Franklin Resources Inc. Has $83.38 Million Position in Owens Corning (NYSE:OC)

Franklin Resources Inc. increased its position in shares of Owens Corning (NYSE:OC) by 5.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 444,748 shares of the construction company’s stock after acquiring an additional 22,500 shares during the period. Franklin Resources Inc. owned about 0.52% of Owens Corning worth $83,381,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Point72 Asset Management L.P. boosted its holdings in shares of Owens Corning by 168.3% during the 2nd quarter. Point72 Asset Management L.P. now owns 741,262 shares of the construction company’s stock valued at $128,772,000 after acquiring an additional 464,981 shares in the last quarter. Pacer Advisors Inc. grew its holdings in Owens Corning by 38.9% during the 2nd quarter. Pacer Advisors Inc. now owns 1,592,536 shares of the construction company’s stock worth $276,655,000 after acquiring an additional 446,073 shares during the last quarter. Panagora Asset Management Inc. increased its position in Owens Corning by 2,813.6% in the 2nd quarter. Panagora Asset Management Inc. now owns 378,856 shares of the construction company’s stock valued at $65,815,000 after acquiring an additional 365,853 shares during the period. Goldentree Asset Management LP bought a new position in shares of Owens Corning during the third quarter valued at $43,559,000. Finally, Kimelman & Baird LLC acquired a new position in shares of Owens Corning during the second quarter worth $35,970,000. 88.40% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on OC. Barclays raised Owens Corning from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $192.00 to $245.00 in a research report on Wednesday, December 11th. UBS Group increased their target price on shares of Owens Corning from $197.00 to $218.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. The Goldman Sachs Group boosted their price target on shares of Owens Corning from $178.00 to $198.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Evercore ISI lifted their target price on shares of Owens Corning from $189.00 to $196.00 and gave the stock an “in-line” rating in a research note on Thursday, November 7th. Finally, Royal Bank of Canada upped their price target on shares of Owens Corning from $213.00 to $217.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Owens Corning presently has an average rating of “Moderate Buy” and an average price target of $198.33.

Owens Corning Stock Down 3.2 %

OC stock opened at $185.27 on Tuesday. The stock’s 50 day simple moving average is $191.40 and its 200 day simple moving average is $178.03. The company has a market cap of $15.89 billion, a P/E ratio of 15.77, a price-to-earnings-growth ratio of 2.14 and a beta of 1.42. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44. Owens Corning has a fifty-two week low of $138.70 and a fifty-two week high of $214.53.

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

Owens Corning Increases Dividend

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

Insider Activity at Owens Corning

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

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.