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Why Owens Corning (OC) Outpaced the Stock Market Today
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In the latest trading session, Owens Corning (OC - Free Report) closed at $181.07, marking a +1.6% move from the previous day. This move outpaced the S&P 500's daily gain of 0.8%. On the other hand, the Dow registered a gain of 1.51%, and the technology-centric Nasdaq decreased by 0.01%.
The construction materials company's shares have seen an increase of 2.93% over the last month, not keeping up with the Construction sector's gain of 2.99% and the S&P 500's gain of 4.14%.
Analysts and investors alike will be keeping a close eye on the performance of Owens Corning in its upcoming earnings disclosure. In that report, analysts expect Owens Corning to post earnings of $4.31 per share. This would mark year-over-year growth of 2.13%. Our most recent consensus estimate is calling for quarterly revenue of $2.87 billion, up 12.13% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $15.48 per share and a revenue of $11.23 billion, signifying shifts of +7.35% and +16.03%, respectively, from the last year.
It is also important to note the recent changes to analyst estimates for Owens Corning. These revisions typically reflect the latest short-term business trends, which can change frequently. 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. 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 past month, there's been a 0.72% rise in the Zacks Consensus EPS estimate. Owens Corning is holding a Zacks Rank of #1 (Strong Buy) right now.
In the context of valuation, Owens Corning is at present trading with a Forward P/E ratio of 11.51. For comparison, its industry has an average Forward P/E of 19.23, which means Owens Corning is trading at a discount to the group.
Meanwhile, OC's PEG ratio is currently 5.31. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Building Products - Miscellaneous industry currently had an average PEG ratio of 1.74 as of yesterday's close.
The Building Products - Miscellaneous industry is part of the Construction sector. This industry currently has a Zacks Industry Rank of 35, which puts it in the top 14% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
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Why Owens Corning (OC) Outpaced the Stock Market Today
In the latest trading session, Owens Corning (OC - Free Report) closed at $181.07, marking a +1.6% move from the previous day. This move outpaced the S&P 500's daily gain of 0.8%. On the other hand, the Dow registered a gain of 1.51%, and the technology-centric Nasdaq decreased by 0.01%.
The construction materials company's shares have seen an increase of 2.93% over the last month, not keeping up with the Construction sector's gain of 2.99% and the S&P 500's gain of 4.14%.
Analysts and investors alike will be keeping a close eye on the performance of Owens Corning in its upcoming earnings disclosure. In that report, analysts expect Owens Corning to post earnings of $4.31 per share. This would mark year-over-year growth of 2.13%. Our most recent consensus estimate is calling for quarterly revenue of $2.87 billion, up 12.13% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $15.48 per share and a revenue of $11.23 billion, signifying shifts of +7.35% and +16.03%, respectively, from the last year.
It is also important to note the recent changes to analyst estimates for Owens Corning. These revisions typically reflect the latest short-term business trends, which can change frequently. 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. 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 past month, there's been a 0.72% rise in the Zacks Consensus EPS estimate. Owens Corning is holding a Zacks Rank of #1 (Strong Buy) right now.
In the context of valuation, Owens Corning is at present trading with a Forward P/E ratio of 11.51. For comparison, its industry has an average Forward P/E of 19.23, which means Owens Corning is trading at a discount to the group.
Meanwhile, OC's PEG ratio is currently 5.31. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Building Products - Miscellaneous industry currently had an average PEG ratio of 1.74 as of yesterday's close.
The Building Products - Miscellaneous industry is part of the Construction sector. This industry currently has a Zacks Industry Rank of 35, which puts it in the top 14% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.