Banque Pictet & Cie SA Purchases New Position in Owens Corning (NYSE:OC)

Banque Pictet & Cie SA acquired a new stake in shares of Owens Corning (NYSE:OC) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 186,507 shares of the construction company’s stock, valued at approximately $31,766,000. Banque Pictet & Cie SA owned 0.22% of Owens Corning at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in OC. JPMorgan Chase & Co. raised its position in Owens Corning by 113.9% during the third quarter. JPMorgan Chase & Co. now owns 797,743 shares of the construction company’s stock valued at $140,818,000 after purchasing an additional 424,786 shares during the period. Pacer Advisors Inc. raised its holdings in shares of Owens Corning by 16.4% in the third quarter. Pacer Advisors Inc. now owns 1,854,100 shares of the construction company’s stock worth $327,286,000 after buying an additional 261,564 shares during the period. Goldentree Asset Management LP purchased a new stake in shares of Owens Corning in the third quarter worth approximately $43,559,000. Nordea Investment Management AB raised its holdings in shares of Owens Corning by 12.5% in the fourth quarter. Nordea Investment Management AB now owns 2,148,610 shares of the construction company’s stock worth $366,166,000 after buying an additional 238,694 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec raised its holdings in shares of Owens Corning by 31.6% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 824,013 shares of the construction company’s stock worth $145,455,000 after buying an additional 197,667 shares during the period. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Owens Corning

In other Owens Corning news, insider Monaco Nicolas Del sold 1,750 shares of Owens Corning stock in a transaction dated 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 sale, the insider now owns 11,635 shares of the company’s stock, valued at approximately $2,140,490.95. The trade was a 13.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Gunner Smith sold 17,450 shares of Owens Corning stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $191.19, for a total value of $3,336,265.50. Following the sale, the insider now directly owns 18,866 shares of the company’s stock, valued at approximately $3,606,990.54. This represents a 48.05 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.89% of the company’s stock.

Owens Corning Stock Up 1.1 %

Owens Corning stock opened at $178.33 on Friday. 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 capitalization of $15.30 billion, a price-to-earnings ratio of 15.18, a PEG ratio of 2.01 and a beta of 1.46. Owens Corning has a 1-year low of $138.70 and a 1-year high of $214.53. The business has a fifty day moving average price of $180.11 and a 200-day moving average price of $178.77.

Owens Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.55%. Owens Corning’s payout ratio is 23.49%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Royal Bank of Canada increased their price target on Owens Corning from $213.00 to $217.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. UBS Group increased their price objective on Owens Corning from $197.00 to $218.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Citigroup dropped their price objective on Owens Corning from $212.00 to $207.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. The Goldman Sachs Group increased their price objective on Owens Corning from $178.00 to $198.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Finally, Barclays raised Owens Corning from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $192.00 to $245.00 in a research note on Wednesday, December 11th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $201.75.

Owens Corning 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.