Owens Corning Inc $OC Stock Bought by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA increased its position in Owens Corning Inc (NYSE:OC) by 31.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 126,853 shares of the construction company’s stock after buying an additional 30,141 shares during the period. Pictet Asset Management Holding SA’s holdings in Owens Corning were worth $14,809,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in Owens Corning in the 2nd quarter valued at $1,401,161,000. Dimensional Fund Advisors LP boosted its position in shares of Owens Corning by 7.3% in the first quarter. Dimensional Fund Advisors LP now owns 2,764,616 shares of the construction company’s stock worth $299,167,000 after acquiring an additional 188,211 shares during the last quarter. First Trust Advisors LP grew its holdings in Owens Corning by 22.7% in the first quarter. First Trust Advisors LP now owns 2,179,214 shares of the construction company’s stock valued at $235,835,000 after purchasing an additional 403,803 shares during the period. Nykredit A S purchased a new position in Owens Corning during the second quarter worth approximately $166,083,000. Finally, Bank of America Corp DE acquired a new position in shares of Owens Corning in the 2nd quarter valued at $133,685,000. 88.40% of the stock is owned by hedge funds and other institutional investors.

Owens Corning Price Performance

OC stock opened at $117.56 on Friday. The company has a market capitalization of $9.07 billion, a PE ratio of -22.10, a P/E/G ratio of 2.95 and a beta of 1.31. The company has a quick ratio of 0.58, a current ratio of 1.13 and a debt-to-equity ratio of 1.33. The stock’s 50 day moving average is $120.75 and its two-hundred day moving average is $126.09. Owens Corning Inc has a 52-week low of $97.53 and a 52-week high of $159.91.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, November 4th. The construction company reported $2.44 earnings per share for the quarter, missing analysts’ consensus estimates of $3.07 by ($0.63). The company had revenue of $2.49 billion for the quarter, compared to analyst estimates of $2.62 billion. Owens Corning had a positive return on equity of 19.14% and a negative net margin of 4.42%. The firm’s quarterly revenue was down 7.3% compared to the same quarter last year. During the same period in the previous year, the business posted $3.67 EPS. Analysts predict that Owens Corning Inc will post 8.47 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 5th. Stockholders of record on Monday, October 19th were given a dividend of $0.79 per share. The ex-dividend date of this dividend was Monday, October 19th. This represents a $3.16 annualized dividend and a dividend yield of 2.7%. Owens Corning’s dividend payout ratio (DPR) is presently -59.40%.

Analyst Ratings Changes

Several equities research analysts have commented on OC shares. Melius Research initiated coverage on Owens Corning in a research note on Tuesday, October 6th. They set a “sell” rating and a $118.00 price target for the company. Zacks Research downgraded shares of Owens Corning from a “strong-buy” rating to a “strong sell” rating in a research note on Monday, October 12th. The Goldman Sachs Group cut their target price on shares of Owens Corning from $169.00 to $128.00 and set a “neutral” rating on the stock in a research note on Monday, October 12th. Weiss Ratings lowered Owens Corning from a “sell (d+)” rating to a “sell (d-)” rating in a research report on Monday. Finally, Royal Bank Of Canada lowered their target price on Owens Corning from $127.00 to $119.00 and set a “sector perform” rating for the company in a research note on Thursday, November 5th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, five have assigned a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, Owens Corning has a consensus rating of “Hold” and an average target price of $140.93.

Insiders Place Their Bets

In related news, insider Rachel Barthelemy Marcon sold 900 shares of the business’s stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $144.07, for a total value of $129,663.00. Following the completion of the sale, the insider directly owned 21,449 shares of the company’s stock, valued at $3,090,157.43. The trade was a 4.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is currently owned by corporate insiders.

About Owens Corning

Owens Corning is a building-products company that develops and manufactures materials for residential and commercial construction. Its products include roofing shingles and components, insulation for buildings and industrial applications, and interior and exterior doors. Founded in 1938 through the combination of Owens-Illinois Glass Company and Corning Glass Works’ fiberglass operations, the company has a long history of developing glass-fiber-based materials. It is headquartered in Toledo, Ohio, and serves customers in North America and international markets.