Owens Corning Inc $OC Stock Holdings Decreased by Banque Pictet & Cie SA

Key Points

• Banque Pictet & Cie SA reduced its holdings in Owens Corning Inc by 10.0%, selling 18,196 shares to now own 163,012 shares valued at approximately $22.4 million.
• Owens Corning reported $4.21 EPS for the last quarter, exceeding analyst expectations, with revenue increasing 10.0% year-over-year.
• The company announced a quarterly dividend of $0.69 per share, with a dividend yield of 2.0%, set to be paid on November 6th.

Banque Pictet & Cie SA reduced its position in Owens Corning Inc (NYSE:OC - Free Report) by 10.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 163,012 shares of the construction company's stock after selling 18,196 shares during the period. Banque Pictet & Cie SA owned about 0.19% of Owens Corning worth $22,417,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in OC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Owens Corning by 13.1% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 733 shares of the construction company's stock worth $125,000 after acquiring an additional 85 shares in the last quarter. Toronto Dominion Bank increased its position in shares of Owens Corning by 6.2% in the fourth quarter. Toronto Dominion Bank now owns 11,702 shares of the construction company's stock worth $1,993,000 after acquiring an additional 679 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Owens Corning during the fourth quarter worth approximately $25,218,000. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Owens Corning by 5.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 7,162 shares of the construction company's stock worth $1,220,000 after purchasing an additional 369 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in shares of Owens Corning by 12,013.1% during the first quarter. GAMMA Investing LLC now owns 244,079 shares of the construction company's stock worth $34,859,000 after purchasing an additional 242,064 shares during the period. 88.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

OC has been the subject of several research reports. Barclays raised their price target on shares of Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. UBS Group decreased their price target on shares of Owens Corning from $218.00 to $210.00 and set a "buy" rating for the company in a report on Thursday, August 7th. Wells Fargo & Company raised their price target on shares of Owens Corning from $170.00 to $175.00 and gave the stock an "overweight" rating in a report on Thursday, September 11th. Royal Bank Of Canada decreased their price target on shares of Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a report on Thursday, August 7th. Finally, Evercore ISI raised their price target on shares of Owens Corning from $165.00 to $169.00 and gave the stock an "in-line" rating in a report on Friday, August 8th. Eight research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $185.10.

Owens Corning Price Performance

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 stock has a market capitalization of $11.70 billion, a PE ratio of 36.35, a price-to-earnings-growth ratio of 10.15 and a beta of 1.32. The company has a 50 day moving average price of $147.64 and a two-hundred day moving average price of $142.54. Owens Corning Inc has a 12-month low of $123.40 and a 12-month high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last posted its earnings results on Wednesday, August 6th. The construction company reported $4.21 earnings per share (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 analysts' expectations of $2.70 billion. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. The company's revenue was up 10.0% compared to the same quarter last year. During the same period in the previous year, the company earned $4.64 earnings per share. As a group, equities analysts predict that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

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

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.

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