Owens Corning (OC) Stock Falls Amid Market Uptick: What Investors Need to Know
In the latest market close, Owens Corning (OC) reached $146.85, with a -1.22% movement compared to the previous day. The stock's change was less than the S&P 500's daily gain of 0.08%. Meanwhile, the Dow lost 0.26%, and the Nasdaq, a tech-heavy index, added 0.36%.
The construction materials company's stock has climbed by 0.28% in the past month, exceeding the Construction sector's loss of 2.24% and lagging the S&P 500's gain of 2.4%.
The upcoming earnings release of Owens Corning will be of great interest to investors. On that day, Owens Corning is projected to report earnings of $2.80 per share, which would represent year-over-year growth of 12.45%. At the same time, our most recent consensus estimate is projecting a revenue of $2.22 billion, reflecting a 2.64% fall from the equivalent quarter last year.
It is also important to note the recent changes to analyst estimates for Owens Corning. Such recent modifications usually signify the changing landscape of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. As of now, Owens Corning holds a Zacks Rank of #1 (Strong Buy).
Valuation is also important, so investors should note that Owens Corning has a Forward P/E ratio of 10.73 right now. This signifies a discount in comparison to the average Forward P/E of 17.34 for its industry.
Also, we should mention that OC has a PEG ratio of 1.05. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. By the end of yesterday's trading, the Building Products - Miscellaneous industry had an average PEG ratio of 1.79.
The Building Products - Miscellaneous industry is part of the Construction sector. This industry, currently bearing a Zacks Industry Rank of 62, finds itself in the top 25% echelons of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Owens Corning Inc (OC) : Free Stock Analysis Report
