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Why Owens Corning (OC) Dipped More Than Broader Market Today
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In the latest trading session, Owens Corning (OC - Free Report) closed at $186.20, marking a -1.79% move from the previous day. This change lagged the S&P 500's daily loss of 0.18%. Meanwhile, the Dow lost 0.8%, and the Nasdaq, a tech-heavy index, added 0.27%.
Prior to today's trading, shares of the construction materials company had gained 8.84% over the past month. This has outpaced the Construction sector's loss of 3.59% and the S&P 500's gain of 4.46% in that time.
The upcoming earnings release of Owens Corning will be of great interest to investors. The company's earnings report is expected on November 6, 2024. In that report, analysts expect Owens Corning to post earnings of $4.01 per share. This would mark a year-over-year decline of 3.37%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.04 billion, up 22.67% from the year-ago period.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $15.34 per share and a revenue of $10.97 billion, indicating changes of +6.38% and +13.35%, respectively, from the former 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 a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.28% lower. Right now, Owens Corning possesses a Zacks Rank of #3 (Hold).
Investors should also note Owens Corning's current valuation metrics, including its Forward P/E ratio of 12.36. This denotes a discount relative to the industry's average Forward P/E of 20.9.
We can also see that OC currently has a PEG ratio of 2.33. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. Building Products - Miscellaneous stocks are, on average, holding a PEG ratio of 2.14 based on yesterday's closing prices.
The Building Products - Miscellaneous industry is part of the Construction sector. At present, this industry carries a Zacks Industry Rank of 100, placing it within the top 40% of over 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.
To follow OC in the coming trading sessions, be sure to utilize Zacks.com.
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Why Owens Corning (OC) Dipped More Than Broader Market Today
In the latest trading session, Owens Corning (OC - Free Report) closed at $186.20, marking a -1.79% move from the previous day. This change lagged the S&P 500's daily loss of 0.18%. Meanwhile, the Dow lost 0.8%, and the Nasdaq, a tech-heavy index, added 0.27%.
Prior to today's trading, shares of the construction materials company had gained 8.84% over the past month. This has outpaced the Construction sector's loss of 3.59% and the S&P 500's gain of 4.46% in that time.
The upcoming earnings release of Owens Corning will be of great interest to investors. The company's earnings report is expected on November 6, 2024. In that report, analysts expect Owens Corning to post earnings of $4.01 per share. This would mark a year-over-year decline of 3.37%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.04 billion, up 22.67% from the year-ago period.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $15.34 per share and a revenue of $10.97 billion, indicating changes of +6.38% and +13.35%, respectively, from the former 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 a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.28% lower. Right now, Owens Corning possesses a Zacks Rank of #3 (Hold).
Investors should also note Owens Corning's current valuation metrics, including its Forward P/E ratio of 12.36. This denotes a discount relative to the industry's average Forward P/E of 20.9.
We can also see that OC currently has a PEG ratio of 2.33. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. Building Products - Miscellaneous stocks are, on average, holding a PEG ratio of 2.14 based on yesterday's closing prices.
The Building Products - Miscellaneous industry is part of the Construction sector. At present, this industry carries a Zacks Industry Rank of 100, placing it within the top 40% of over 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.
To follow OC in the coming trading sessions, be sure to utilize Zacks.com.