249,386 Owens Corning Inc $OC Shares Sold by Bank Pictet & Cie Europe AG

Bank Pictet & Cie Europe AG decreased its holdings in shares of Owens Corning Inc (NYSE:OC) by 79.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 62,787 shares of the construction company’s stock after selling 249,386 shares during the period. Bank Pictet & Cie Europe AG owned about 0.08% of Owens Corning worth $7,330,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. BlackRock Inc. acquired a new position in shares of Owens Corning in the 2nd quarter valued at about $1,401,161,000. Dimensional Fund Advisors LP grew its position in shares of Owens Corning by 7.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,764,616 shares of the construction company’s stock valued at $299,167,000 after buying an additional 188,211 shares during the last quarter. First Trust Advisors LP raised its stake in Owens Corning by 22.7% during the first quarter. First Trust Advisors LP now owns 2,179,214 shares of the construction company’s stock worth $235,835,000 after acquiring an additional 403,803 shares during the period. Allspring Global Investments Holdings LLC raised its stake in Owens Corning by 721.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,170,179 shares of the construction company’s stock worth $125,513,000 after acquiring an additional 1,027,800 shares during the period. Finally, Nykredit A S acquired a new stake in Owens Corning during the second quarter worth about $166,083,000. 88.40% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have issued reports on OC. Evercore set a $185.00 target price on shares of Owens Corning in a report on Thursday, October 1st. Vertical Research cut Owens Corning from a “hold” rating to a “sell” rating and set a $106.00 price target on the stock. in a research report on Wednesday, October 7th. Citigroup raised their price target on Owens Corning from $149.00 to $177.00 and gave the stock a “buy” rating in a report on Friday, August 7th. Truist Financial reduced their price objective on Owens Corning from $140.00 to $115.00 and set a “hold” rating for the company in a research report on Thursday, October 8th. Finally, Wall Street Zen downgraded Owens Corning from a “buy” rating to a “hold” rating in a research note on Saturday, October 10th. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have issued a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $141.57.

Owens Corning Stock Performance

Owens Corning stock traded up $1.93 during midday trading on Tuesday, reaching $111.94. 268,882 shares of the stock traded hands, compared to its average volume of 1,228,886. The company has a current ratio of 1.16, a quick ratio of 0.67 and a debt-to-equity ratio of 1.10. The firm has a fifty day moving average price of $130.73 and a two-hundred day moving average price of $129.36. The firm has a market cap of $8.85 billion, a price-to-earnings ratio of -13.90, a PEG ratio of 2.61 and a beta of 1.32. Owens Corning Inc has a fifty-two week low of $97.53 and a fifty-two week high of $159.91.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, August 5th. The construction company reported $3.93 EPS for the quarter, beating the consensus estimate of $3.09 by $0.84. The company had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.66 billion. Owens Corning had a negative net margin of 6.81% and a positive return on equity of 20.52%. Owens Corning’s revenue was up .3% compared to the same quarter last year. During the same quarter last year, the business earned $4.21 earnings per share. On average, equities research analysts forecast that Owens Corning Inc will post 9.59 earnings per share for the current year.

Owens Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 5th. Investors of record on Monday, October 19th will be given a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 2.8%. The ex-dividend date is Monday, October 19th. Owens Corning’s dividend payout ratio (DPR) is currently -39.21%.

Insider Buying and Selling

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 900 shares of Owens Corning stock in a transaction on Friday, August 28th. The stock was sold at an average price of $144.07, for a total transaction of $129,663.00. Following the sale, the insider owned 21,449 shares of the company’s stock, valued at $3,090,157.43. The trade was a 4.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is currently owned by corporate insiders.

About Owens Corning

Owens Corning (NYSE:OC) is a global building materials company that develops and manufactures products used in residential, commercial and industrial construction. Its offerings are designed to improve energy efficiency, weather protection, durability and comfort in buildings.

The company’s primary businesses include roofing, insulation and doors. Its products include asphalt roofing shingles and components, fiberglass and mineral wool insulation, and residential and commercial door systems.