Lecap Asset Management Ltd. Takes Position in Owens Corning (NYSE:OC)

Lecap Asset Management Ltd. acquired a new stake in Owens Corning (NYSE:OC - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund acquired 12,082 shares of the construction company's stock, valued at approximately $1,791,000.

Several other hedge funds also recently modified their holdings of OC. Norges Bank purchased a new stake in Owens Corning during the fourth quarter valued at about $111,343,000. Invesco Ltd. lifted its stake in Owens Corning by 156.1% in the third quarter. Invesco Ltd. now owns 1,487,665 shares of the construction company's stock worth $202,932,000 after acquiring an additional 906,782 shares during the period. Pacer Advisors Inc. raised its holdings in Owens Corning by 6,116.6% in the fourth quarter. Pacer Advisors Inc. now owns 832,594 shares of the construction company's stock worth $123,415,000 after purchasing an additional 819,201 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in Owens Corning by 878.0% in the first quarter. Envestnet Asset Management Inc. now owns 623,176 shares of the construction company's stock worth $5,861,000 after purchasing an additional 559,459 shares in the last quarter. Finally, Federated Hermes Inc. increased its holdings in shares of Owens Corning by 1,602.4% during the third quarter. Federated Hermes Inc. now owns 475,539 shares of the construction company's stock valued at $64,868,000 after acquiring an additional 447,606 shares in the last quarter. Institutional investors own 88.40% of the company's stock.

Insider Activity at Owens Corning

In other news, CEO Brian Chambers sold 9,100 shares of the company's stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $153.57, for a total transaction of $1,397,487.00. Following the completion of the sale, the chief executive officer now owns 269,696 shares of the company's stock, valued at approximately $41,417,214.72. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Brian Chambers sold 9,100 shares of the stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $153.57, for a total transaction of $1,397,487.00. Following the transaction, the chief executive officer now directly owns 269,696 shares of the company's stock, valued at $41,417,214.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Paula Russell sold 3,765 shares of the firm's stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $162.00, for a total transaction of $609,930.00. Following the completion of the transaction, the executive vice president now directly owns 20,419 shares in the company, valued at $3,307,878. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,672 shares of company stock worth $3,325,799. Insiders own 0.89% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on OC. Barclays cut Owens Corning from an "overweight" rating to an "equal weight" rating and lowered their price objective for the company from $170.00 to $160.00 in a research report on Monday, February 12th. Citigroup increased their price target on Owens Corning from $150.00 to $169.00 and gave the company a "neutral" rating in a research note on Friday, April 5th. UBS Group reduced their price target on Owens Corning from $175.00 to $169.00 and set a "buy" rating for the company in a research report on Thursday, February 15th. Royal Bank of Canada lowered their price target on Owens Corning from $183.00 to $175.00 and set an "outperform" rating on the stock in a research note on Thursday, February 15th. Finally, Loop Capital lifted their price objective on Owens Corning from $167.00 to $188.00 and gave the stock a "buy" rating in a research report on Monday, April 1st. Eight investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $162.14.

Owens Corning Stock Performance

Shares of OC traded down $1.01 during trading hours on Friday, reaching $165.51. 507,698 shares of the company traded hands, compared to its average volume of 566,962. Owens Corning has a 1-year low of $96.86 and a 1-year high of $173.65. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.17 and a current ratio of 1.69. The stock has a market cap of $14.40 billion, a P/E ratio of 12.62, a price-to-earnings-growth ratio of 0.29 and a beta of 1.47. The stock's fifty day moving average is $156.93 and its 200 day moving average is $144.30.

Owens Corning (NYSE:OC - Get Free Report) last released its earnings results on Wednesday, February 14th. The construction company reported $3.21 EPS for the quarter, topping analysts' consensus estimates of $2.82 by $0.39. The firm had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.25 billion. Owens Corning had a net margin of 12.36% and a return on equity of 25.88%. The business's quarterly revenue was up .8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.49 EPS. Equities research analysts anticipate that Owens Corning will post 13.77 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 4th. Stockholders of record on Monday, March 4th were paid a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, March 1st. This represents a $2.40 annualized dividend and a dividend yield of 1.45%. Owens Corning's dividend payout ratio is presently 18.29%.

Owens Corning Company 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.