Bank Pictet & Cie Europe AG Sells 43,287 Shares of Owens Corning Inc $OC

Bank Pictet & Cie Europe AG cut its stake in Owens Corning Inc (NYSE:OC) by 11.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 343,412 shares of the construction company’s stock after selling 43,287 shares during the period. Bank Pictet & Cie Europe AG owned 0.42% of Owens Corning worth $38,431,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in OC. Geneos Wealth Management Inc. lifted its stake in shares of Owens Corning by 61.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company’s stock valued at $69,000 after purchasing an additional 184 shares during the period. Sivia Capital Partners LLC bought a new position in Owens Corning in the second quarter worth $277,000. Steward Partners Investment Advisory LLC raised its holdings in Owens Corning by 27.5% in the second quarter. Steward Partners Investment Advisory LLC now owns 1,378 shares of the construction company’s stock worth $190,000 after purchasing an additional 297 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in Owens Corning by 10.3% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,695 shares of the construction company’s stock valued at $371,000 after buying an additional 252 shares during the period. Finally, Norges Bank bought a new stake in shares of Owens Corning during the 2nd quarter valued at $163,719,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Stock Performance

OC stock opened at $107.28 on Thursday. The stock’s 50 day simple moving average is $119.12 and its 200 day simple moving average is $120.45. The company has a current ratio of 1.26, a quick ratio of 0.70 and a debt-to-equity ratio of 1.20. Owens Corning Inc has a 12-month low of $97.53 and a 12-month high of $159.42. The stock has a market capitalization of $8.62 billion, a PE ratio of -16.76, a price-to-earnings-growth ratio of 1.75 and a beta of 1.34.

Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, February 25th. The construction company reported $1.10 earnings per share for the quarter, missing the consensus estimate of $1.36 by ($0.26). The business had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.17 billion. Owens Corning had a positive return on equity of 21.93% and a negative net margin of 5.17%.The firm’s revenue for the quarter was down 16.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.22 EPS. As a group, research analysts forecast that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 9th. Shareholders of record on Monday, March 9th will be given a $0.79 dividend. The ex-dividend date of this dividend is Monday, March 9th. This represents a $3.16 dividend on an annualized basis and a yield of 2.9%. Owens Corning’s payout ratio is -49.38%.

Analysts Set New Price Targets

Several brokerages recently issued reports on OC. Royal Bank Of Canada set a $143.00 price target on shares of Owens Corning in a research note on Friday, January 9th. Wells Fargo & Company upped their price objective on shares of Owens Corning from $145.00 to $155.00 and gave the stock an “overweight” rating in a report on Wednesday, February 11th. Citigroup decreased their target price on shares of Owens Corning from $137.00 to $135.00 and set a “buy” rating for the company in a research note on Thursday, January 8th. UBS Group lifted their target price on shares of Owens Corning from $160.00 to $172.00 and gave the company a “buy” rating in a report on Thursday, February 26th. Finally, Evercore dropped their price target on 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. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Owens Corning currently has a consensus rating of “Moderate Buy” and an average target price of $148.73.

Owens Corning Company Profile

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.