Pictet Asset Management Ltd. Boosts Stock Position in Owens Corning (NYSE:OC)

Pictet Asset Management Ltd. boosted its stake in shares of Owens Corning (NYSE:OC) by 5.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 89,200 shares of the construction company’s stock after purchasing an additional 4,600 shares during the quarter. Pictet Asset Management Ltd. owned about 0.08% of Owens Corning worth $4,203,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently modified their holdings of the company. Stephens Inc. AR boosted its holdings in Owens Corning by 17.7% in the fourth quarter. Stephens Inc. AR now owns 5,853 shares of the construction company’s stock worth $257,000 after acquiring an additional 880 shares in the last quarter. Vanguard Group Inc boosted its holdings in Owens Corning by 0.6% in the third quarter. Vanguard Group Inc now owns 9,479,115 shares of the construction company’s stock worth $514,432,000 after acquiring an additional 58,689 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in Owens Corning by 31.1% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 48,549 shares of the construction company’s stock worth $2,135,000 after acquiring an additional 11,526 shares in the last quarter. Castleark Management LLC acquired a new stake in Owens Corning in the fourth quarter worth about $4,265,000. Finally, Weiss Multi Strategy Advisers LLC acquired a new stake in Owens Corning in the fourth quarter worth about $2,524,000. 96.23% of the stock is currently owned by institutional investors.

OC stock traded up $0.36 during trading on Monday, hitting $58.56. 1,558,100 shares of the company traded hands, compared to its average volume of 1,559,740. The stock’s 50-day moving average is $50.90. The company has a current ratio of 1.83, a quick ratio of 0.96 and a debt-to-equity ratio of 0.86. The firm has a market capitalization of $6.32 billion, a P/E ratio of 11.85, a PEG ratio of 1.52 and a beta of 1.30. Owens Corning has a 1 year low of $40.64 and a 1 year high of $67.30.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, April 24th. The construction company reported $0.54 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.02). The company had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.68 billion. Owens Corning had a net margin of 7.07% and a return on equity of 12.10%. The firm’s revenue was down 1.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.80 earnings per share. Research analysts predict that Owens Corning will post 4.67 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 2nd. Shareholders of record on Tuesday, July 16th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.50%. The ex-dividend date of this dividend is Monday, July 15th. Owens Corning’s payout ratio is currently 17.81%.

Several equities research analysts have weighed in on OC shares. ValuEngine raised Owens Corning from a “strong sell” rating to a “sell” rating in a report on Thursday, May 23rd. Seaport Global Securities raised Owens Corning from a “sell” rating to a “neutral” rating in a report on Thursday. Bank of America upgraded Owens Corning from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $58.00 to $72.00 in a research note on Thursday. Stifel Nicolaus cut Owens Corning from a “buy” rating to a “hold” rating and set a $52.45 price objective for the company. in a research note on Wednesday, April 24th. Finally, Nomura restated a “neutral” rating and issued a $48.00 price objective (down from $70.00) on shares of Owens Corning in a research note on Thursday, May 16th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the stock. Owens Corning has an average rating of “Hold” and an average price target of $57.79.

In other Owens Corning news, insider Julian Francis sold 600 shares of the firm’s stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $51.51, for a total value of $30,906.00. Following the sale, the insider now directly owns 76,662 shares of the company’s stock, valued at $3,948,859.62. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Michael H. Thaman sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $51.49, for a total value of $1,544,700.00. Following the completion of the sale, the insider now directly owns 856,240 shares in the company, valued at $44,087,797.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 40,938 shares of company stock worth $2,114,034. 1.70% of the stock is owned by corporate insiders.

Owens Corning Profile

Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential, commercial, and industrial building materials worldwide. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and manufactures and sells glass fiber products in the form of fabrics, non-wovens, and other specialized products.

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Institutional Ownership by Quarter for Owens Corning (NYSE:OC)

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