Banque Pictet & Cie SA Increases Stock Position in Owens Corning Inc $OC

Banque Pictet & Cie SA lifted its position in shares of Owens Corning Inc (NYSE:OC) by 141.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 393,026 shares of the construction company’s stock after purchasing an additional 230,014 shares during the period. Banque Pictet & Cie SA owned 0.47% of Owens Corning worth $55,597,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new stake in Owens Corning in the 2nd quarter valued at about $163,719,000. First Trust Advisors LP increased its position in shares of Owens Corning by 164.6% during the second quarter. First Trust Advisors LP now owns 920,726 shares of the construction company’s stock valued at $126,618,000 after acquiring an additional 572,770 shares during the last quarter. Millennium Management LLC increased its position 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 during the last quarter. Amundi lifted its holdings in Owens Corning by 92.9% during the second quarter. Amundi now owns 1,086,735 shares of the construction company’s stock worth $157,279,000 after acquiring an additional 523,376 shares during the period. Finally, Marshall Wace LLP boosted its position in Owens Corning by 17,614.0% in the second quarter. Marshall Wace LLP now owns 422,832 shares of the construction company’s stock worth $58,148,000 after purchasing an additional 420,445 shares during the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

OC has been the subject of several research analyst reports. JPMorgan Chase & Co. decreased their target price on Owens Corning from $157.00 to $113.00 and set a “neutral” rating for the company in a research report on Tuesday, November 11th. Truist Financial reduced their price target on shares of Owens Corning from $165.00 to $135.00 and set a “hold” rating for the company in a research report on Thursday, October 9th. Evercore ISI lowered their price objective on shares of Owens Corning from $121.00 to $117.00 and set an “in-line” rating on the stock in a research report on Thursday, December 4th. Bank of America dropped their target price on shares of Owens Corning from $180.00 to $168.00 and set a “buy” rating on the stock in a research note on Wednesday, October 1st. Finally, Vertical Research started coverage on shares of Owens Corning in a research note on Monday, October 20th. They set a “hold” rating for the company. Ten analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Owens Corning has an average rating of “Hold” and a consensus target price of $155.58.

Owens Corning Price Performance

OC opened at $111.84 on Friday. The company has a market capitalization of $9.19 billion, a price-to-earnings ratio of -19.55, a PEG ratio of 9.01 and a beta of 1.35. The company has a quick ratio of 0.86, a current ratio of 1.40 and a debt-to-equity ratio of 1.05. The firm has a 50-day moving average price of $112.37 and a 200-day moving average price of $132.07. Owens Corning Inc has a twelve month low of $97.53 and a twelve month high of $192.96.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, November 5th. The construction company reported $3.67 EPS for the quarter, beating analysts’ consensus estimates of $3.64 by $0.03. The company 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%. Owens Corning’s revenue was down 2.9% compared to the same quarter last year. During the same period in the prior year, the company posted $4.38 EPS. Equities analysts expect that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Increases Dividend

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

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.