Pictet Asset Management Holding SA Trims Stake in Owens Corning Inc $OC

Pictet Asset Management Holding SA reduced its position in shares of Owens Corning Inc (NYSE:OC) by 25.3% in the fourth quarter, Holdings Channel reports. The firm owned 103,055 shares of the construction company’s stock after selling 34,858 shares during the period. Pictet Asset Management Holding SA’s holdings in Owens Corning were worth $11,533,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. Quent Capital LLC grew its position in shares of Owens Corning by 1,358.2% during the 4th quarter. Quent Capital LLC now owns 8,822 shares of the construction company’s stock valued at $987,000 after purchasing an additional 8,217 shares in the last quarter. Advisors Capital Management LLC grew its position in shares of Owens Corning by 0.8% during the 4th quarter. Advisors Capital Management LLC now owns 54,617 shares of the construction company’s stock valued at $6,112,000 after purchasing an additional 451 shares in the last quarter. Teachers Retirement System of The State of Kentucky grew its position in shares of Owens Corning by 367.0% during the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 131,065 shares of the construction company’s stock valued at $14,668,000 after purchasing an additional 103,000 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Owens Corning by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 9,765,729 shares of the construction company’s stock worth $1,092,883,000 after acquiring an additional 84,096 shares during the last quarter. Finally, Resonant Capital Advisors LLC lifted its holdings in shares of Owens Corning by 22.2% during the 4th quarter. Resonant Capital Advisors LLC now owns 2,719 shares of the construction company’s stock worth $304,000 after acquiring an additional 494 shares during the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Wells Fargo & Company lifted their price objective on shares of Owens Corning from $125.00 to $135.00 and gave the stock an “overweight” rating in a report on Thursday, April 16th. Evercore set a $130.00 price objective on shares of Owens Corning in a report on Friday, April 24th. UBS Group lifted their price objective on shares of Owens Corning from $160.00 to $172.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. Argus raised shares of Owens Corning to a “strong-buy” rating in a report on Wednesday, January 14th. Finally, Citigroup dropped their price objective on shares of Owens Corning from $137.00 to $135.00 and set a “buy” rating for the company in a report on Thursday, January 8th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $145.09.

Owens Corning Stock Performance

Owens Corning stock opened at $122.58 on Friday. The company has a quick ratio of 0.70, a current ratio of 1.26 and a debt-to-equity ratio of 1.20. The company has a market capitalization of $9.85 billion, a PE ratio of -19.15, a P/E/G ratio of 2.08 and a beta of 1.35. The firm has a fifty day simple moving average of $114.25 and a two-hundred day simple moving average of $117.17. Owens Corning Inc has a twelve month low of $97.53 and a twelve month high of $159.42.

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 the consensus estimate of $2.17 billion. Owens Corning had a positive return on equity of 21.93% and a negative net margin of 5.17%.The business’s revenue for the quarter was down 16.8% on a year-over-year basis. During the same period in the prior year, the firm earned $3.22 earnings per share. Research analysts expect that Owens Corning Inc will post 9.45 EPS for the current year.

Owens Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 9th. Shareholders of record on Monday, March 9th were paid a $0.79 dividend. The ex-dividend date of this dividend was Monday, March 9th. This represents a $3.16 annualized dividend and a yield of 2.6%. Owens Corning’s payout ratio is currently -49.38%.

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.