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Owens Corning (OC) Outpaces Stock Market Gains: What You Should Know
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Owens Corning (OC - Free Report) closed the latest trading day at $185.05, indicating a +1.73% change from the previous session's end. This change outpaced the S&P 500's 0.27% gain on the day. Meanwhile, the Dow experienced a rise of 0.65%, and the technology-dominated Nasdaq saw an increase of 0.26%.
Shares of the construction materials company witnessed a gain of 4.36% over the previous month, beating the performance of the Construction sector with its loss of 2.03% and the S&P 500's gain of 2%.
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. It is anticipated that the company will report an EPS of $4.01, marking a 3.37% fall compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $3.04 billion, indicating a 22.67% growth compared to the corresponding quarter of the prior year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $15.34 per share and revenue of $10.97 billion, which would represent changes of +6.38% and +13.35%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Owens Corning. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
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, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.28% lower. Currently, Owens Corning is carrying a Zacks Rank of #3 (Hold).
Looking at valuation, Owens Corning is presently trading at a Forward P/E ratio of 11.86. This denotes a discount relative to the industry's average Forward P/E of 19.83.
It's also important to note that OC currently trades at a PEG ratio of 2.23. 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 2.08.
The Building Products - Miscellaneous industry is part of the Construction sector. With its current Zacks Industry Rank of 175, this industry ranks in the bottom 31% 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.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Owens Corning (OC) Outpaces Stock Market Gains: What You Should Know
Owens Corning (OC - Free Report) closed the latest trading day at $185.05, indicating a +1.73% change from the previous session's end. This change outpaced the S&P 500's 0.27% gain on the day. Meanwhile, the Dow experienced a rise of 0.65%, and the technology-dominated Nasdaq saw an increase of 0.26%.
Shares of the construction materials company witnessed a gain of 4.36% over the previous month, beating the performance of the Construction sector with its loss of 2.03% and the S&P 500's gain of 2%.
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. It is anticipated that the company will report an EPS of $4.01, marking a 3.37% fall compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $3.04 billion, indicating a 22.67% growth compared to the corresponding quarter of the prior year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $15.34 per share and revenue of $10.97 billion, which would represent changes of +6.38% and +13.35%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Owens Corning. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
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, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.28% lower. Currently, Owens Corning is carrying a Zacks Rank of #3 (Hold).
Looking at valuation, Owens Corning is presently trading at a Forward P/E ratio of 11.86. This denotes a discount relative to the industry's average Forward P/E of 19.83.
It's also important to note that OC currently trades at a PEG ratio of 2.23. 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 2.08.
The Building Products - Miscellaneous industry is part of the Construction sector. With its current Zacks Industry Rank of 175, this industry ranks in the bottom 31% 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.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.