Bank Pictet & Cie Europe AG Sells 6,442 Shares of Owens Corning Inc (NYSE:OC)

Bank Pictet & Cie Europe AG cut its holdings in Owens Corning Inc (NYSE:OC - Free Report) by 3.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 161,777 shares of the construction company's stock after selling 6,442 shares during the quarter. Bank Pictet & Cie Europe AG owned approximately 0.19% of Owens Corning worth $23,105,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in OC. Van ECK Associates Corp increased its stake in shares of Owens Corning by 1.2% in the 4th quarter. Van ECK Associates Corp now owns 39,805 shares of the construction company's stock valued at $6,780,000 after buying an additional 487 shares during the period. Vontobel Holding Ltd. increased its position in Owens Corning by 17.8% in the fourth quarter. Vontobel Holding Ltd. now owns 8,852 shares of the construction company's stock worth $1,508,000 after purchasing an additional 1,338 shares during the period. Principal Securities Inc. raised its holdings in Owens Corning by 11.4% during the 4th quarter. Principal Securities Inc. now owns 3,351 shares of the construction company's stock worth $571,000 after purchasing an additional 344 shares during the last quarter. Principal Financial Group Inc. lifted its position in Owens Corning by 88.9% during the 4th quarter. Principal Financial Group Inc. now owns 392,031 shares of the construction company's stock valued at $66,777,000 after purchasing an additional 184,552 shares during the period. Finally, Catalyst Capital Advisors LLC boosted its stake in shares of Owens Corning by 419.5% in the 4th quarter. Catalyst Capital Advisors LLC now owns 426 shares of the construction company's stock valued at $73,000 after purchasing an additional 344 shares during the last quarter. 88.40% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Royal Bank Of Canada dropped their price target on shares of Owens Corning from $199.00 to $184.00 and set an "outperform" rating for the company in a research note on Thursday, May 8th. Wolfe Research upgraded shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a research report on Friday, May 9th. Deutsche Bank Aktiengesellschaft started coverage on Owens Corning in a research note on Tuesday, April 1st. They issued a "buy" rating and a $183.00 price target on the stock. JPMorgan Chase & Co. decreased their price objective on Owens Corning from $200.00 to $176.00 and set a "neutral" rating for the company in a research note on Tuesday, March 4th. Finally, Barclays cut their target price on Owens Corning from $179.00 to $167.00 and set an "overweight" rating on the stock in a research note on Thursday, May 8th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $183.80.

Owens Corning Stock Down 1.5%

OC stock traded down $2.03 during mid-day trading on Thursday, hitting $130.57. 1,078,685 shares of the company were exchanged, compared to its average volume of 861,483. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.93 and a current ratio of 1.44. Owens Corning Inc has a 1-year low of $123.41 and a 1-year high of $214.53. The firm's 50 day simple moving average is $138.40 and its 200 day simple moving average is $157.50. The firm has a market cap of $11.11 billion, a P/E ratio of 45.97, a P/E/G ratio of 3.50 and a beta of 1.34.

Owens Corning (NYSE:OC - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The construction company reported $2.97 EPS for the quarter, topping analysts' consensus estimates of $2.82 by $0.15. Owens Corning had a net margin of 2.28% and a return on equity of 25.03%. The business had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.52 billion. During the same period last year, the business posted $3.40 earnings per share. The firm's quarterly revenue was up 25.4% on a year-over-year basis. On average, sell-side analysts predict that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning announced that its Board of Directors has initiated a share buyback plan on Wednesday, May 14th that permits the company to repurchase 12,000,000 outstanding shares. This repurchase authorization permits the construction company to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its shares are undervalued.

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.