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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 at $134.89 in the latest trading session, marking a +1.9% move from the prior day. The stock outpaced the S&P 500's daily gain of 0.39%.
Prior to today's trading, shares of the construction materials company had gained 8.37% over the past month. This has lagged the Construction sector's gain of 9.04% and outpaced the S&P 500's gain of 3.16% in that time.
Owens Corning will be looking to display strength as it nears its next earnings release, which is expected to be July 26, 2023. The company is expected to report EPS of $3.15, down 17.75% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $2.49 billion, down 4.36% from the prior-year quarter.
OC's full-year Zacks Consensus Estimates are calling for earnings of $10.78 per share and revenue of $9.35 billion. These results would represent year-over-year changes of -16.3% and -4.22%, respectively.
It is also important to note the 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.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 2.47% higher. Owens Corning is currently sporting a Zacks Rank of #1 (Strong Buy).
In terms of valuation, Owens Corning is currently trading at a Forward P/E ratio of 12.28. This represents a discount compared to its industry's average Forward P/E of 17.63.
Also, we should mention that OC has a PEG ratio of 2.14. 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. Building Products - Miscellaneous stocks are, on average, holding a PEG ratio of 1.82 based on yesterday's closing prices.
The Building Products - Miscellaneous industry is part of the Construction sector. This group has a Zacks Industry Rank of 23, putting it in the top 10% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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 at $134.89 in the latest trading session, marking a +1.9% move from the prior day. The stock outpaced the S&P 500's daily gain of 0.39%.
Prior to today's trading, shares of the construction materials company had gained 8.37% over the past month. This has lagged the Construction sector's gain of 9.04% and outpaced the S&P 500's gain of 3.16% in that time.
Owens Corning will be looking to display strength as it nears its next earnings release, which is expected to be July 26, 2023. The company is expected to report EPS of $3.15, down 17.75% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $2.49 billion, down 4.36% from the prior-year quarter.
OC's full-year Zacks Consensus Estimates are calling for earnings of $10.78 per share and revenue of $9.35 billion. These results would represent year-over-year changes of -16.3% and -4.22%, respectively.
It is also important to note the 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.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 2.47% higher. Owens Corning is currently sporting a Zacks Rank of #1 (Strong Buy).
In terms of valuation, Owens Corning is currently trading at a Forward P/E ratio of 12.28. This represents a discount compared to its industry's average Forward P/E of 17.63.
Also, we should mention that OC has a PEG ratio of 2.14. 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. Building Products - Miscellaneous stocks are, on average, holding a PEG ratio of 1.82 based on yesterday's closing prices.
The Building Products - Miscellaneous industry is part of the Construction sector. This group has a Zacks Industry Rank of 23, putting it in the top 10% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.