Dividend Growth Stock Owens Corning Likely To Run Higher (Technical Analysis)

Company Overview - Owens Corning manufactures products for residential and commercial buildings, including roofing, insulation, and fiberglass composites, with annual sales nearing $10 billion [3] - The company operates in three segments: Roofing, Insulation, and Composites, catering to various markets including building products and renewable energy [4] Financial Performance - The company experienced double-digit growth across all segments in 2021 and 2022, but faced a decline in demand for Insulation and Composites in 2023, offset by a 10% sales growth in the Roofing segment [5] - Owens Corning has a history of increasing its annual dividend from 64 cents in 2014, with significant increases of 35%, 49%, and 15% from 2021 to 2023 [6][10] Dividend Growth - The company has a decade-long record of dividend growth, making it less likely to cut or eliminate dividends in the future [7] - Current dividend yield stands at 1.32%, reflecting the trade-off between current yield and rapid dividend growth [6] Stock Performance - The stock recently broke out to new highs on May 24th, indicating institutional accumulation, with a more than 65% increase since late October [2][8] - The market is currently in an uptrend, and the breakout was supported by above-average volume, suggesting potential for continued upward movement [9][10]