Owens Corning (OC) Suffers a Larger Drop Than the General Market: Key Insights
Owens Corning (OC) closed the latest trading day at $152.99, indicating a -1.56% change from the previous session's end. The stock fell short of the S&P 500, which registered a loss of 0.32% for the day. Elsewhere, the Dow lost 0.71%, while the tech-heavy Nasdaq lost 0.2%.
Shares of the construction materials company have appreciated by 5.43% over the course of the past month, outperforming the Construction sector's gain of 2.55% and the S&P 500's gain of 4.59%.
Investors will be eagerly watching for the performance of Owens Corning in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on February 14, 2024. The company is predicted to post an EPS of $2.82, indicating a 13.25% growth compared to the equivalent quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $2.24 billion, down 2.08% from the year-ago period.
Investors should also pay attention to any latest changes in analyst estimates for Owens Corning. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical 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 last 30 days, the Zacks Consensus EPS estimate has moved 0.25% lower. As of now, Owens Corning holds a Zacks Rank of #3 (Hold).
In terms of valuation, Owens Corning is presently being traded at a Forward P/E ratio of 11.24. This valuation marks a discount compared to its industry's average Forward P/E of 18.14.
Also, we should mention that OC has a PEG ratio of 1.93. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. As the market closed yesterday, the Building Products - Miscellaneous industry was having an average PEG ratio of 1.93.
The Building Products - Miscellaneous industry is part of the Construction sector. This industry, currently bearing a Zacks Industry Rank of 61, 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.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Owens Corning Inc (OC) : Free Stock Analysis Report
