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Owens Corning (OC) Stock Moves -1.2%: What You Should Know
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The latest trading session saw Owens Corning (OC - Free Report) ending at $168.95, denoting a -1.2% adjustment from its last day's close. This move was narrower than the S&P 500's daily loss of 1.23%. Elsewhere, the Dow saw a downswing of 1.36%, while the tech-heavy Nasdaq depreciated by 1.4%.
Shares of the construction materials company witnessed a gain of 13.32% over the previous month, beating the performance of the Construction sector with its gain of 3.17% and the S&P 500's gain of 1.61%.
The investment community will be paying close attention to the earnings performance of Owens Corning in its upcoming release. The company is slated to reveal its earnings on April 24, 2024. The company's earnings per share (EPS) are projected to be $3.03, reflecting a 9.39% increase from the same quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $2.27 billion, down 2.83% from the prior-year quarter.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $14.08 per share and revenue of $9.62 billion, indicating changes of -2.36% and -0.61%, respectively, compared to the previous year.
Investors should also take note of any recent adjustments to analyst estimates for Owens Corning. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
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. The Zacks Consensus EPS estimate remained stagnant within the past month. At present, Owens Corning boasts a Zacks Rank of #3 (Hold).
Digging into valuation, Owens Corning currently has a Forward P/E ratio of 12.15. This represents a discount compared to its industry's average Forward P/E of 21.06.
Investors should also note that OC has a PEG ratio of 0.46 right now. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. OC's industry had an average PEG ratio of 1.87 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 11, which puts it in the top 5% 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.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Owens Corning (OC) Stock Moves -1.2%: What You Should Know
The latest trading session saw Owens Corning (OC - Free Report) ending at $168.95, denoting a -1.2% adjustment from its last day's close. This move was narrower than the S&P 500's daily loss of 1.23%. Elsewhere, the Dow saw a downswing of 1.36%, while the tech-heavy Nasdaq depreciated by 1.4%.
Shares of the construction materials company witnessed a gain of 13.32% over the previous month, beating the performance of the Construction sector with its gain of 3.17% and the S&P 500's gain of 1.61%.
The investment community will be paying close attention to the earnings performance of Owens Corning in its upcoming release. The company is slated to reveal its earnings on April 24, 2024. The company's earnings per share (EPS) are projected to be $3.03, reflecting a 9.39% increase from the same quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $2.27 billion, down 2.83% from the prior-year quarter.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $14.08 per share and revenue of $9.62 billion, indicating changes of -2.36% and -0.61%, respectively, compared to the previous year.
Investors should also take note of any recent adjustments to analyst estimates for Owens Corning. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
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. The Zacks Consensus EPS estimate remained stagnant within the past month. At present, Owens Corning boasts a Zacks Rank of #3 (Hold).
Digging into valuation, Owens Corning currently has a Forward P/E ratio of 12.15. This represents a discount compared to its industry's average Forward P/E of 21.06.
Investors should also note that OC has a PEG ratio of 0.46 right now. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. OC's industry had an average PEG ratio of 1.87 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 11, which puts it in the top 5% 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.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.