Bank Pictet & Cie Europe AG Raises Holdings in Owens Corning Inc $OC

Key Points

• Bank Pictet & Cie Europe AG has increased its holdings in Owens Corning Inc by 3.2% in the 2nd quarter, owning approximately 0.20% of the company worth nearly $23 million.
• Several hedge funds, including Vanguard and Price T Rowe Associates, have significantly boosted their positions in Owens Corning, which is now 88.40% owned by institutional investors.
• Owens Corning reported better-than-expected quarterly earnings, with an EPS of $4.21, surpassing estimates of $3.80, and announced a quarterly dividend of $0.69 per share, set to be paid on November 6th.

Bank Pictet & Cie Europe AG grew its position in shares of Owens Corning Inc (NYSE:OC - Free Report) by 3.2% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 166,957 shares of the construction company's stock after purchasing an additional 5,180 shares during the quarter. Bank Pictet & Cie Europe AG owned approximately 0.20% of Owens Corning worth $22,960,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Owens Corning by 12.0% during the first quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company's stock worth $1,401,876,000 after purchasing an additional 1,053,855 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Owens Corning by 67.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,380,123 shares of the construction company's stock worth $339,930,000 after purchasing an additional 957,295 shares during the last quarter. LSV Asset Management grew its holdings in shares of Owens Corning by 1.9% during the first quarter. LSV Asset Management now owns 1,476,067 shares of the construction company's stock worth $210,812,000 after purchasing an additional 27,185 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Owens Corning by 0.7% during the first quarter. Bank of New York Mellon Corp now owns 865,665 shares of the construction company's stock worth $123,634,000 after purchasing an additional 5,819 shares during the last quarter. Finally, Millennium Management LLC grew its holdings in shares of Owens Corning by 179.0% during the first quarter. Millennium Management LLC now owns 863,230 shares of the construction company's stock worth $123,287,000 after purchasing an additional 553,864 shares during the last quarter. Hedge funds and other institutional investors own 88.40% of the company's stock.

Owens Corning Price Performance

Shares of NYSE:OC opened at $139.94 on Friday. The company has a quick ratio of 0.95, a current ratio of 1.52 and a debt-to-equity ratio of 0.98. The company has a market cap of $11.70 billion, a P/E ratio of 36.35, a PEG ratio of 10.15 and a beta of 1.32. Owens Corning Inc has a 52 week low of $123.40 and a 52 week high of $214.53. The company has a 50-day moving average price of $147.64 and a 200 day moving average price of $142.54.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The construction company reported $4.21 EPS for the quarter, beating analysts' consensus estimates of $3.80 by $0.41. The firm had revenue of $2.75 billion during the quarter, compared to the consensus estimate of $2.70 billion. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. The firm's revenue was up 10.0% compared to the same quarter last year. During the same quarter last year, the firm earned $4.64 earnings per share. Research analysts predict that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 6th. Investors of record on Monday, October 20th will be given a $0.69 dividend. The ex-dividend date is Monday, October 20th. This represents a $2.76 dividend on an annualized basis and a yield of 2.0%. Owens Corning's dividend payout ratio (DPR) is presently 71.69%.

Wall Street Analysts Forecast Growth

OC has been the topic of several research reports. UBS Group dropped their price objective on Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. Barclays increased their target price on shares of Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Wells Fargo & Company increased their target price on shares of Owens Corning from $170.00 to $175.00 and gave the stock an "overweight" rating in a research note on Thursday, September 11th. Royal Bank Of Canada decreased their target price on shares of Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a research note on Thursday, August 7th. Finally, Evercore ISI increased 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 note on Friday, August 8th. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $185.10.

Owens Corning Company Profile

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.

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