Lecap Asset Management Ltd. Sells 3,504 Shares of Owens Corning Inc (NYSE:OC)

Lecap Asset Management Ltd. reduced its position in shares of Owens Corning Inc (NYSE:OC - Free Report) by 18.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,464 shares of the construction company's stock after selling 3,504 shares during the period. Lecap Asset Management Ltd.'s holdings in Owens Corning were worth $2,209,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Bank Pictet & Cie Europe AG acquired a new stake in Owens Corning in the 4th quarter valued at $28,651,000. Truist Financial Corp raised its holdings in Owens Corning by 4.0% during the fourth quarter. Truist Financial Corp now owns 16,038 shares of the construction company's stock worth $2,732,000 after acquiring an additional 624 shares in the last quarter. Venturi Wealth Management LLC grew its stake in Owens Corning by 55.8% in the fourth quarter. Venturi Wealth Management LLC now owns 176 shares of the construction company's stock valued at $30,000 after purchasing an additional 63 shares in the last quarter. Atria Wealth Solutions Inc. increased its position in shares of Owens Corning by 16.1% during the 4th quarter. Atria Wealth Solutions Inc. now owns 3,759 shares of the construction company's stock worth $640,000 after purchasing an additional 521 shares during the last quarter. Finally, Global Retirement Partners LLC raised its stake in shares of Owens Corning by 35.7% during the 4th quarter. Global Retirement Partners LLC now owns 1,129 shares of the construction company's stock worth $192,000 after purchasing an additional 297 shares in the last quarter. Institutional investors and hedge funds own 88.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on OC shares. Deutsche Bank Aktiengesellschaft initiated coverage on Owens Corning in a report on Tuesday, April 1st. They set a "buy" rating and a $183.00 price target for the company. Barclays reduced their price target on Owens Corning from $179.00 to $167.00 and set an "overweight" rating on the stock in a research report on Thursday, May 8th. Royal Bank Of Canada dropped their target price on shares of Owens Corning from $199.00 to $184.00 and set an "outperform" rating for the company in a research report on Thursday, May 8th. Loop Capital dropped their price objective on Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Finally, Benchmark reaffirmed a "hold" rating on shares of Owens Corning in a research note on Monday, March 3rd. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $183.80.

Owens Corning Stock Performance

Shares of OC stock opened at $138.20 on Wednesday. Owens Corning Inc has a 12 month low of $123.41 and a 12 month high of $214.53. The stock has a market capitalization of $11.75 billion, a P/E ratio of 48.66, a PEG ratio of 3.58 and a beta of 1.34. The company has a current ratio of 1.44, a quick ratio of 0.93 and a debt-to-equity ratio of 1.02. The firm's 50 day moving average is $138.08 and its 200 day moving average is $155.29.

Owens Corning (NYSE:OC - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The construction company reported $2.97 EPS for the quarter, topping analysts' consensus estimates of $2.82 by $0.15. Owens Corning had a return on equity of 25.03% and a net margin of 2.28%. The firm had revenue of $2.53 billion during the quarter, compared to analyst estimates of $2.52 billion. During the same period last year, the company earned $3.40 earnings per share. The business's revenue for the quarter was up 25.4% on a year-over-year basis. On average, sell-side analysts anticipate that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Monday, July 21st will be given a $0.69 dividend. The ex-dividend date of this dividend is Monday, July 21st. This represents a $2.76 annualized dividend and a yield of 2.00%. Owens Corning's dividend payout ratio (DPR) is presently 97.18%.

Owens Corning announced that its Board of Directors has initiated a share buyback plan on Wednesday, May 14th that allows the company to repurchase 12,000,000 shares. This repurchase authorization allows the construction company to reacquire shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Owens Corning Profile

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.

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