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

Key Points

• Banque Pictet & Cie SA cut its Owens Corning stake by 77.9% in the third quarter, selling 398,161 shares and retaining 112,810 shares worth approximately $13.2 million. Institutional investors collectively own 88.4% of the company.
• Analyst sentiment is mixed, with Owens Corning holding an overall “Hold” rating and an average price target of $141.57. Targets range from $115 to $177, while ratings include two Strong Buys, seven Buys, five Holds and four Sells.
• Owens Corning reported quarterly earnings of $3.93 per share, beating estimates of $3.09, on revenue of $2.76 billion. The company also declared a quarterly dividend of $0.79 per share, equivalent to a 2.8% annualized yield.

Banque Pictet & Cie SA lowered its position in shares of Owens Corning Inc (NYSE:OC - Free Report) by 77.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 112,810 shares of the construction company's stock after selling 398,161 shares during the period. Banque Pictet & Cie SA owned 0.14% of Owens Corning worth $13,169,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of OC. Tiptree Advisors LLC purchased a new stake in Owens Corning in the second quarter valued at $11,445,000. Louisiana State Employees Retirement System purchased a new position in shares of Owens Corning during the first quarter worth about $2,576,000. Nykredit A S purchased a new position in shares of Owens Corning during the second quarter worth about $166,083,000. Bank of America Corp DE purchased a new position in shares of Owens Corning during the second quarter worth about $133,685,000. Finally, Cibc World Market Inc. acquired a new stake in shares of Owens Corning during the second quarter worth about $4,578,000. Hedge funds and other institutional investors own 88.40% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. DA Davidson set a $143.00 price objective on shares of Owens Corning in a research note on Friday, October 9th. Citigroup raised their price target on Owens Corning from $149.00 to $177.00 and gave the stock a "buy" rating in a report on Friday, August 7th. Truist Financial dropped their price target on Owens Corning from $140.00 to $115.00 and set a "hold" rating on the stock in a research report on Thursday, October 8th. Benchmark reaffirmed a "hold" rating on shares of Owens Corning in a research note on Wednesday, July 15th. Finally, Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Owens Corning in a research note on Monday, September 21st. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, five have issued a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $141.57.

Insider Buying and Selling at Owens Corning

In related news, insider Rachel Barthelemy Marcon sold 900 shares of Owens Corning stock in a transaction on Friday, August 28th. The shares were sold at an average price of $144.07, for a total transaction of $129,663.00. Following the transaction, the insider owned 21,449 shares in the company, valued at approximately $3,090,157.43. The trade was a 4.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.92% of the company's stock.

Owens Corning Stock Performance

NYSE:OC opened at $112.79 on Friday. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.16 and a quick ratio of 0.67. The firm has a market cap of $8.92 billion, a PE ratio of -13.99, a P/E/G ratio of 2.63 and a beta of 1.32. The firm has a 50 day simple moving average of $131.60 and a 200-day simple moving average of $129.17. Owens Corning Inc has a 1-year low of $97.53 and a 1-year high of $159.91.

Owens Corning (NYSE:OC - Get Free Report) last released its earnings results on Wednesday, August 5th. The construction company reported $3.93 EPS for the quarter, beating the consensus estimate of $3.09 by $0.84. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%. The firm had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.66 billion. During the same period in the prior year, the firm posted $4.21 earnings per share. The business's quarterly revenue was up .3% compared to the same quarter last year. On average, equities analysts expect that Owens Corning Inc will post 9.59 EPS for the current year.

Owens Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 5th. Stockholders of record on Monday, October 19th will be paid a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Monday, October 19th. Owens Corning's dividend payout ratio (DPR) is currently -39.21%.

Owens Corning Company Profile

Owens Corning NYSE: OC is a global building materials company that develops and manufactures products used in residential, commercial and industrial construction. Its portfolio includes insulation, roofing and composite materials designed to improve energy efficiency, weather protection, durability and structural performance.

The company's insulation business offers products such as fiberglass and mineral wool insulation, along with related air-sealing and acoustic solutions. Its roofing operations produce shingles, underlayment and other components for residential and commercial roofing systems.

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