Owens Corning (OC) Outpaces Stock Market Gains: What You Should Know

In the latest trading session, Owens Corning (OC) closed at $158.96, marking a +1.86% move from the previous day. The stock's change was more than the S&P 500's daily gain of 0.79%. Elsewhere, the Dow saw an upswing of 0.26%, while the tech-heavy Nasdaq appreciated by 1.52%. Heading into today, shares of the construction materials company had gained 27.26% over the past month, outpacing the Construction sector's gain of 5.5% and the S&P 500's loss of 1.82%.Analysts and investors alike will be keeping a close eye on the performance of Owens Corning in its upcoming earnings disclosure. The company is forecasted to report an EPS of $3.02, showcasing a 28.27% downward movement from the corresponding quarter of the prior year. Meanwhile, the latest consensus estimate predicts the revenue to be $2.66 billion, indicating a 3.26% decrease compared to the same quarter of the previous year. For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $9.53 per share and a revenue of $9.83 billion, representing changes of -20.91% and -2.67%, respectively, from the prior year. Any recent changes to analyst estimates for Owens Corning should also be noted by investors. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As such, positive estimate revisions reflect analyst optimism about the business and profitability. Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable 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. The Zacks Consensus EPS estimate remained stagnant within the past month. Right now, Owens Corning possesses a Zacks Rank of #3 (Hold). In the context of valuation, Owens Corning is at present trading with a Forward P/E ratio of 16.38. This signifies a discount in comparison to the average Forward P/E of 18.95 for its industry. Also, we should mention that OC has a PEG ratio of 2.83. 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 average PEG ratio for the Building Products - Miscellaneous industry stood at 1.59 at the close of the market yesterday. 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 26% of over 250 industries. The Zacks Industry Rank gauges the strength of our 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. Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com. Radical New Technology Could Hand Investors Huge GainsQuantum Computing is the next technological revolution, and it could be even more advanced than AI.While some believed the technology was years away, it is already present and moving fast. Large hyperscalers, such as Microsoft, Google, Amazon, Oracle, and even Meta and Tesla, are scrambling to integrate quantum computing into their infrastructure.Senior Stock Strategist Kevin Cook reveals 7 carefully selected stocks poised to dominate the quantum computing landscape in his report, Beyond AI: The Quantum Leap in Computing Power.Kevin was among the early experts who recognized NVIDIA's enormous potential back in 2016. Now, he has keyed in on what could be "the next big thing" in quantum computing supremacy. Today, you have a rare chance to position your portfolio at the forefront of this opportunity.See Top Quantum Stocks Now >>This article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks