Fintel reports that on September 7, 2023, Goldman Sachs upgraded their outlook for Owens Corning (NYSE:OC) from Sell to Neutral.

Analyst Price Forecast Suggests 11.72% Upside

As of August 31, 2023, the average one-year price target for Owens Corning is 159.20. The forecasts range from a low of 114.13 to a high of $194.25. The average price target represents an increase of 11.72% from its latest reported closing price of 142.50.

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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 received the payment on August 4, 2023. Previously, the company paid $0.52 per share.

At the current share price of $142.50 / share, the stock’s dividend yield is 1.46%.

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 0.36 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 1127 funds or institutions reporting positions in Owens Corning. This is an increase of 10 owner(s) or 0.90% in the last quarter. Average portfolio weight of all funds dedicated to OC is 0.27%, an increase of 15.34%. Total shares owned by institutions decreased in the last three months by 5.03% to 92,307K shares. The put/call ratio of OC is 2.07, indicating a bearish outlook.

What are Other Shareholders Doing?

Davis Selected Advisers holds 4,175K shares representing 4.65% ownership of the company. In it’s prior filing, the firm reported owning 3,604K shares, representing an increase of 13.69%. The firm increased its portfolio allocation in OC by 45.49% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 2,789K shares representing 3.10% ownership of the company. In it’s prior filing, the firm reported owning 2,810K shares, representing a decrease of 0.77%. The firm increased its portfolio allocation in OC by 24.73% over the last quarter.

IJH – iShares Core S&P Mid-Cap ETF holds 2,733K shares representing 3.04% ownership of the company. In it’s prior filing, the firm reported owning 2,883K shares, representing a decrease of 5.48%. The firm increased its portfolio allocation in OC by 23.70% over the last quarter.

Victory Capital Management holds 2,452K shares representing 2.73% 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 1.71% over the last quarter.

NAESX – Vanguard Small-Cap Index Fund Investor Shares holds 2,326K shares representing 2.59% ownership of the company. In it’s prior filing, the firm reported owning 2,376K shares, representing a decrease of 2.12%. The firm increased its portfolio allocation in OC by 26.91% 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 article originally appeared on Fintel

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