Owens Corning (OC) Increases Despite Market Slip: Here's What You Need to Know

The latest trading session saw Owens Corning (OC) ending at $181.58, denoting a +0.34% adjustment from its last day's close. The stock outperformed the S&P 500, which registered a daily loss of 0.33%. At the same time, the Dow lost 0.22%, and the tech-heavy Nasdaq lost 0.56%.Shares of the construction materials company witnessed a gain of 3.68% over the previous month, beating the performance of the Construction sector with its gain of 1.4% and the S&P 500's gain of 1.83%.The investment community will be paying close attention to the earnings performance of Owens Corning in its upcoming release. The company is slated to reveal its earnings on November 6, 2024. On that day, Owens Corning is projected to report earnings of $4.01 per share, which would represent a year-over-year decline of 3.37%. Our most recent consensus estimate is calling for quarterly revenue of $3.04 billion, up 22.67% from the year-ago period.For the full year, the Zacks Consensus Estimates project earnings of $15.34 per share and a revenue of $10.97 billion, demonstrating changes of +6.38% and +13.35%, respectively, from the preceding 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. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, there's been a 0.28% fall in the Zacks Consensus EPS estimate. As of now, Owens Corning holds a Zacks Rank of #3 (Hold).In the context of valuation, Owens Corning is at present trading with a Forward P/E ratio of 11.8. This represents a discount compared to its industry's average Forward P/E of 18.86.It's also important to note that OC currently trades at a PEG ratio of 2.22. 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 2.02 as of yesterday's close.The Building Products - Miscellaneous industry is part of the Construction sector. At present, this industry carries a Zacks Industry Rank of 181, placing it within the bottom 29% of over 250 industries.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.Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.Zacks Names #1 Semiconductor StockIt's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.See This Stock Now for Free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Owens Corning Inc (OC): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks