Franklin Resources Inc. Sells 110,100 Shares of Owens Corning (NYSE:OC)

Franklin Resources Inc. trimmed its holdings in Owens Corning (NYSE:OC) by 24.8% during the fourth quarter, Holdings Channel reports. The institutional investor owned 334,648 shares of the construction company’s stock after selling 110,100 shares during the quarter. Franklin Resources Inc.’s holdings in Owens Corning were worth $56,997,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in OC. State Street Corp lifted its position in Owens Corning by 4.7% in the 3rd quarter. State Street Corp now owns 4,181,421 shares of the construction company’s stock valued at $738,104,000 after acquiring an additional 187,001 shares in the last quarter. Nordea Investment Management AB raised its stake 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 purchasing an additional 238,694 shares during the last quarter. Norges Bank bought a new position in shares of Owens Corning in the fourth quarter valued at approximately $208,519,000. JPMorgan Chase & Co. boosted its position in shares of 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 buying an additional 424,786 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Owens Corning by 2.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 640,506 shares of the construction company’s stock worth $109,091,000 after buying an additional 16,958 shares in the last quarter. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Owens Corning Stock Down 6.7 %

Shares of NYSE OC opened at $137.31 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 $11.75 billion, a PE ratio of 11.69, a P/E/G ratio of 1.88 and a beta of 1.52. Owens Corning has a one year low of $134.08 and a one year high of $214.53. The business’s fifty day moving average price is $161.14 and its 200-day moving average price is $175.64.

Owens Corning (NYSE:OC) last issued its earnings results on Monday, February 24th. The construction company reported $3.22 earnings per share for the quarter, topping analysts’ consensus estimates of $2.87 by $0.35. The firm had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.88 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The company’s quarterly revenue was up 23.3% on a year-over-year basis. During the same quarter last year, the business earned $3.21 earnings per share. On average, equities research analysts anticipate that Owens Corning will post 15.49 EPS for the current year.

Owens Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 10th will be paid a $0.69 dividend. The ex-dividend date of this dividend is Monday, March 10th. This represents a $2.76 dividend on an annualized basis and a yield of 2.01%. Owens Corning’s dividend payout ratio is 37.70%.

Insider Buying and Selling 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 transaction, the insider now owns 11,635 shares of the company’s stock, valued at $2,140,490.95. The trade was a 13.07 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.82% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Royal Bank of Canada restated an “outperform” rating and set a $212.00 price objective on shares of Owens Corning in a research note on Monday, March 17th. Barclays cut their price target on shares of Owens Corning from $245.00 to $215.00 and set an “overweight” rating on the stock in a report on Wednesday, February 26th. Wells Fargo & Company decreased their price objective on shares of Owens Corning from $225.00 to $200.00 and set an “overweight” rating for the company in a research note on Tuesday, February 25th. Deutsche Bank Aktiengesellschaft started coverage on shares of Owens Corning in a research report on Tuesday. They set a “buy” rating and a $183.00 target price on the stock. Finally, JPMorgan Chase & Co. decreased their price target on Owens Corning from $200.00 to $176.00 and set a “neutral” rating for the company in a research report on Tuesday, March 4th. Five analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $202.42.

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.