In the latest market close, Owens Corning (OC) reached $147.70, with a -1.07% movement compared to the previous day. The stock outperformed the S&P 500, which registered a daily loss of 1.12%. At the same time, the Dow lost 0.31%, and the tech-heavy Nasdaq lost 2.04%.

Shares of the construction materials company witnessed a loss of 6.1% over the previous month, trailing the performance of the Construction sector with its loss of 1.75% and the S&P 500's loss of 2.91%.

Market participants will be closely following the financial results of Owens Corning in its upcoming release. The company is predicted to post an EPS of $2.94, indicating a 18.11% decline compared to the equivalent quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $2.52 billion, reflecting a 9.55% rise from the equivalent quarter last year.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $14.59 per share and a revenue of $10.62 billion, representing changes of -8.3% and -3.26%, respectively, from the prior year.

Investors should also note any recent changes to analyst estimates for Owens Corning. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.

Our research shows that these estimate changes are directly correlated with near-term stock prices. 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, 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, there's been a 7.95% fall in the Zacks Consensus EPS estimate. Owens Corning is currently a Zacks Rank #4 (Sell).

With respect to valuation, Owens Corning is currently being traded at a Forward P/E ratio of 10.23. This represents a discount compared to its industry's average Forward P/E of 16.28.

We can also see that OC currently has a PEG ratio of 2.41. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. As of the close of trade yesterday, the Building Products - Miscellaneous industry held an average PEG ratio of 1.79.

The Building Products - Miscellaneous industry is part of the Construction sector. With its current Zacks Industry Rank of 166, this industry ranks in the bottom 34% 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.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

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Owens Corning Inc (OC) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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