Bank Pictet & Cie Europe AG Has $23.11 Million Position in Owens Corning (NYSE:OC)

Bank Pictet & Cie Europe AG cut its stake in Owens Corning (NYSE:OC - Free Report) by 3.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 161,777 shares of the construction company's stock after selling 6,442 shares during the quarter. Bank Pictet & Cie Europe AG owned about 0.19% of Owens Corning worth $23,105,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in OC. Price T Rowe Associates Inc. MD increased its position in shares of Owens Corning by 41.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,422,828 shares of the construction company's stock worth $242,337,000 after acquiring an additional 414,770 shares during the last quarter. Norges Bank bought a new stake in Owens Corning in the fourth quarter valued at about $208,519,000. Northern Trust Corp grew its holdings in shares of Owens Corning by 27.4% during the fourth quarter. Northern Trust Corp now owns 964,861 shares of the construction company's stock valued at $164,335,000 after purchasing an additional 207,677 shares during the last quarter. First Trust Advisors LP grew its holdings in shares of Owens Corning by 20.7% during the fourth quarter. First Trust Advisors LP now owns 744,771 shares of the construction company's stock valued at $126,849,000 after purchasing an additional 127,785 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Owens Corning by 1.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 739,669 shares of the construction company's stock valued at $125,980,000 after purchasing an additional 12,394 shares during the last quarter. 88.40% of the stock is owned by hedge funds and other institutional investors.

Owens Corning Price Performance

Shares of NYSE:OC traded up $1.97 on Monday, reaching $136.46. 795,818 shares of the company traded hands, compared to its average volume of 856,935. Owens Corning has a fifty-two week low of $123.41 and a fifty-two week high of $214.53. The company's 50 day moving average is $138.59 and its 200-day moving average is $158.35. The stock has a market capitalization of $11.61 billion, a PE ratio of 11.61, a P/E/G ratio of 1.88 and a beta of 1.34. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The construction company reported $2.97 EPS for the quarter, beating analysts' consensus estimates of $2.82 by $0.15. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The company had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.52 billion. During the same quarter in the prior year, the firm earned $3.40 EPS. The company's quarterly revenue was up 25.4% compared to the same quarter last year. As a group, analysts anticipate that Owens Corning will post 15.49 earnings per share for the current fiscal year.

Owens Corning announced that its Board of Directors has approved a share repurchase plan on Wednesday, May 14th that authorizes the company to buyback 12,000,000 shares. This buyback authorization authorizes the construction company to reacquire shares of its stock through open market purchases. Stock buyback plans are often a sign that the company's board believes its shares are undervalued.

Analyst Upgrades and Downgrades

OC has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft initiated coverage on Owens Corning in a research report on Tuesday, April 1st. They set a "buy" rating and a $183.00 price objective for the company. Evercore ISI set a $165.00 price objective on Owens Corning in a research report on Thursday, May 15th. Royal Bank of Canada reduced their price objective on Owens Corning from $199.00 to $184.00 and set an "outperform" rating for the company in a research report on Thursday, May 8th. Barclays reduced their price objective on Owens Corning from $179.00 to $167.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. Finally, Wall Street Zen downgraded Owens Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Owens Corning presently has a consensus rating of "Moderate Buy" and a consensus target price of $183.80.

Owens Corning 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.