Lecap Asset Management Ltd. Has $1.62 Million Holdings in Owens Corning Inc $OC

Lecap Asset Management Ltd. cut its position in shares of Owens Corning Inc (NYSE:OC) by 24.0% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 11,751 shares of the construction company’s stock after selling 3,713 shares during the quarter. Lecap Asset Management Ltd.’s holdings in Owens Corning were worth $1,616,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Owens Corning by 12.0% during the first quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company’s stock worth $1,401,876,000 after buying an additional 1,053,855 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Owens Corning by 67.3% in the first 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. LSV Asset Management increased its stake in Owens Corning by 1.9% in the first quarter. LSV Asset Management now owns 1,476,067 shares of the construction company’s stock valued at $210,812,000 after purchasing an additional 27,185 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Owens Corning by 0.7% during the 1st quarter. Bank of New York Mellon Corp now owns 865,665 shares of the construction company’s stock worth $123,634,000 after buying an additional 5,819 shares during the period. Finally, Millennium Management LLC increased its holdings in shares of Owens Corning by 179.0% during the first quarter. Millennium Management LLC now owns 863,230 shares of the construction company’s stock valued at $123,287,000 after acquiring an additional 553,864 shares in the last quarter. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Owens Corning Stock Down 0.1%

OC opened at $141.30 on Thursday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.52 and a quick ratio of 0.95. The company’s 50-day moving average is $147.61 and its 200 day moving average is $142.56. Owens Corning Inc has a fifty-two week low of $123.40 and a fifty-two week high of $214.53. The firm has a market capitalization of $11.82 billion, a P/E ratio of 36.70, a PEG ratio of 10.02 and a beta of 1.32.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, August 6th. The construction company reported $4.21 earnings per share for the quarter, beating analysts’ consensus estimates of $3.80 by $0.41. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. The company had revenue of $2.75 billion for the quarter, compared to analyst estimates of $2.70 billion. During the same period last year, the firm earned $4.64 earnings per share. The firm’s revenue was up 10.0% on a year-over-year basis. Research analysts expect that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 6th. Investors of record on Monday, October 20th will be given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Monday, October 20th. Owens Corning’s dividend payout ratio (DPR) is presently 71.69%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on OC. Barclays lifted their price target on shares of Owens Corning from $167.00 to $173.00 and gave the company an “overweight” rating in a research report on Thursday, August 7th. Wells Fargo & Company raised their price objective on shares of Owens Corning from $170.00 to $175.00 and gave the company an “overweight” rating in a research note on Thursday, September 11th. Evercore ISI lifted their price objective on shares of Owens Corning from $165.00 to $169.00 and gave the company an “in-line” rating in a report on Friday, August 8th. Bank of America decreased their target price on shares of Owens Corning from $180.00 to $168.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, UBS Group dropped their price target on shares of Owens Corning from $218.00 to $210.00 and set a “buy” rating on the stock in a research report on Thursday, August 7th. Nine analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Owens Corning has an average rating of “Moderate Buy” and a consensus target price 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.