Bank Pictet & Cie Europe AG cut its stake in Owens Corning Inc (NYSE:OC – Free Report) by 79.9% in the 3rd quarter, HoldingsChannel reports. The fund owned 62,787 shares of the construction company’s stock after selling 249,386 shares during the period. Bank Pictet & Cie Europe AG’s holdings in Owens Corning were worth $7,330,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in OC. First Pacific Financial raised its holdings in Owens Corning by 2.3% during the first quarter. First Pacific Financial now owns 3,749 shares of the construction company’s stock worth $406,000 after purchasing an additional 85 shares in the last quarter. Fifth Third Wealth Advisors LLC boosted its stake in Owens Corning by 2.9% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 3,170 shares of the construction company’s stock valued at $343,000 after purchasing an additional 90 shares in the last quarter. Basecamp Wealth Advisors LLC increased its position in shares of Owens Corning by 3.0% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 3,317 shares of the construction company’s stock valued at $359,000 after purchasing an additional 97 shares during the period. HM Payson & Co. increased its position in shares of Owens Corning by 203.6% during the 2nd quarter. HM Payson & Co. now owns 167 shares of the construction company’s stock valued at $27,000 after purchasing an additional 112 shares during the period. Finally, V Square Quantitative Management LLC raised its stake in shares of Owens Corning by 26.9% in the 3rd quarter. V Square Quantitative Management LLC now owns 556 shares of the construction company’s stock worth $65,000 after buying an additional 118 shares in the last quarter. Institutional investors and hedge funds own 88.40% of the company’s stock.
Insider Transactions at Owens Corning
In other news, insider Rachel Barthelemy Marcon sold 900 shares of the stock in a transaction on Friday, August 28th. The stock was sold at an average price of $144.07, for a total value of $129,663.00. Following the completion of the sale, the insider owned 21,449 shares in the company, valued at $3,090,157.43. This represents a 4.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is currently owned by company insiders.
Owens Corning Trading Up 1.8%
OC stock traded up $1.93 during mid-day trading on Tuesday, reaching $111.94. 268,882 shares of the stock traded hands, compared to its average volume of 1,228,886. Owens Corning Inc has a 52-week low of $97.53 and a 52-week high of $159.91. The stock’s fifty day moving average is $130.73 and its 200-day moving average is $129.36. The company has a market cap of $8.85 billion, a P/E ratio of -13.90, a P/E/G ratio of 2.61 and a beta of 1.32. The company has a current ratio of 1.16, a quick ratio of 0.67 and a debt-to-equity ratio of 1.10.
Owens Corning (NYSE:OC – Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.09 by $0.84. Owens Corning had a negative net margin of 6.81% and a positive return on equity of 20.52%. The business had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.66 billion. During the same quarter in the previous year, the business earned $4.21 earnings per share. The firm’s revenue was up .3% compared to the same quarter last year. As a group, sell-side analysts expect that Owens Corning Inc will post 9.59 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, November 5th. Shareholders of record on Monday, October 19th will be paid a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Monday, October 19th. Owens Corning’s payout ratio is -39.21%.
Analysts Set New Price Targets
OC has been the subject of several research analyst reports. DA Davidson set a $143.00 price objective on Owens Corning in a report on Friday, October 9th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Owens Corning in a research report on Monday, September 21st. Citigroup upped their price target on shares of Owens Corning from $149.00 to $177.00 and gave the company a “buy” rating in a report on Friday, August 7th. Royal Bank Of Canada downgraded shares of Owens Corning from an “outperform” rating to a “sector perform” rating and cut their price target for the company from $172.00 to $127.00 in a report on Wednesday, October 7th. Finally, Zacks Research lowered shares of Owens Corning from a “strong-buy” rating to a “strong sell” rating in a research report on Monday, October 12th. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have issued a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $141.57.
Read Our Latest Stock Analysis on Owens Corning
Owens Corning Profile
Owens Corning (NYSE:OC) is a global building materials company that develops and manufactures products used in residential, commercial and industrial construction. Its offerings are designed to improve energy efficiency, weather protection, durability and comfort in buildings.
The company’s primary businesses include roofing, insulation and doors. Its products include asphalt roofing shingles and components, fiberglass and mineral wool insulation, and residential and commercial door systems.
Read More
- Five stocks we like better than Owens Corning
- IonQ’s Bold Expansion Could Leave Shareholders Paying the Price
- Powering Up: Applied Digital Execs Buy $6.7M in Stock
- Chip Stocks Are Sliding—Why Is Smart Money Buying?
- Adults Are Fueling a Toy Boom—These 4 Stocks Could Cash In
Want to see what other hedge funds are holding OC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Owens Corning Inc (NYSE:OC – Free Report).
Receive News & Ratings for Owens Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Owens Corning and related companies with MarketBeat.com's FREE daily email newsletter.
