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Owens Corning (OC) Rewards Shareholders With 35% Dividend Hike
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Owens Corning (OC - Free Report) is focused on enhancing shareholders’ returns. The world leader in building materials systems and composite solutions company announced a quarterly cash dividend hike of 35%. This marks the company’s 8th consecutive annual dividend increase.
Owens Corning will pay out a quarterly dividend of 35 cents per share on Jan 21, 2022, to shareholders on record as of Jan 7. The company currently has a dividend payout of 12% and a dividend yield of 1.2%, based on the closing share price of $88.67 on Dec 2.
Owens Corning has been executing regular quarterly cash dividend payments. The recent hike instills greater optimism for investors. The move indicates the company’s commitment to deliver long-term shareholder value as well as reflects on its confidence in its financial position and ability to generate sufficient cash flows.
At September-end, the company had $920 million in cash and cash equivalents. The company’s cash position looks strong enough to meet the current portion of long-term debt worth $24 million. In the past nine months, it had paid dividends worth of $81 million.
Strategies to Drive Performance
Owens Corning implemented strategic initiatives to drive overall performance. Segment-wise, in the Insulation unit, technical and other building insulation businesses look strong on the back of geographic and product expansion through acquisitions. In the North American residential fiberglass business, the company is utilizing automation and making additional investments in process technology to improve manufacturing efficiencies and reduce costs.
The Composites segment is generating higher volumes backed by its efforts toward higher-value applications for glass non-wovens and specific markets like India. It focuses on improving its low-cost manufacturing position through strategic supply agreements, accomplished large-scale furnace investments and additional productivity.
In the Roofing segment, Owens Corning is leveraging vertical integration, material science capabilities and commercial strength to design and market unique roofing shingles as well as components that attract contractors, homeowners and distributors.
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Management believes that the company is well placed to continue with its growth momentum and keep boosting shareholders’ wealth, backed by a strong product portfolio as well as favorable market conditions. The Zacks Rank #3 (Hold) stock has gained more than 18.5% so far this year compared with the Zacks Building Products - Miscellaneous industry’s 9.5% rally. The uptrend can be attributed to the above-mentioned tailwinds and a strong surprise history, having topped analysts’ expectations in the trailing 11 quarters.
Some Top-Ranked Stocks in the Home Building Industry
Beazer Homes USA, Inc. (BZH - Free Report) currently sports a Zacks Rank #1. This Atlanta-based homebuilder continues to gain from strong operational execution and persistent strength in the housing market.
Beazer Homes’ shares have gained 35.5% in a year. Earnings are expected to rise 23.7% in fiscal 2022.
TRI Pointe Group Inc. (TPH - Free Report) currently sports a Zacks Rank #1. This Irvine, CA-based homebuilder designs, constructs and sells single-family detached and attached homes in the United States. Robust demand and pricing as well as improved operating leverage, have been driving TRI Pointe's performance. Cost-cutting initiatives implemented earlier this year and focus on entry-level buyers have been adding to the positives.
TRI Pointe’s shares have surged 51.5% in the past year. Earnings for 2021 and 2022 are expected to rise 80.2% and 9.6%, respectively.
Meritage Homes Corporation (MTH - Free Report) currently sports a Zacks Rank #1. Based in Scottsdale, AZ, Meritage Homes is one of the leading designers and builders of single-family homes. Its focus on entry-level LiVE.NOW homes has been a major driving factor.
MTH has gained 31.1% in a year. Earnings are expected to grow 74.4% in 2021 and 22.2% in the next year.
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Owens Corning (OC) Rewards Shareholders With 35% Dividend Hike
Owens Corning (OC - Free Report) is focused on enhancing shareholders’ returns. The world leader in building materials systems and composite solutions company announced a quarterly cash dividend hike of 35%. This marks the company’s 8th consecutive annual dividend increase.
Owens Corning will pay out a quarterly dividend of 35 cents per share on Jan 21, 2022, to shareholders on record as of Jan 7. The company currently has a dividend payout of 12% and a dividend yield of 1.2%, based on the closing share price of $88.67 on Dec 2.
Owens Corning has been executing regular quarterly cash dividend payments. The recent hike instills greater optimism for investors. The move indicates the company’s commitment to deliver long-term shareholder value as well as reflects on its confidence in its financial position and ability to generate sufficient cash flows.
At September-end, the company had $920 million in cash and cash equivalents. The company’s cash position looks strong enough to meet the current portion of long-term debt worth $24 million. In the past nine months, it had paid dividends worth of $81 million.
Strategies to Drive Performance
Owens Corning implemented strategic initiatives to drive overall performance. Segment-wise, in the Insulation unit, technical and other building insulation businesses look strong on the back of geographic and product expansion through acquisitions. In the North American residential fiberglass business, the company is utilizing automation and making additional investments in process technology to improve manufacturing efficiencies and reduce costs.
The Composites segment is generating higher volumes backed by its efforts toward higher-value applications for glass non-wovens and specific markets like India. It focuses on improving its low-cost manufacturing position through strategic supply agreements, accomplished large-scale furnace investments and additional productivity.
In the Roofing segment, Owens Corning is leveraging vertical integration, material science capabilities and commercial strength to design and market unique roofing shingles as well as components that attract contractors, homeowners and distributors.
Management believes that the company is well placed to continue with its growth momentum and keep boosting shareholders’ wealth, backed by a strong product portfolio as well as favorable market conditions. The Zacks Rank #3 (Hold) stock has gained more than 18.5% so far this year compared with the Zacks Building Products - Miscellaneous industry’s 9.5% rally. The uptrend can be attributed to the above-mentioned tailwinds and a strong surprise history, having topped analysts’ expectations in the trailing 11 quarters.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some Top-Ranked Stocks in the Home Building Industry
Beazer Homes USA, Inc. (BZH - Free Report) currently sports a Zacks Rank #1. This Atlanta-based homebuilder continues to gain from strong operational execution and persistent strength in the housing market.
Beazer Homes’ shares have gained 35.5% in a year. Earnings are expected to rise 23.7% in fiscal 2022.
TRI Pointe Group Inc. (TPH - Free Report) currently sports a Zacks Rank #1. This Irvine, CA-based homebuilder designs, constructs and sells single-family detached and attached homes in the United States. Robust demand and pricing as well as improved operating leverage, have been driving TRI Pointe's performance. Cost-cutting initiatives implemented earlier this year and focus on entry-level buyers have been adding to the positives.
TRI Pointe’s shares have surged 51.5% in the past year. Earnings for 2021 and 2022 are expected to rise 80.2% and 9.6%, respectively.
Meritage Homes Corporation (MTH - Free Report) currently sports a Zacks Rank #1. Based in Scottsdale, AZ, Meritage Homes is one of the leading designers and builders of single-family homes. Its focus on entry-level LiVE.NOW homes has been a major driving factor.
MTH has gained 31.1% in a year. Earnings are expected to grow 74.4% in 2021 and 22.2% in the next year.