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Owens Corning (OC) Declines More Than Market: Some Information for Investors
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Owens Corning (OC - Free Report) closed the most recent trading day at $127.43, moving -1.39% from the previous trading session. The stock trailed the S&P 500, which registered a daily loss of 0.5%. Meanwhile, the Dow experienced a rise of 0.12%, and the technology-dominated Nasdaq saw a decrease of 1.23%.
Shares of the construction materials company have depreciated by 7.46% over the course of the past month, underperforming the Construction sector's loss of 4.92% and the S&P 500's loss of 2.4%.
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 October 25, 2023. The company is forecasted to report an EPS of $3.78, showcasing a 5.88% upward movement from the corresponding quarter of the prior year. Meanwhile, the latest consensus estimate predicts the revenue to be $2.52 billion, indicating a 0.23% decrease compared to the same quarter of the previous year.
For the full year, the Zacks Consensus Estimates project earnings of $13.60 per share and a revenue of $9.68 billion, demonstrating changes of +5.59% and -0.86%, respectively, from the preceding year.
Investors should also take note of any recent adjustments to analyst estimates for Owens Corning. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional 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. Owens Corning is currently sporting a Zacks Rank of #2 (Buy).
Looking at its valuation, Owens Corning is holding a Forward P/E ratio of 9.5. This expresses a discount compared to the average Forward P/E of 14.81 of its industry.
One should further note that OC currently holds a PEG ratio of 1.21. 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 1.52.
The Building Products - Miscellaneous industry is part of the Construction sector. At present, this industry carries a Zacks Industry Rank of 35, placing it within the top 14% of over 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.
To follow OC in the coming trading sessions, be sure to utilize Zacks.com.
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Owens Corning (OC) Declines More Than Market: Some Information for Investors
Owens Corning (OC - Free Report) closed the most recent trading day at $127.43, moving -1.39% from the previous trading session. The stock trailed the S&P 500, which registered a daily loss of 0.5%. Meanwhile, the Dow experienced a rise of 0.12%, and the technology-dominated Nasdaq saw a decrease of 1.23%.
Shares of the construction materials company have depreciated by 7.46% over the course of the past month, underperforming the Construction sector's loss of 4.92% and the S&P 500's loss of 2.4%.
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 October 25, 2023. The company is forecasted to report an EPS of $3.78, showcasing a 5.88% upward movement from the corresponding quarter of the prior year. Meanwhile, the latest consensus estimate predicts the revenue to be $2.52 billion, indicating a 0.23% decrease compared to the same quarter of the previous year.
For the full year, the Zacks Consensus Estimates project earnings of $13.60 per share and a revenue of $9.68 billion, demonstrating changes of +5.59% and -0.86%, respectively, from the preceding year.
Investors should also take note of any recent adjustments to analyst estimates for Owens Corning. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional 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. Owens Corning is currently sporting a Zacks Rank of #2 (Buy).
Looking at its valuation, Owens Corning is holding a Forward P/E ratio of 9.5. This expresses a discount compared to the average Forward P/E of 14.81 of its industry.
One should further note that OC currently holds a PEG ratio of 1.21. 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 1.52.
The Building Products - Miscellaneous industry is part of the Construction sector. At present, this industry carries a Zacks Industry Rank of 35, placing it within the top 14% of over 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.
To follow OC in the coming trading sessions, be sure to utilize Zacks.com.