Bank Pictet & Cie Europe AG Purchases 219,742 Shares of Owens Corning Inc $OC

Bank Pictet & Cie Europe AG lifted its position in Owens Corning Inc (NYSE:OC) by 131.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 386,699 shares of the construction company’s stock after acquiring an additional 219,742 shares during the quarter. Owens Corning accounts for 1.1% of Bank Pictet & Cie Europe AG’s portfolio, making the stock its 28th largest position. Bank Pictet & Cie Europe AG owned about 0.46% of Owens Corning worth $54,702,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in OC. Ariel Investments LLC boosted its holdings in Owens Corning by 24.8% during the 2nd quarter. Ariel Investments LLC now owns 140,449 shares of the construction company’s stock valued at $19,315,000 after acquiring an additional 27,871 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Owens Corning by 6.7% during the second quarter. JPMorgan Chase & Co. now owns 456,952 shares of the construction company’s stock worth $62,840,000 after purchasing an additional 28,814 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its stake in shares of Owens Corning by 6.1% during the second quarter. Nomura Asset Management Co. Ltd. now owns 42,020 shares of the construction company’s stock valued at $5,779,000 after purchasing an additional 2,421 shares during the period. Nordea Investment Management AB boosted its stake in shares of Owens Corning by 0.7% during the second quarter. Nordea Investment Management AB now owns 2,225,800 shares of the construction company’s stock valued at $305,291,000 after purchasing an additional 15,927 shares during the period. Finally, Aviva PLC grew its holdings in shares of Owens Corning by 7.2% in the second quarter. Aviva PLC now owns 60,634 shares of the construction company’s stock worth $8,338,000 after purchasing an additional 4,091 shares during the last quarter. 88.40% of the stock is owned by hedge funds and other institutional investors.

Owens Corning Stock Performance

Shares of Owens Corning stock opened at $111.84 on Friday. The company has a market capitalization of $9.19 billion, a PE ratio of -19.55, a P/E/G ratio of 9.01 and a beta of 1.35. The company has a 50-day simple moving average of $112.37 and a two-hundred day simple moving average of $132.07. Owens Corning Inc has a one year low of $97.53 and a one year high of $192.96. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.86 and a current ratio of 1.40.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, November 5th. The construction company reported $3.67 earnings per share for the quarter, beating analysts’ consensus estimates of $3.64 by $0.03. The business had revenue of $2.68 billion for the quarter, compared to analysts’ expectations of $2.71 billion. Owens Corning had a negative net margin of 4.46% and a positive return on equity of 24.42%. The company’s revenue was down 2.9% compared to the same quarter last year. During the same period last year, the business earned $4.38 EPS. Research analysts expect that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 21st. Shareholders of record on Monday, January 5th will be issued a $0.79 dividend. This is an increase from Owens Corning’s previous quarterly dividend of $0.69. This represents a $3.16 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Monday, January 5th. Owens Corning’s dividend payout ratio is presently -48.25%.

Wall Street Analysts Forecast Growth

OC has been the subject of several research reports. UBS Group lowered their price objective on shares of Owens Corning from $210.00 to $179.00 and set a “buy” rating for the company in a research report on Thursday, November 6th. Wells Fargo & Company lowered their price target on Owens Corning from $150.00 to $130.00 and set an “overweight” rating for the company in a report on Monday, December 15th. Truist Financial dropped their price objective on Owens Corning from $165.00 to $135.00 and set a “hold” rating on the stock in a research note on Thursday, October 9th. Bank of America dropped their price target on Owens Corning from $180.00 to $168.00 and set a “buy” rating on the stock in a research report on Wednesday, October 1st. Finally, Jefferies Financial Group dropped their target price on shares of Owens Corning from $185.00 to $180.00 and set a “buy” rating on the stock in a report on Tuesday, October 7th. Ten analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Owens Corning has an average rating of “Hold” and an average target price of $155.58.

About Owens Corning

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company’s core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.