of 2.3870%. Total shares owned by institutions increased in the last three months by 1.30% to 101,635K shares.

What are large shareholders doing?

Davis Selected Advisers holds 3,373,140 shares representing 3.61% ownership of the company. In it's prior filing, the firm reported owning 3,395,504 shares, representing a decrease of 0.66%. The firm increased its portfolio allocation in OC by 16.47% over the last quarter.

Victory Capital Management holds 3,135,775 shares representing 3.36% ownership of the company. In it's prior filing, the firm reported owning 2,986,184 shares, representing an increase of 4.77%. The firm decreased its portfolio allocation in OC by 14.13% over the last quarter.

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 2,860,267 shares representing 3.06% ownership of the company. In it's prior filing, the firm reported owning 2,857,533 shares, representing an increase of 0.10%. The firm increased its portfolio allocation in OC by 10.38% over the last quarter.

IJH - iShares Core S&P Mid-Cap ETF holds 2,812,314 shares representing 3.01% ownership of the company. In it's prior filing, the firm reported owning 2,791,409 shares, representing an increase of 0.74%. The firm increased its portfolio allocation in OC by 7.11% over the last quarter.

Alliancebernstein holds 2,788,885 shares representing 2.98% ownership of the company. In it's prior filing, the firm reported owning 2,838,538 shares, representing a decrease of 1.78%. The firm decreased its portfolio allocation in OC by 6.71% over the last quarter.

Owens Corning Background Information
(This description is provided by the company.)

Owens Corning is a global building and industrial materials leader. The company's three integrated businesses are dedicated to the manufacture and advancement of a broad range of insulation, roofing and fiberglass composite materials. Leveraging the talents of 19,000 employees in 33 countries, Owens Corning provides innovative products and sustainable solutions that address energy efficiency, product safety, renewable energy, durable infrastructure, and labor productivity. These solutions provide a material difference to the company's customers and make the world a better place. Based in Toledo, Ohio, USA, the company posted 2020 sales of $7.1 billion. Founded in 1938, it has been a Fortune 500® company for 66 consecutive years.

This story originally appeared on Fintel.