Owens Corning Inc $OC Shares Bought by Bank Pictet & Cie Europe AG

Bank Pictet & Cie Europe AG grew its holdings in Owens Corning Inc (NYSE:OC) by 131.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 386,699 shares of the construction company’s stock after acquiring an additional 219,742 shares during the quarter. Owens Corning accounts for approximately 1.1% of Bank Pictet & Cie Europe AG’s holdings, making the stock its 28th largest holding. Bank Pictet & Cie Europe AG’s holdings in Owens Corning were worth $54,702,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of OC. Twin Peaks Wealth Advisors LLC purchased a new stake in shares of Owens Corning during the second quarter valued at $26,000. Bangor Savings Bank acquired a new position in shares of Owens Corning in the second quarter valued at about $28,000. Rexford Capital Inc. purchased a new position in shares of Owens Corning in the second quarter worth about $28,000. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Owens Corning in the second quarter worth about $30,000. Finally, Vermillion & White Wealth Management Group LLC lifted its holdings in shares of Owens Corning by 149.4% during the second quarter. Vermillion & White Wealth Management Group LLC now owns 222 shares of the construction company’s stock worth $31,000 after purchasing an additional 133 shares during the period. Institutional investors and hedge funds own 88.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on OC. Wells Fargo & Company cut their price target on shares of Owens Corning from $150.00 to $130.00 and set an “overweight” rating on the stock in a report on Monday, December 15th. Vertical Research started coverage on shares of Owens Corning in a research note on Monday, October 20th. They issued a “hold” rating on the stock. Bank of America reduced their target price on shares of Owens Corning from $180.00 to $168.00 and set a “buy” rating for the company in a report on Wednesday, October 1st. Evercore ISI lowered their price target on shares of Owens Corning from $121.00 to $117.00 and set an “in-line” rating on the stock in a report on Thursday, December 4th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Owens Corning in a research note on Monday. Ten research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Owens Corning has an average rating of “Hold” and an average target price of $155.58.

Owens Corning Stock Down 1.2%

OC stock opened at $111.84 on Friday. 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. The firm’s fifty day moving average is $112.37 and its 200 day moving average is $132.07. The firm has a market cap of $9.19 billion, a PE ratio of -19.55, a P/E/G ratio of 9.01 and a beta of 1.35.

Owens Corning (NYSE:OC) last issued its quarterly earnings data on Wednesday, November 5th. The construction company reported $3.67 earnings per share for the quarter, topping analysts’ consensus estimates of $3.64 by $0.03. Owens Corning had a negative net margin of 4.46% and a positive return on equity of 24.42%. The business had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.71 billion. During the same quarter in the prior year, the firm posted $4.38 earnings per share. The company’s revenue was down 2.9% compared to the same quarter last year. On average, research analysts forecast that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 21st. Shareholders of record on Monday, January 5th will be given a dividend of $0.79 per share. 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 yield of 2.8%. The ex-dividend date is Monday, January 5th. Owens Corning’s dividend payout ratio (DPR) is currently -48.25%.

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.