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

Franklin Resources Inc. grew its holdings in Owens Corning (NYSE:OC - Free Report) by 5.3% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 444,748 shares of the construction company's stock after purchasing an additional 22,500 shares during the period. Franklin Resources Inc. owned approximately 0.52% of Owens Corning worth $83,381,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Innealta Capital LLC acquired a new stake in Owens Corning in the second quarter valued at approximately $32,000. Tobam grew its position in Owens Corning by 115.7% during the 2nd quarter. Tobam now owns 192 shares of the construction company's stock worth $33,000 after acquiring an additional 103 shares during the last quarter. Brooklyn Investment Group acquired a new position in Owens Corning in the 3rd quarter worth about $38,000. Quarry LP raised its position in Owens Corning by 165.5% in the second quarter. Quarry LP now owns 231 shares of the construction company's stock valued at $40,000 after purchasing an additional 144 shares during the last quarter. Finally, Blue Trust Inc. boosted its stake in shares of Owens Corning by 46.2% during the second quarter. Blue Trust Inc. now owns 367 shares of the construction company's stock valued at $61,000 after purchasing an additional 116 shares in the last quarter. Institutional investors and hedge funds own 88.40% of the company's stock.

Analyst Ratings Changes

OC has been the subject of several recent research reports. Wells Fargo & Company raised Owens Corning from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $195.00 to $225.00 in a research note on Tuesday. Royal Bank of Canada raised their price target 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. StockNews.com upgraded shares of Owens Corning from a "hold" rating to a "buy" rating in a report on Saturday, November 9th. The Goldman Sachs Group increased their price objective on Owens Corning from $178.00 to $198.00 and gave the company a "neutral" rating in a report on Thursday, November 7th. Finally, UBS Group lifted their target price on Owens Corning from $197.00 to $218.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Owens Corning has a consensus rating of "Moderate Buy" and an average price target of $200.83.

Owens Corning Trading Down 1.1 %

Shares of Owens Corning stock traded down $2.05 on Tuesday, hitting $183.21. 1,074,860 shares of the company's stock traded hands, compared to its average volume of 696,520. The company has a market capitalization of $15.72 billion, a price-to-earnings ratio of 15.77, a price-to-earnings-growth ratio of 2.14 and a beta of 1.42. The company has a fifty day moving average of $191.40 and a two-hundred day moving average of $178.03. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85. Owens Corning has a one year low of $138.70 and a one year high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The construction company reported $4.38 EPS for the quarter, topping the consensus estimate of $4.05 by $0.33. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The company had revenue of $3.05 billion during the quarter, compared to the consensus estimate of $3.04 billion. During the same quarter last year, the firm posted $4.15 EPS. The company's quarterly revenue was up 22.9% on a year-over-year basis. As a group, sell-side analysts expect that Owens Corning will post 15.46 earnings per share for the current year.

Owens Corning Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Monday, January 6th will be issued a dividend of $0.69 per share. The ex-dividend date of this dividend is Monday, January 6th. This represents a $2.76 annualized dividend and a dividend yield of 1.51%. 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 Transactions 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 shares were sold at an average price of $176.50, for a total value of $538,501.50. Following the transaction, the insider now directly owns 57,079 shares of the company's stock, valued at approximately $10,074,443.50. This trade represents a 5.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Gunner Smith sold 17,450 shares of Owens Corning stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $191.19, for a total transaction of $3,336,265.50. Following the transaction, the insider now owns 18,866 shares of the company's stock, valued at $3,606,990.54. This represents a 48.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.89% of the company's stock.

About Owens Corning

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.