Banque Pictet & Cie SA Has $25.88 Million Stock Holdings in Owens Corning Inc (NYSE:OC)

Banque Pictet & Cie SA trimmed its holdings in Owens Corning Inc (NYSE:OC - Free Report) by 2.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 181,208 shares of the construction company's stock after selling 5,299 shares during the period. Banque Pictet & Cie SA owned about 0.21% of Owens Corning worth $25,880,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD grew its stake in Owens Corning by 41.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,422,828 shares of the construction company's stock valued at $242,337,000 after purchasing an additional 414,770 shares in the last quarter. Norges Bank bought a new position in Owens Corning in the fourth quarter valued at approximately $208,519,000. Northern Trust Corp grew its stake in Owens Corning by 27.4% in 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 in the last quarter. Bank of New York Mellon Corp grew its stake in Owens Corning by 0.7% in the first quarter. Bank of New York Mellon Corp now owns 865,665 shares of the construction company's stock valued at $123,634,000 after purchasing an additional 5,819 shares in the last quarter. Finally, First Trust Advisors LP grew its stake in Owens Corning by 20.7% in 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 in the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on OC shares. Loop Capital decreased their price target on Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Barclays decreased their price target on Owens Corning from $179.00 to $167.00 and set an "overweight" rating for the company in a research note on Thursday, May 8th. UBS Group cut their price objective on Owens Corning from $235.00 to $218.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Royal Bank Of Canada cut 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. Finally, Wolfe Research raised Owens Corning from a "peer perform" rating to an "outperform" rating in a research report on Friday, May 9th. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $184.30.

Owens Corning Stock Performance

OC traded down $2.63 during trading on Friday, hitting $147.60. The stock had a trading volume of 668,923 shares, compared to its average volume of 866,092. The company has a 50 day moving average price of $138.56 and a 200-day moving average price of $151.72. The firm has a market cap of $12.55 billion, a price-to-earnings ratio of 51.97, a P/E/G ratio of 3.89 and a beta of 1.33. Owens Corning Inc has a one year low of $123.41 and a one year high of $214.53. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.44 and a quick ratio of 0.93.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The construction company reported $2.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.82 by $0.15. The business had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.52 billion. Owens Corning had a return on equity of 25.03% and a net margin of 2.28%. The firm's quarterly revenue was up 25.4% on a year-over-year basis. During the same period in the previous year, the company posted $3.40 EPS. As a group, research analysts predict that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Monday, July 21st will be paid a $0.69 dividend. The ex-dividend date of this dividend is Monday, July 21st. This represents a $2.76 annualized dividend and a yield of 1.87%. Owens Corning's dividend payout ratio (DPR) is presently 97.18%.

Owens Corning declared that its Board of Directors has authorized a stock buyback plan on Wednesday, May 14th that authorizes the company to repurchase 12,000,000 shares. This repurchase authorization authorizes the construction company to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

About Owens Corning

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.