Owens Corning Inc $OC Shares Sold by Lee Danner & Bass Inc.

Key Points

• Lee Danner & Bass Inc. reduced its stake in Owens Corning Inc by 19.6%, now holding 10,696 shares valued at approximately $1.47 million.
• Owens Corning recently reported earnings of $4.21 per share, surpassing analyst expectations, with quarterly revenue rising 10% year-over-year.
• The company is issuing a quarterly dividend of $0.69 per share, with an annualized dividend yield of 2.1%, to be paid on November 6th.

Lee Danner & Bass Inc. decreased its holdings in Owens Corning Inc (NYSE:OC - Free Report) by 19.6% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 10,696 shares of the construction company's stock after selling 2,601 shares during the quarter. Lee Danner & Bass Inc.'s holdings in Owens Corning were worth $1,471,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in OC. Vanguard Group Inc. boosted 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 during the period. Price T Rowe Associates Inc. MD boosted 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 during the period. Nuveen LLC acquired a new position in Owens Corning in the 1st quarter worth approximately $91,698,000. Millennium Management LLC boosted 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 during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Owens Corning during the 2nd quarter valued at $54,030,000. Institutional investors and hedge funds own 88.40% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Zacks Research downgraded Owens Corning from a "hold" rating to a "strong sell" rating in a research note on Wednesday, October 15th. Evercore ISI cut their price objective on Owens Corning from $169.00 to $153.00 and set an "in-line" rating on the stock in a research note on Tuesday, October 7th. Vertical Research assumed coverage on Owens Corning in a research note on Monday. They issued a "hold" rating on the stock. Weiss Ratings reissued a "hold (c)" rating on shares of Owens Corning in a research note on Wednesday, October 8th. Finally, Wells Fargo & Company boosted their price target on Owens Corning from $170.00 to $175.00 and gave the company an "overweight" rating in a research note on Thursday, September 11th. Ten research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $178.31.

Owens Corning Trading Up 1.0%

Shares of OC opened at $129.97 on Friday. The stock has a fifty day moving average price of $143.13 and a two-hundred day moving average price of $141.07. 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 $123.23 and a 52-week high of $214.53. The company has a market cap of $10.87 billion, a price-to-earnings ratio of 33.76, a PEG ratio of 9.27 and a beta of 1.32.

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

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 6th. Stockholders of record on Monday, October 20th will be given a dividend of $0.69 per share. The ex-dividend date is Monday, October 20th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 2.1%. Owens Corning's payout ratio is presently 71.69%.

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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