Owens Corning (NYSE:OC) Shares Bought by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA grew its stake in Owens Corning (NYSE:OC) by 4.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 138,592 shares of the construction company’s stock after purchasing an additional 5,826 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.16% of Owens Corning worth $23,605,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the stock. Norges Bank acquired a new stake in Owens Corning during the fourth quarter valued at approximately $208,519,000. JPMorgan Chase & Co. raised its position in shares of Owens Corning by 113.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 797,743 shares of the construction company’s stock valued at $140,818,000 after acquiring an additional 424,786 shares in the last quarter. Raymond James Financial Inc. bought a new position in Owens Corning during the fourth quarter worth $51,220,000. Nordea Investment Management AB lifted its stake in Owens Corning by 12.5% during the fourth quarter. Nordea Investment Management AB now owns 2,148,610 shares of the construction company’s stock worth $366,166,000 after purchasing an additional 238,694 shares during the last quarter. Finally, LGT Group Foundation acquired a new position in Owens Corning in the fourth quarter worth $39,054,000. Institutional investors own 88.40% of the company’s stock.

Insider Buying and Selling

In related news, insider Monaco Nicolas Del sold 1,750 shares of the stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $183.97, for a total transaction of $321,947.50. Following the completion of the sale, the insider now directly owns 11,635 shares of the company’s stock, valued at $2,140,490.95. This represents a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.82% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. StockNews.com downgraded shares of Owens Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Wells Fargo & Company cut their target price on shares of Owens Corning from $225.00 to $200.00 and set an “overweight” rating on the stock in a report on Tuesday, February 25th. Barclays lowered their target price on Owens Corning from $245.00 to $215.00 and set an “overweight” rating for the company in a report on Wednesday, February 26th. Royal Bank of Canada reissued an “outperform” rating and issued a $212.00 price target on shares of Owens Corning in a report on Monday, March 17th. Finally, Loop Capital lowered their price objective on Owens Corning from $215.00 to $210.00 and set a “buy” rating for the company in a research note on Friday, January 10th. Five investment 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 a consensus rating of “Moderate Buy” and a consensus price target of $204.18.

Owens Corning Stock Performance

OC stock opened at $142.81 on Tuesday. The company has a 50-day simple moving average of $163.83 and a 200 day simple moving average of $176.26. The company has a market capitalization of $12.22 billion, a P/E ratio of 12.15, a PEG ratio of 1.88 and a beta of 1.52. The company has a quick ratio of 0.85, a current ratio of 1.44 and a debt-to-equity ratio of 0.89. Owens Corning has a fifty-two week low of $137.50 and a fifty-two week high of $214.53.

Owens Corning (NYSE:OC) last posted its quarterly earnings data on Monday, February 24th. The construction company reported $3.22 EPS for the quarter, beating analysts’ consensus estimates of $2.87 by $0.35. The business had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.88 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The business’s revenue for the quarter was up 23.3% on a year-over-year basis. During the same quarter last year, the business earned $3.21 earnings per share. Sell-side analysts predict that Owens Corning will post 15.49 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 10th will be issued a $0.69 dividend. The ex-dividend date is Monday, March 10th. This represents a $2.76 annualized dividend and a dividend yield of 1.93%. Owens Corning’s dividend payout ratio (DPR) is 37.70%.

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.