In the latest trading session, Owens Corning (OC Quick QuoteOC – Free Report) closed at $122.83, marking a -0.57% move from the previous day. This change was narrower than the S&P 500’s daily loss of 0.85%. Elsewhere, the Dow saw a downswing of 0.75%, while the tech-heavy Nasdaq depreciated by 0.96%.
Shares of the construction materials company witnessed a loss of 9.09% over the previous month, trailing the performance of the Construction sector with its loss of 6.14% and the S&P 500’s loss of 3.02%.
Investors will be eagerly watching for the performance of Owens Corning in its upcoming earnings disclosure. The company’s earnings report is set to be unveiled on October 25, 2023. The company is expected to report EPS of $3.78, up 5.88% from the prior-year quarter. Meanwhile, the latest consensus estimate predicts the revenue to be $2.52 billion, indicating a 0.31% decrease compared to the same quarter of the previous year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $13.59 per share and a revenue of $9.67 billion, indicating changes of +5.51% and -0.98%, 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. As such, positive estimate revisions reflect analyst optimism about the company’s business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To take advantage of this, we’ve established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.07% lower. As of now, Owens Corning holds a Zacks Rank of #3 (Hold).
With respect to valuation, Owens Corning is currently being traded at a Forward P/E ratio of 9.09. This valuation marks a discount compared to its industry’s average Forward P/E of 15.47.
Also, we should mention that OC has a PEG ratio of 1.16. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company’s expected earnings growth trajectory. The Building Products – Miscellaneous was holding an average PEG ratio of 1.57 at yesterday’s closing price.
The Building Products – Miscellaneous industry is part of the Construction sector. This group has a Zacks Industry Rank of 36, putting it in the top 15% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the 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.