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Here's Why Owens Corning (OC) Fell More Than Broader Market
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Owens Corning (OC - Free Report) ended the recent trading session at $139.97, demonstrating a -2.37% change from the preceding day's closing price. This move lagged the S&P 500's daily loss of 0.5%. Meanwhile, the Dow experienced a drop of 0.38%, and the technology-dominated Nasdaq saw a decrease of 0.5%.
Heading into today, shares of the construction materials company had lost 6.21% over the past month, lagging the Construction sector's loss of 2.43% and the S&P 500's gain of 2.74%.
The upcoming earnings release of Owens Corning will be of great interest to investors. The company is forecasted to report an EPS of $3.82, showcasing a 12.79% downward movement from the corresponding quarter of the prior year. Alongside, our most recent consensus estimate is anticipating revenue of $2.72 billion, indicating a 10.59% downward movement from the same quarter last year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $13.84 per share and revenue of $10.48 billion. These totals would mark changes of -13.01% and -4.54%, respectively, from last year.
Investors might also notice recent changes to analyst estimates for Owens Corning. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending 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 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. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. At present, Owens Corning boasts a Zacks Rank of #3 (Hold).
With respect to valuation, Owens Corning is currently being traded at a Forward P/E ratio of 10.36. This represents a discount compared to its industry average Forward P/E of 18.75.
It's also important to note that OC currently trades at a PEG ratio of 10.15. 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. As of the close of trade yesterday, the Building Products - Miscellaneous industry held an average PEG ratio of 1.84.
The Building Products - Miscellaneous industry is part of the Construction sector. Currently, this industry holds a Zacks Industry Rank of 96, positioning it in the top 39% 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.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Here's Why Owens Corning (OC) Fell More Than Broader Market
Owens Corning (OC - Free Report) ended the recent trading session at $139.97, demonstrating a -2.37% change from the preceding day's closing price. This move lagged the S&P 500's daily loss of 0.5%. Meanwhile, the Dow experienced a drop of 0.38%, and the technology-dominated Nasdaq saw a decrease of 0.5%.
Heading into today, shares of the construction materials company had lost 6.21% over the past month, lagging the Construction sector's loss of 2.43% and the S&P 500's gain of 2.74%.
The upcoming earnings release of Owens Corning will be of great interest to investors. The company is forecasted to report an EPS of $3.82, showcasing a 12.79% downward movement from the corresponding quarter of the prior year. Alongside, our most recent consensus estimate is anticipating revenue of $2.72 billion, indicating a 10.59% downward movement from the same quarter last year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $13.84 per share and revenue of $10.48 billion. These totals would mark changes of -13.01% and -4.54%, respectively, from last year.
Investors might also notice recent changes to analyst estimates for Owens Corning. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending 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 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. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. At present, Owens Corning boasts a Zacks Rank of #3 (Hold).
With respect to valuation, Owens Corning is currently being traded at a Forward P/E ratio of 10.36. This represents a discount compared to its industry average Forward P/E of 18.75.
It's also important to note that OC currently trades at a PEG ratio of 10.15. 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. As of the close of trade yesterday, the Building Products - Miscellaneous industry held an average PEG ratio of 1.84.
The Building Products - Miscellaneous industry is part of the Construction sector. Currently, this industry holds a Zacks Industry Rank of 96, positioning it in the top 39% 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.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.