Lecap Asset Management Ltd. Sells 3,713 Shares of Owens Corning Inc $OC

Key Points

• Lecap Asset Management Ltd. has reduced its stake in Owens Corning Inc by 24.0%, selling 3,713 shares, and now holds a total of 11,751 shares valued at approximately $1.6 million.
• Owens Corning reported $4.21 earnings per share (EPS) for the last quarter, exceeding expectations by $0.41, with revenue up 10.0% year-over-year.
• The company declared a quarterly dividend of $0.69 to be paid on November 6th, representing an annual yield of 2.0% and a payout ratio of 71.69%.

Lecap Asset Management Ltd. decreased its stake in shares of Owens Corning Inc (NYSE:OC - Free Report) by 24.0% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 11,751 shares of the construction company's stock after selling 3,713 shares during the period. Lecap Asset Management Ltd.'s holdings in Owens Corning were worth $1,616,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of OC. Vanguard Group Inc. raised its stake in Owens Corning by 12.0% in the 1st quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company's stock worth $1,401,876,000 after purchasing an additional 1,053,855 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in Owens Corning by 67.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,380,123 shares of the construction company's stock worth $339,930,000 after purchasing an additional 957,295 shares in the last quarter. Nuveen LLC acquired a new stake in Owens Corning in the 1st quarter worth about $91,698,000. Millennium Management LLC raised its stake in Owens Corning by 179.0% in the 1st quarter. Millennium Management LLC now owns 863,230 shares of the construction company's stock worth $123,287,000 after purchasing an additional 553,864 shares in the last quarter. Finally, 140 Summer Partners LP acquired a new stake in Owens Corning in the 1st quarter worth about $46,869,000. Institutional investors own 88.40% of the company's stock.

Owens Corning Trading Down 0.1%

Shares of NYSE OC opened at $141.30 on Thursday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.95 and a current ratio of 1.52. Owens Corning Inc has a 52-week low of $123.40 and a 52-week high of $214.53. The firm has a 50 day moving average price of $147.61 and a two-hundred day moving average price of $142.56. The stock has a market cap of $11.82 billion, a P/E ratio of 36.70, a price-to-earnings-growth ratio of 10.02 and a beta of 1.32.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The construction company reported $4.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.80 by $0.41. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. The firm had revenue of $2.75 billion during the quarter, compared to analysts' expectations of $2.70 billion. During the same period in the prior year, the company posted $4.64 EPS. The company's revenue was up 10.0% on a year-over-year basis. As a group, equities analysts forecast that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 6th. Shareholders of record on Monday, October 20th will be given a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 2.0%. The ex-dividend date is Monday, October 20th. Owens Corning's dividend payout ratio is 71.69%.

Analyst Ratings Changes

Several analysts have weighed in on OC shares. Bank of America dropped their price objective on shares of Owens Corning from $180.00 to $168.00 and set a "buy" rating for the company in a research note on Wednesday. Barclays lifted their price objective on shares of Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Evercore ISI lifted their price objective on shares of Owens Corning from $165.00 to $169.00 and gave the stock an "in-line" rating in a research note on Friday, August 8th. UBS Group dropped their target price on shares of Owens Corning from $218.00 to $210.00 and set a "buy" rating for the company in a research report on Thursday, August 7th. Finally, Royal Bank Of Canada dropped their target price on shares of Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a research report on Thursday, August 7th. Nine research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, Owens Corning currently has a consensus rating of "Moderate Buy" and a consensus price target of $183.55.

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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