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Why Owens Corning (OC) Dipped More Than Broader Market Today
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Owens Corning (OC - Free Report) closed at $103.05 in the latest trading session, marking a -3.99% move from the prior day. The stock trailed the S&P 500, which registered a daily loss of 1.52%. Meanwhile, the Dow experienced a drop of 1.56%, and the technology-dominated Nasdaq saw a decrease of 1.78%.
Heading into today, shares of the construction materials company had lost 22.48% over the past month, lagging the Construction sector's loss of 9.87% and the S&P 500's loss of 2.25%.
Investors will be eagerly watching for the performance of Owens Corning in its upcoming earnings disclosure. The company's earnings per share (EPS) are projected to be $1.21, reflecting a 59.26% decrease from the same quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $2.13 billion, reflecting a 15.64% fall from the equivalent quarter last year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $10.01 per share and revenue of $9.74 billion. These totals would mark changes of -16.93% and -3.58%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for Owens Corning. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 5.42% downward. Owens Corning is holding a Zacks Rank of #4 (Sell) right now.
In terms of valuation, Owens Corning is presently being traded at a Forward P/E ratio of 10.72. This indicates a discount in contrast to its industry's Forward P/E of 17.43.
We can also see that OC currently has a PEG ratio of 1.74. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. As of the close of trade yesterday, the Building Products - Miscellaneous industry held an average PEG ratio of 1.37.
The Building Products - Miscellaneous industry is part of the Construction sector. With its current Zacks Industry Rank of 183, this industry ranks in the bottom 26% of all industries, numbering over 250.
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.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Why Owens Corning (OC) Dipped More Than Broader Market Today
Owens Corning (OC - Free Report) closed at $103.05 in the latest trading session, marking a -3.99% move from the prior day. The stock trailed the S&P 500, which registered a daily loss of 1.52%. Meanwhile, the Dow experienced a drop of 1.56%, and the technology-dominated Nasdaq saw a decrease of 1.78%.
Heading into today, shares of the construction materials company had lost 22.48% over the past month, lagging the Construction sector's loss of 9.87% and the S&P 500's loss of 2.25%.
Investors will be eagerly watching for the performance of Owens Corning in its upcoming earnings disclosure. The company's earnings per share (EPS) are projected to be $1.21, reflecting a 59.26% decrease from the same quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $2.13 billion, reflecting a 15.64% fall from the equivalent quarter last year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $10.01 per share and revenue of $9.74 billion. These totals would mark changes of -16.93% and -3.58%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for Owens Corning. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 5.42% downward. Owens Corning is holding a Zacks Rank of #4 (Sell) right now.
In terms of valuation, Owens Corning is presently being traded at a Forward P/E ratio of 10.72. This indicates a discount in contrast to its industry's Forward P/E of 17.43.
We can also see that OC currently has a PEG ratio of 1.74. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. As of the close of trade yesterday, the Building Products - Miscellaneous industry held an average PEG ratio of 1.37.
The Building Products - Miscellaneous industry is part of the Construction sector. With its current Zacks Industry Rank of 183, this industry ranks in the bottom 26% of all industries, numbering over 250.
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.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.