Pictet Asset Management Holding SA Sells 10,256 Shares of Owens Corning Inc $OC

Pictet Asset Management Holding SA lessened its stake in shares of Owens Corning Inc (NYSE:OC) by 10.0% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 92,799 shares of the construction company’s stock after selling 10,256 shares during the quarter. Pictet Asset Management Holding SA owned about 0.12% of Owens Corning worth $10,043,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of OC. Vanguard Group Inc. raised its holdings in Owens Corning by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 9,765,729 shares of the construction company’s stock valued at $1,092,883,000 after acquiring an additional 84,096 shares during the period. State Street Corp boosted its holdings in shares of Owens Corning by 2.3% during the third quarter. State Street Corp now owns 3,634,987 shares of the construction company’s stock worth $514,205,000 after acquiring an additional 81,133 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Owens Corning by 9.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,594,229 shares of the construction company’s stock valued at $290,321,000 after purchasing an additional 231,871 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Owens Corning by 33.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,576,405 shares of the construction company’s stock valued at $288,332,000 after purchasing an additional 645,773 shares during the last quarter. Finally, Davis Selected Advisers increased its stake in shares of Owens Corning by 15.1% during the fourth quarter. Davis Selected Advisers now owns 2,046,583 shares of the construction company’s stock worth $229,035,000 after purchasing an additional 269,216 shares during the period. Institutional investors and hedge funds own 88.40% of the company’s stock.

Wall Street Analyst Weigh In

OC has been the subject of several recent research reports. Bank of America reduced their price target on Owens Corning from $140.00 to $138.00 and set a “buy” rating for the company in a research note on Monday, April 20th. Barclays increased their price objective on Owens Corning from $135.00 to $144.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. Evercore raised Owens Corning from an “in-line” rating to an “outperform” rating and set a $188.00 target price for the company in a report on Tuesday. Royal Bank Of Canada upped their price target on shares of Owens Corning from $134.00 to $148.00 and gave the company an “outperform” rating in a research note on Thursday, May 7th. Finally, JPMorgan Chase & Co. raised their price target on shares of Owens Corning from $115.00 to $121.00 and gave the stock a “neutral” rating in a research report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Owens Corning currently has an average rating of “Moderate Buy” and an average price target of $150.58.

Owens Corning Trading Down 0.0%

Shares of NYSE:OC opened at $151.01 on Friday. The company has a market capitalization of $12.16 billion, a P/E ratio of -22.85, a P/E/G ratio of 2.74 and a beta of 1.30. Owens Corning Inc has a 1 year low of $97.53 and a 1 year high of $159.91. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.24 and a quick ratio of 0.74. The business’s 50 day simple moving average is $125.26 and its 200 day simple moving average is $120.43.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, May 6th. The construction company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.21. The firm had revenue of $2.27 billion during the quarter, compared to analysts’ expectations of $2.18 billion. Owens Corning had a positive return on equity of 19.86% and a negative net margin of 5.43%.The company’s quarterly revenue was down 10.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.97 EPS. On average, research analysts anticipate that Owens Corning Inc will post 9.53 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 6th. Investors of record on Monday, July 20th will be given a $0.79 dividend. The ex-dividend date is Monday, July 20th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.1%. Owens Corning’s dividend payout ratio (DPR) is presently -47.81%.

Insider Transactions at Owens Corning

In related news, VP Mari Doerfler sold 1,926 shares of the business’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $120.92, for a total value of $232,891.92. Following the completion of the transaction, the vice president owned 3,093 shares of the company’s stock, valued at $374,005.56. The trade was a 38.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Rachel Barthelemy Marcon sold 700 shares of the company’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $120.71, for a total transaction of $84,497.00. Following the sale, the insider directly owned 15,848 shares of the company’s stock, valued at $1,913,012.08. This represents a 4.23% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by insiders.

Owens Corning 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.