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Here's Why Owens Corning (OC) Fell More Than Broader Market
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In the latest close session, Owens Corning (OC - Free Report) was down 2.24% at $128.95. The stock's performance was behind the S&P 500's daily loss of 0.48%. Meanwhile, the Dow experienced a drop of 0.29%, and the technology-dominated Nasdaq saw a decrease of 0.56%.
The stock of construction materials company has fallen by 14.72% in the past month, lagging the Construction sector's loss of 8.85% and the S&P 500's loss of 0.82%.
The investment community will be paying close attention to the earnings performance of Owens Corning in its upcoming release. It is anticipated that the company will report an EPS of $3.2, marking a 12.81% fall compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $2.63 billion, reflecting a 2.14% fall from the equivalent quarter last year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $9.94 per share and a revenue of $9.96 billion, indicating changes of -17.51% and -1.46%, respectively, from the former year.
Investors should also pay attention to any latest changes in analyst estimates for Owens Corning. These recent revisions tend to reflect the evolving nature of short-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
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, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.49% higher. Owens Corning is currently a Zacks Rank #2 (Buy).
Investors should also note Owens Corning's current valuation metrics, including its Forward P/E ratio of 13.26. This indicates a discount in contrast to its industry's Forward P/E of 16.33.
Meanwhile, OC's PEG ratio is currently 1.97. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Building Products - Miscellaneous was holding an average PEG ratio of 1.44 at yesterday's closing price.
The Building Products - Miscellaneous industry is part of the Construction sector. Currently, this industry holds a Zacks Industry Rank of 158, positioning it in the bottom 36% 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.
To follow OC in the coming trading sessions, be sure to utilize Zacks.com.
View the Zacks #1 Rank List
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Here's Why Owens Corning (OC) Fell More Than Broader Market
In the latest close session, Owens Corning (OC - Free Report) was down 2.24% at $128.95. The stock's performance was behind the S&P 500's daily loss of 0.48%. Meanwhile, the Dow experienced a drop of 0.29%, and the technology-dominated Nasdaq saw a decrease of 0.56%.
The stock of construction materials company has fallen by 14.72% in the past month, lagging the Construction sector's loss of 8.85% and the S&P 500's loss of 0.82%.
The investment community will be paying close attention to the earnings performance of Owens Corning in its upcoming release. It is anticipated that the company will report an EPS of $3.2, marking a 12.81% fall compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $2.63 billion, reflecting a 2.14% fall from the equivalent quarter last year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $9.94 per share and a revenue of $9.96 billion, indicating changes of -17.51% and -1.46%, respectively, from the former year.
Investors should also pay attention to any latest changes in analyst estimates for Owens Corning. These recent revisions tend to reflect the evolving nature of short-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
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, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.49% higher. Owens Corning is currently a Zacks Rank #2 (Buy).
Investors should also note Owens Corning's current valuation metrics, including its Forward P/E ratio of 13.26. This indicates a discount in contrast to its industry's Forward P/E of 16.33.
Meanwhile, OC's PEG ratio is currently 1.97. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Building Products - Miscellaneous was holding an average PEG ratio of 1.44 at yesterday's closing price.
The Building Products - Miscellaneous industry is part of the Construction sector. Currently, this industry holds a Zacks Industry Rank of 158, positioning it in the bottom 36% 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.
To follow OC in the coming trading sessions, be sure to utilize Zacks.com.