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

Banque Pictet & Cie SA cut its stake in shares of Owens Corning Inc (NYSE:OC - Free Report) by 2.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 181,208 shares of the construction company's stock after selling 5,299 shares during the quarter. Banque Pictet & Cie SA owned approximately 0.21% of Owens Corning worth $25,880,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in OC. Assetmark Inc. grew its holdings in shares of Owens Corning by 195.1% during the fourth quarter. Assetmark Inc. now owns 239 shares of the construction company's stock valued at $41,000 after purchasing an additional 158 shares during the last quarter. Bessemer Group Inc. grew its holdings in Owens Corning by 45.5% in the 4th quarter. Bessemer Group Inc. now owns 339 shares of the construction company's stock worth $57,000 after buying an additional 106 shares in the last quarter. Wayfinding Financial LLC bought a new position in Owens Corning in the 1st quarter worth approximately $60,000. Covestor Ltd grew its holdings in Owens Corning by 15.7% in the 4th quarter. Covestor Ltd now owns 464 shares of the construction company's stock worth $79,000 after buying an additional 63 shares in the last quarter. Finally, Palouse Capital Management Inc. grew its holdings in Owens Corning by 50.0% in the 1st quarter. Palouse Capital Management Inc. now owns 786 shares of the construction company's stock worth $112,000 after buying an additional 262 shares in the last quarter. 88.40% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

OC has been the subject of a number of recent analyst reports. Wolfe Research raised Owens Corning from a "peer perform" rating to an "outperform" rating in a report on Friday, May 9th. Barclays decreased their price objective on Owens Corning from $179.00 to $167.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. Loop Capital decreased their price objective on Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Evercore ISI set a $165.00 price objective on Owens Corning in a report on Thursday, May 15th. Finally, Wells Fargo & Company increased their price objective on Owens Corning from $160.00 to $165.00 and gave the stock an "overweight" rating in a report on Tuesday. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, Owens Corning currently has an average rating of "Moderate Buy" and a consensus target price of $184.30.

Owens Corning Price Performance

Shares of OC traded down $2.63 during trading hours on Friday, hitting $147.60. 668,923 shares of the company were exchanged, compared to its average volume of 864,975. The company has a market capitalization of $12.55 billion, a PE ratio of 51.97, a PEG ratio of 3.97 and a beta of 1.33. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.44 and a quick ratio of 0.93. The firm has a fifty day simple moving average of $138.56 and a 200-day simple moving average of $151.86. Owens Corning Inc has a one year low of $123.41 and a one year high of $214.53.

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

Owens Corning Announces Dividend

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

Owens Corning announced that its board has authorized a stock repurchase program on Wednesday, May 14th that authorizes the company to buyback 12,000,000 shares. This buyback authorization authorizes the construction company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company's leadership believes its stock is 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.