Banque Pictet & Cie SA Sells 18,196 Shares of Owens Corning Inc $OC

Banque Pictet & Cie SA decreased its position in Owens Corning Inc (NYSE:OC) by 10.0% during the second quarter, HoldingsChannel reports. The firm owned 163,012 shares of the construction company’s stock after selling 18,196 shares during the quarter. Banque Pictet & Cie SA’s holdings in Owens Corning were worth $22,417,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Bangor Savings Bank bought a new position in shares of Owens Corning in the second quarter valued at approximately $28,000. Wayfinding Financial LLC bought a new position in Owens Corning during the first quarter worth $60,000. Geneos Wealth Management Inc. increased its position in Owens Corning by 61.7% during the first quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company’s stock worth $69,000 after acquiring an additional 184 shares during the period. Archer Investment Corp increased its position in Owens Corning by 17.9% during the first quarter. Archer Investment Corp now owns 660 shares of the construction company’s stock worth $94,000 after acquiring an additional 100 shares during the period. Finally, Quarry LP increased its position in Owens Corning by 36.0% during the first quarter. Quarry LP now owns 676 shares of the construction company’s stock worth $97,000 after acquiring an additional 179 shares during the period. Institutional investors own 88.40% of the company’s stock.

Owens Corning Trading Down 2.4%

Shares of Owens Corning stock opened at $139.94 on Friday. The firm has a market capitalization of $11.70 billion, a PE ratio of 36.35, a price-to-earnings-growth ratio of 10.15 and a beta of 1.32. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.52 and a quick ratio of 0.95. The company’s fifty day moving average price is $147.64 and its two-hundred day moving average price is $142.54. Owens Corning Inc has a 52-week low of $123.40 and a 52-week high of $214.53.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, August 6th. The construction company reported $4.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.80 by $0.41. The firm had revenue of $2.75 billion for the quarter, compared to analyst estimates of $2.70 billion. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. The business’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.64 EPS. On average, analysts expect that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 6th. Shareholders of record on Monday, October 20th will be issued a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Monday, October 20th. Owens Corning’s payout ratio is 71.69%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on OC shares. Wells Fargo & Company boosted their target price on shares of Owens Corning from $170.00 to $175.00 and gave the stock an “overweight” rating in a research report on Thursday, September 11th. UBS Group dropped their target price on shares of Owens Corning from $218.00 to $210.00 and set a “buy” rating on the stock in a research report on Thursday, August 7th. Evercore ISI boosted their target price on shares of Owens Corning from $165.00 to $169.00 and gave the stock an “in-line” rating in a research report on Friday, August 8th. Royal Bank Of Canada dropped their target price on shares of Owens Corning from $184.00 to $180.00 and set an “outperform” rating on the stock in a research report on Thursday, August 7th. Finally, Barclays boosted their target price on shares of Owens Corning from $167.00 to $173.00 and gave the stock an “overweight” rating in a research report on Thursday, August 7th. Eight analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Owens Corning presently has an average rating of “Moderate Buy” and a consensus price target of $185.10.

About Owens Corning

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.