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Here's Why Owens Corning (OC) Fell More Than Broader Market
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Owens Corning (OC - Free Report) closed the most recent trading day at $120.89, moving -2.95% from the previous trading session. The stock's performance was behind the S&P 500's daily loss of 2.06%. Elsewhere, the Dow lost 1.76%, while the tech-heavy Nasdaq lost 2.39%.
The stock of construction materials company has risen by 9.84% in the past month, leading the Construction sector's gain of 7.13% and the S&P 500's gain of 1.63%.
The upcoming earnings release of Owens Corning will be of great interest to investors. The company is forecasted to report an EPS of $1.29, showcasing a 59.94% downward movement from the corresponding quarter of the prior year. Alongside, our most recent consensus estimate is anticipating revenue of $2.16 billion, indicating a 23.78% downward movement from the same quarter last year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $12.18 per share and a revenue of $10.13 billion, indicating changes of -23.44% and 0%, respectively, from the former year.
Investors might also notice recent changes to analyst estimates for Owens Corning. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-term stock moves. 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 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. The Zacks Consensus EPS estimate remained stagnant within the past month. Right now, Owens Corning possesses a Zacks Rank of #3 (Hold).
In terms of valuation, Owens Corning is presently being traded at a Forward P/E ratio of 12.12. This denotes a discount relative to the industry average Forward P/E of 19.98.
Also, we should mention that OC has a PEG ratio of 11.88. 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 1.86 as of yesterday's close.
The Building Products - Miscellaneous industry is part of the Construction sector. With its current Zacks Industry Rank of 102, this industry ranks in the top 42% of all industries, numbering over 250.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these 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) closed the most recent trading day at $120.89, moving -2.95% from the previous trading session. The stock's performance was behind the S&P 500's daily loss of 2.06%. Elsewhere, the Dow lost 1.76%, while the tech-heavy Nasdaq lost 2.39%.
The stock of construction materials company has risen by 9.84% in the past month, leading the Construction sector's gain of 7.13% and the S&P 500's gain of 1.63%.
The upcoming earnings release of Owens Corning will be of great interest to investors. The company is forecasted to report an EPS of $1.29, showcasing a 59.94% downward movement from the corresponding quarter of the prior year. Alongside, our most recent consensus estimate is anticipating revenue of $2.16 billion, indicating a 23.78% downward movement from the same quarter last year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $12.18 per share and a revenue of $10.13 billion, indicating changes of -23.44% and 0%, respectively, from the former year.
Investors might also notice recent changes to analyst estimates for Owens Corning. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-term stock moves. 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 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. The Zacks Consensus EPS estimate remained stagnant within the past month. Right now, Owens Corning possesses a Zacks Rank of #3 (Hold).
In terms of valuation, Owens Corning is presently being traded at a Forward P/E ratio of 12.12. This denotes a discount relative to the industry average Forward P/E of 19.98.
Also, we should mention that OC has a PEG ratio of 11.88. 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 1.86 as of yesterday's close.
The Building Products - Miscellaneous industry is part of the Construction sector. With its current Zacks Industry Rank of 102, this industry ranks in the top 42% of all industries, numbering over 250.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these 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.