Fintel reports that on July 27, 2023, RBC Capital upgraded their outlook for Owens Corning (NYSE:OC) from Sector Perform to Outperform .
Analyst Price Forecast Suggests 11.30% Downside
As of July 5, 2023, the average one-year price target for Owens Corning is 123.35. The forecasts range from a low of 87.87 to a high of $157.50. The average price target represents a decrease of 11.30% from its latest reported closing price of 139.06.
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The projected annual revenue for Owens Corning is 9,677MM, a decrease of 0.32%. The projected annual non-GAAP EPS is 11.06.
Owens Corning Declares $0.52 Dividend
On June 15, 2023 the company declared a regular quarterly dividend of $0.52 per share ($2.08 annualized). Shareholders of record as of July 17, 2023 will receive the payment on August 4, 2023. Previously, the company paid $0.52 per share.
At the current share price of $139.06 / share, the stock's dividend yield is 1.50%.
Looking back five years and taking a sample every week, the average dividend yield has been 1.59%, the lowest has been 0.96%, and the highest has been 3.09%. The standard deviation of yields is 0.35 (n=236).
The current dividend yield is 0.26 standard deviations below 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.
What is the Fund Sentiment?
There are 1118 funds or institutions reporting positions in Owens Corning. This is a decrease of 3 owner(s) or 0.27% in the last quarter. Average portfolio weight of all funds dedicated to OC is 0.25%, an increase of 16.94%. Total shares owned by institutions decreased in the last three months by 1.92% to 96,440K shares. 
The put/call ratio of OC is 2.36, indicating a bearish outlook.
What are Other Shareholders Doing?
Davis Selected Advisers holds 3,604K shares representing 4.00% ownership of the company. In it's prior filing, the firm reported owning 3,608K shares, representing a decrease of 0.12%. The firm increased its portfolio allocation in OC by 9.09% over the last quarter.
IJH - iShares Core S&P Mid-Cap ETF holds 2,883K shares representing 3.20% ownership of the company. In it's prior filing, the firm reported owning 2,886K shares, representing a decrease of 0.10%. The firm increased its portfolio allocation in OC by 7.39% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 2,810K shares representing 3.12% ownership of the company. In it's prior filing, the firm reported owning 2,838K shares, representing a decrease of 0.97%. The firm increased its portfolio allocation in OC by 2.71% over the last quarter.
Victory Capital Management holds 2,452K shares representing 2.72% ownership of the company. In it's prior filing, the firm reported owning 3,202K shares, representing a decrease of 30.58%. The firm increased its portfolio allocation in OC by 118.53% over the last quarter.
NAESX - Vanguard Small-Cap Index Fund Investor Shares holds 2,376K shares representing 2.64% ownership of the company. In it's prior filing, the firm reported owning 2,408K shares, representing a decrease of 1.34%. The firm increased its portfolio allocation in OC by 6.36% 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.
Additional reading:
- Owens Corning Delivers Net Sales of $2.6 Billion; Generates Net Earnings of $345 Million and Adjusted EBIT of $534 Million
- Second Amendment to Amended and Restated Credit Agreement, dated as of May 24, 2023, by and among Owens Corning and Wells Fargo Bank, National Association (filed herewith).
- Owens Corning Fourth Amended and Restated Bylaws
- Power of Attorney
- Owens Corning Delivers Net Sales of $2.3 Billion; Generates Net Earnings of $383 Million and Adjusted EBIT of $361 Million
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
