Owens Corning (OC) closed the most recent trading day at $182.68, moving +1.9% from the previous trading session. The stock's performance was ahead of the S&P 500's daily gain of 1%. Meanwhile, the Dow experienced a rise of 0.78%, and the technology-dominated Nasdaq saw an increase of 1.51%.
Shares of the construction materials company have appreciated by 5.77% over the course of the past month, outperforming the Construction sector's loss of 3.14% and the S&P 500's loss of 2.14%.
Analysts and investors alike will be keeping a close eye on the performance of Owens Corning in its upcoming earnings disclosure. On that day, Owens Corning is projected to report earnings of $2.84 per share, which would represent a year-over-year decline of 11.53%. Meanwhile, our latest consensus estimate is calling for revenue of $2.78 billion, up 20.53% from the prior-year quarter.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Owens Corning. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Currently, Owens Corning is carrying a Zacks Rank of #4 (Sell).
Digging into valuation, Owens Corning currently has a Forward P/E ratio of 11.38. This valuation marks a discount compared to its industry's average Forward P/E of 17.67.
We can also see that OC currently has a PEG ratio of 1.97. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. Building Products - Miscellaneous stocks are, on average, holding a PEG ratio of 1.9 based on yesterday's closing prices.
The Building Products - Miscellaneous industry is part of the Construction sector. This industry, currently bearing a Zacks Industry Rank of 208, finds itself in the bottom 18% echelons of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming 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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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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