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Owens Corning (OC) Stock Moves -0.26%: What You Should Know
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Owens Corning (OC - Free Report) closed the latest trading day at $187, indicating a -0.26% change from the previous session's end. The stock outperformed the S&P 500, which registered a daily loss of 0.76%. At the same time, the Dow lost 0.75%, and the tech-heavy Nasdaq lost 1.01%.
Prior to today's trading, shares of the construction materials company had gained 11.75% over the past month. This has outpaced the Construction sector's gain of 2.69% and the S&P 500's gain of 4.31% in that time.
Market participants will be closely following the financial results of Owens Corning in its upcoming release. The company plans to announce its earnings on November 6, 2024. The company is expected to report EPS of $4.01, down 3.37% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.04 billion, up 22.67% from the year-ago period.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $15.34 per share and a revenue of $10.97 billion, representing changes of +6.38% and +13.35%, respectively, from the prior year.
It is also important to note the 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 company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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 past month, the Zacks Consensus EPS estimate has shifted 0.28% downward. Owens Corning presently features a Zacks Rank of #4 (Sell).
Investors should also note Owens Corning's current valuation metrics, including its Forward P/E ratio of 12.22. For comparison, its industry has an average Forward P/E of 20.38, which means Owens Corning is trading at a discount to the group.
Also, we should mention that OC has a PEG ratio of 3.74. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Building Products - Miscellaneous industry currently had an average PEG ratio of 1.95 as of yesterday's close.
The Building Products - Miscellaneous industry is part of the Construction sector. Currently, this industry holds a Zacks Industry Rank of 161, positioning it in the bottom 37% of all 250+ industries.
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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Owens Corning (OC) Stock Moves -0.26%: What You Should Know
Owens Corning (OC - Free Report) closed the latest trading day at $187, indicating a -0.26% change from the previous session's end. The stock outperformed the S&P 500, which registered a daily loss of 0.76%. At the same time, the Dow lost 0.75%, and the tech-heavy Nasdaq lost 1.01%.
Prior to today's trading, shares of the construction materials company had gained 11.75% over the past month. This has outpaced the Construction sector's gain of 2.69% and the S&P 500's gain of 4.31% in that time.
Market participants will be closely following the financial results of Owens Corning in its upcoming release. The company plans to announce its earnings on November 6, 2024. The company is expected to report EPS of $4.01, down 3.37% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.04 billion, up 22.67% from the year-ago period.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $15.34 per share and a revenue of $10.97 billion, representing changes of +6.38% and +13.35%, respectively, from the prior year.
It is also important to note the 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 company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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 past month, the Zacks Consensus EPS estimate has shifted 0.28% downward. Owens Corning presently features a Zacks Rank of #4 (Sell).
Investors should also note Owens Corning's current valuation metrics, including its Forward P/E ratio of 12.22. For comparison, its industry has an average Forward P/E of 20.38, which means Owens Corning is trading at a discount to the group.
Also, we should mention that OC has a PEG ratio of 3.74. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Building Products - Miscellaneous industry currently had an average PEG ratio of 1.95 as of yesterday's close.
The Building Products - Miscellaneous industry is part of the Construction sector. Currently, this industry holds a Zacks Industry Rank of 161, positioning it in the bottom 37% of all 250+ industries.
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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.