Owens Corning (NYSE:OC) Stake Boosted by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA raised its position in shares of Owens Corning (NYSE:OC) by 4.4% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 138,592 shares of the construction company’s stock after buying an additional 5,826 shares during the period. Pictet Asset Management Holding SA’s holdings in Owens Corning were worth $23,605,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in OC. State Street Corp lifted its position in shares of Owens Corning by 4.7% in the 3rd quarter. State Street Corp now owns 4,181,421 shares of the construction company’s stock valued at $738,104,000 after acquiring an additional 187,001 shares in the last quarter. Nordea Investment Management AB raised its stake in Owens Corning by 12.5% during the 4th quarter. Nordea Investment Management AB now owns 2,148,610 shares of the construction company’s stock valued at $366,166,000 after purchasing an additional 238,694 shares during the period. Norges Bank purchased a new stake in shares of Owens Corning in the fourth quarter valued at $208,519,000. JPMorgan Chase & Co. boosted its position in shares of Owens Corning by 113.9% in the third quarter. JPMorgan Chase & Co. now owns 797,743 shares of the construction company’s stock worth $140,818,000 after buying an additional 424,786 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Owens Corning by 3.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 727,275 shares of the construction company’s stock valued at $128,379,000 after buying an additional 24,522 shares in the last quarter. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

OC has been the subject of several research analyst reports. UBS Group reduced their price objective on Owens Corning from $245.00 to $235.00 and set a “buy” rating for the company in a research note on Tuesday, February 25th. Benchmark reissued a “hold” rating on shares of Owens Corning in a research report on Monday, March 3rd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $212.00 price objective on shares of Owens Corning in a research report on Monday, March 17th. StockNews.com downgraded shares of Owens Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Finally, Barclays lowered their price target on shares of Owens Corning from $245.00 to $215.00 and set an “overweight” rating on the stock in a report on Wednesday, February 26th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $204.18.

Owens Corning Price Performance

NYSE:OC opened at $142.81 on Tuesday. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85. The stock has a market cap 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 fifty day moving average price of $163.83 and a 200 day moving average price of $176.26. Owens Corning has a one year low of $137.50 and a one year high of $214.53.

Owens Corning (NYSE:OC) last released its earnings results on Monday, February 24th. The construction company reported $3.22 earnings per share for the quarter, beating the consensus estimate of $2.87 by $0.35. The business had revenue of $2.84 billion during the quarter, compared to analysts’ expectations of $2.88 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The firm’s revenue was up 23.3% on a year-over-year basis. During the same quarter last year, the company earned $3.21 earnings per share. Analysts anticipate that Owens Corning will post 15.49 earnings per share for the current year.

Owens Corning Announces Dividend

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

Owens Corning Company 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.