Pictet Asset Management Holding SA Has $11.53 Million Holdings in Owens Corning Inc $OC

Key Points

• Pictet Asset Management Holding SA cut its stake in Owens Corning by 25.3% in Q4, selling 34,858 shares and ending the period with 103,055 shares valued at $11.53 million (about 0.13% of the company).
• Owens Corning missed Q earnings (EPS $1.10 vs. $1.36 expected) and reported revenue down 16.8% year-over-year with a negative net margin; analysts have a consensus rating of Moderate Buy and a $145.09 price target.
• Institutional investors own 88.40% of the stock; OC trades around $122.58 with a market capitalization of roughly $9.85 billion and a 52-week range of $97.53–$159.42.

Pictet Asset Management Holding SA lessened its holdings in Owens Corning Inc (NYSE:OC - Free Report) by 25.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 103,055 shares of the construction company's stock after selling 34,858 shares during the period. Pictet Asset Management Holding SA owned about 0.13% of Owens Corning worth $11,533,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Pitcairn Co. increased its stake in Owens Corning by 4.6% in the 2nd quarter. Pitcairn Co. now owns 1,821 shares of the construction company's stock valued at $250,000 after buying an additional 80 shares during the last quarter. Archer Investment Corp increased its stake in Owens Corning by 13.3% in the 3rd quarter. Archer Investment Corp now owns 748 shares of the construction company's stock valued at $106,000 after buying an additional 88 shares during the last quarter. Pallas Capital Advisors LLC increased its stake in Owens Corning by 2.7% in the 4th quarter. Pallas Capital Advisors LLC now owns 3,997 shares of the construction company's stock valued at $447,000 after buying an additional 104 shares during the last quarter. Park Avenue Securities LLC increased its stake in Owens Corning by 7.2% in the 3rd quarter. Park Avenue Securities LLC now owns 1,652 shares of the construction company's stock valued at $234,000 after buying an additional 111 shares during the last quarter. Finally, NorthCrest Asset Manangement LLC increased its stake in Owens Corning by 0.8% in the 4th quarter. NorthCrest Asset Manangement LLC now owns 14,303 shares of the construction company's stock valued at $1,626,000 after buying an additional 117 shares during the last quarter. Institutional investors and hedge funds own 88.40% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have commented on OC shares. Evercore set a $130.00 price objective on shares of Owens Corning in a research note on Friday, April 24th. Citigroup decreased their price objective on shares of Owens Corning from $137.00 to $135.00 and set a "buy" rating for the company in a research note on Thursday, January 8th. Royal Bank Of Canada set a $143.00 price objective on shares of Owens Corning in a research note on Friday, January 9th. Wells Fargo & Company increased their price objective on shares of Owens Corning from $125.00 to $135.00 and gave the company an "overweight" rating in a research note on Thursday, April 16th. Finally, Weiss Ratings reiterated a "sell (d+)" rating on shares of Owens Corning in a research note on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $145.09.

Owens Corning Trading Down 0.6%

NYSE:OC opened at $122.58 on Friday. The company has a market cap of $9.85 billion, a P/E ratio of -19.15, a P/E/G ratio of 2.08 and a beta of 1.35. The stock's fifty day moving average price is $114.25 and its two-hundred day moving average price is $117.17. Owens Corning Inc has a 1 year low of $97.53 and a 1 year high of $159.42. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.26 and a quick ratio of 0.70.

Owens Corning (NYSE:OC - Get Free Report) last posted its earnings results on Wednesday, February 25th. The construction company reported $1.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.36 by ($0.26). Owens Corning had a positive return on equity of 21.93% and a negative net margin of 5.17%.The company had revenue of $2.14 billion for the quarter, compared to analysts' expectations of $2.17 billion. During the same quarter in the prior year, the company earned $3.22 EPS. The company's revenue was down 16.8% on a year-over-year basis. As a group, analysts expect that Owens Corning Inc will post 9.45 EPS for the current year.

Owens Corning Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 9th. Stockholders of record on Monday, March 9th were given a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date was Monday, March 9th. Owens Corning's payout ratio is -49.38%.

Owens Corning Company Profile

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company's core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.

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