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Owens Corning (OC) Surpasses Market Returns: Some Facts Worth Knowing
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The most recent trading session ended with Owens Corning (OC - Free Report) standing at $133.65, reflecting a +1.24% shift from the previouse trading day's closing. The stock's change was more than the S&P 500's daily gain of 0.52%. Meanwhile, the Dow gained 0.4%, and the Nasdaq, a tech-heavy index, added 0.58%.
Shares of the construction materials company have depreciated by 8.1% over the course of the past month, underperforming the Construction sector's loss of 5.54% and the S&P 500's loss of 2.61%.
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. At the same time, our most recent consensus estimate is projecting a revenue of $2.52 billion, reflecting a 0.23% fall from the equivalent quarter last 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 pay attention to any latest changes in analyst estimates for Owens Corning. Recent revisions tend to reflect the latest near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. 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 varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.04% upward. Owens Corning is currently sporting a Zacks Rank of #2 (Buy).
Investors should also note Owens Corning's current valuation metrics, including its Forward P/E ratio of 9.71. This denotes a discount relative to the industry's average Forward P/E of 14.52.
We can also see that OC currently has a PEG ratio of 1.24. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Building Products - Miscellaneous was holding an average PEG ratio of 1.53 at yesterday's closing price.
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 is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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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Owens Corning (OC) Surpasses Market Returns: Some Facts Worth Knowing
The most recent trading session ended with Owens Corning (OC - Free Report) standing at $133.65, reflecting a +1.24% shift from the previouse trading day's closing. The stock's change was more than the S&P 500's daily gain of 0.52%. Meanwhile, the Dow gained 0.4%, and the Nasdaq, a tech-heavy index, added 0.58%.
Shares of the construction materials company have depreciated by 8.1% over the course of the past month, underperforming the Construction sector's loss of 5.54% and the S&P 500's loss of 2.61%.
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. At the same time, our most recent consensus estimate is projecting a revenue of $2.52 billion, reflecting a 0.23% fall from the equivalent quarter last 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 pay attention to any latest changes in analyst estimates for Owens Corning. Recent revisions tend to reflect the latest near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. 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 varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.04% upward. Owens Corning is currently sporting a Zacks Rank of #2 (Buy).
Investors should also note Owens Corning's current valuation metrics, including its Forward P/E ratio of 9.71. This denotes a discount relative to the industry's average Forward P/E of 14.52.
We can also see that OC currently has a PEG ratio of 1.24. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Building Products - Miscellaneous was holding an average PEG ratio of 1.53 at yesterday's closing price.
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 is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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.