Franklin Resources Inc. Acquires 22,500 Shares of Owens Corning (NYSE:OC)

Franklin Resources Inc. boosted its holdings in Owens Corning (NYSE:OC) by 5.3% during the 3rd quarter, Holdings Channel reports. The firm owned 444,748 shares of the construction company’s stock after acquiring an additional 22,500 shares during the period. Franklin Resources Inc.’s holdings in Owens Corning were worth $83,381,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Innealta Capital LLC purchased a new stake in shares of Owens Corning during the 2nd quarter worth approximately $32,000. Tobam increased its position in Owens Corning by 115.7% in the second quarter. Tobam now owns 192 shares of the construction company’s stock worth $33,000 after buying an additional 103 shares during the last quarter. Brooklyn Investment Group bought a new stake in shares of Owens Corning in the third quarter valued at $38,000. Quarry LP lifted its position in shares of Owens Corning by 165.5% during the 2nd quarter. Quarry LP now owns 231 shares of the construction company’s stock valued at $40,000 after buying an additional 144 shares during the last quarter. Finally, Blue Trust Inc. grew its stake in shares of Owens Corning by 46.2% during the 2nd quarter. Blue Trust Inc. now owns 367 shares of the construction company’s stock worth $61,000 after acquiring an additional 116 shares during the period. Institutional investors own 88.40% of the company’s stock.

Wall Street Analysts Forecast Growth

OC has been the topic of a number of research reports. The Goldman Sachs Group boosted their price objective on Owens Corning from $178.00 to $198.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. StockNews.com raised shares of Owens Corning from a “hold” rating to a “buy” rating in a research report on Saturday, November 9th. Royal Bank of Canada lifted their price objective on shares of Owens Corning from $213.00 to $217.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Wells Fargo & Company boosted their target price on shares of Owens Corning from $175.00 to $195.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Finally, UBS Group raised their price target on Owens Corning from $197.00 to $218.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $198.33.

Owens Corning Price Performance

Owens Corning stock opened at $185.27 on Tuesday. The stock has a market cap of $15.89 billion, a price-to-earnings ratio of 15.77, a PEG ratio of 2.14 and a beta of 1.42. The company has a quick ratio of 0.85, a current ratio of 1.44 and a debt-to-equity ratio of 0.89. The business has a 50-day simple moving average of $191.40 and a 200 day simple moving average of $178.03. Owens Corning has a 52 week low of $138.70 and a 52 week high of $214.53.

Owens Corning (NYSE:OC) last issued its quarterly earnings results on Wednesday, November 6th. The construction company reported $4.38 EPS for the quarter, topping analysts’ consensus estimates of $4.05 by $0.33. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The firm had revenue of $3.05 billion for the quarter, compared to analyst estimates of $3.04 billion. During the same quarter in the prior year, the firm earned $4.15 EPS. The business’s revenue for the quarter was up 22.9% compared to the same quarter last year. On average, research analysts forecast that Owens Corning will post 15.46 earnings per share for the current fiscal year.

Owens Corning Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Monday, January 6th will be paid a $0.69 dividend. This is a boost from Owens Corning’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Monday, January 6th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.49%. Owens Corning’s dividend payout ratio is 20.43%.

Insider Buying and Selling

In other Owens Corning news, insider Marcio A. Sandri sold 3,051 shares of the stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $176.50, for a total transaction of $538,501.50. Following the completion of the sale, the insider now owns 57,079 shares of the company’s stock, valued at $10,074,443.50. This represents a 5.07 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.89% of the stock is owned by corporate insiders.

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.