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Owens Corning (OC) Outpaces Stock Market Gains: What You Should Know
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Owens Corning (OC - Free Report) closed the most recent trading day at $130.57, moving +1.4% from the previous trading session. The stock outpaced the S&P 500's daily gain of 0.67%. Elsewhere, the Dow gained 0.93%, while the tech-heavy Nasdaq added 9.29%.
Prior to today's trading, shares of the construction materials company had gained 7.17% over the past month. This has outpaced the Construction sector's gain of 6.73% and the S&P 500's gain of 2.65% in that time.
Investors will be hoping for strength from Owens Corning as it approaches its next earnings release, which is expected to be July 26, 2023. In that report, analysts expect Owens Corning to post earnings of $3.12 per share. This would mark a year-over-year decline of 18.54%. Meanwhile, our latest consensus estimate is calling for revenue of $2.49 billion, down 4.36% from the prior-year quarter.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $10.78 per share and revenue of $9.35 billion. These totals would mark changes of -16.3% and -4.22%, respectively, from last year.
Investors might also notice recent changes to analyst estimates for Owens Corning. Recent revisions tend to reflect the latest near-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 shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 2.47% higher. Owens Corning is holding a Zacks Rank of #1 (Strong Buy) right now.
Looking at its valuation, Owens Corning is holding a Forward P/E ratio of 11.94. For comparison, its industry has an average Forward P/E of 16.96, which means Owens Corning is trading at a discount to the group.
It is also worth noting that OC currently has a PEG ratio of 2.08. 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. OC's industry had an average PEG ratio of 1.79 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 22, which puts it in the top 9% 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 follow all of these stock-moving metrics, and many more, on Zacks.com.
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Owens Corning (OC) Outpaces Stock Market Gains: What You Should Know
Owens Corning (OC - Free Report) closed the most recent trading day at $130.57, moving +1.4% from the previous trading session. The stock outpaced the S&P 500's daily gain of 0.67%. Elsewhere, the Dow gained 0.93%, while the tech-heavy Nasdaq added 9.29%.
Prior to today's trading, shares of the construction materials company had gained 7.17% over the past month. This has outpaced the Construction sector's gain of 6.73% and the S&P 500's gain of 2.65% in that time.
Investors will be hoping for strength from Owens Corning as it approaches its next earnings release, which is expected to be July 26, 2023. In that report, analysts expect Owens Corning to post earnings of $3.12 per share. This would mark a year-over-year decline of 18.54%. Meanwhile, our latest consensus estimate is calling for revenue of $2.49 billion, down 4.36% from the prior-year quarter.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $10.78 per share and revenue of $9.35 billion. These totals would mark changes of -16.3% and -4.22%, respectively, from last year.
Investors might also notice recent changes to analyst estimates for Owens Corning. Recent revisions tend to reflect the latest near-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 shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 2.47% higher. Owens Corning is holding a Zacks Rank of #1 (Strong Buy) right now.
Looking at its valuation, Owens Corning is holding a Forward P/E ratio of 11.94. For comparison, its industry has an average Forward P/E of 16.96, which means Owens Corning is trading at a discount to the group.
It is also worth noting that OC currently has a PEG ratio of 2.08. 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. OC's industry had an average PEG ratio of 1.79 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 22, which puts it in the top 9% 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 follow all of these stock-moving metrics, and many more, on Zacks.com.