In the latest trading session, Owens Corning (OC) closed at $138.21, marking a -1.44% move from the previous day. This change lagged the S&P 500's daily loss of 0.17%. Meanwhile, the Dow lost 0.39%, and the Nasdaq, a tech-heavy index, lost 0.05%.
Prior to today's trading, shares of the construction materials company had lost 3.33% over the past month. This has was narrower than the Construction sector's loss of 5.56% and the S&P 500's loss of 3.94% in that time.
The investment community will be paying close attention to the earnings performance of Owens Corning in its upcoming release. On that day, Owens Corning is projected to report earnings of $2.87 per share, which would represent a year-over-year decline of 20.06%. Our most recent consensus estimate is calling for quarterly revenue of $2.52 billion, up 9.41% from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of $14.33 per share and revenue of $10.58 billion, which would represent changes of -9.93% and -3.62%, respectively, from the prior year.
Investors should also pay attention to any latest changes in analyst estimates for Owens Corning. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending 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.
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 last 30 days, the Zacks Consensus EPS estimate has moved 1.78% lower. Currently, Owens Corning is carrying a Zacks Rank of #4 (Sell).
Investors should also note Owens Corning's current valuation metrics, including its Forward P/E ratio of 9.79. This signifies a discount in comparison to the average Forward P/E of 14.81 for its industry.
Meanwhile, OC's PEG ratio is currently 2.3. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. OC's industry had an average PEG ratio of 1.73 as of yesterday's close.
The Building Products - Miscellaneous industry is part of the Construction sector. With its current Zacks Industry Rank of 147, this industry ranks in the bottom 41% of all industries, numbering over 250.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming 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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Owens Corning Inc (OC): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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