Owens Corning (OC) closed at $190.82 in the latest trading session, marking a +1.92% move from the prior day. The stock exceeded the S&P 500, which registered a gain of 0.53% for the day. On the other hand, the Dow registered a gain of 0.38%, and the technology-centric Nasdaq increased by 0.25%.
Prior to today's trading, shares of the construction materials company had gained 9.93% over the past month. This has outpaced the Construction sector's loss of 0.13% and the S&P 500's gain of 1.24% in that time.
Investors will be eagerly watching for the performance of Owens Corning in its upcoming earnings disclosure. The company is forecasted to report an EPS of $2.87, showcasing a 10.59% downward movement from the corresponding quarter of the prior year. At the same time, our most recent consensus estimate is projecting a revenue of $2.78 billion, reflecting a 20.53% rise from the equivalent quarter last year.
Investors should also take note of any recent adjustments to analyst estimates for Owens Corning. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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. The Zacks Consensus EPS estimate has moved 0.59% higher within the past month. Owens Corning is currently sporting a Zacks Rank of #2 (Buy).
Digging into valuation, Owens Corning currently has a Forward P/E ratio of 11.81. This denotes a discount relative to the industry's average Forward P/E of 17.86.
It's also important to note that OC currently trades at a PEG ratio of 2.04. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. As of the close of trade yesterday, the Building Products - Miscellaneous industry held an average PEG ratio of 1.92.
The Building Products - Miscellaneous industry is part of the Construction sector. This industry currently has a Zacks Industry Rank of 161, which puts it in the bottom 36% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these 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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