Owens Corning (OC) ended the recent trading session at $144.58, demonstrating a -0.7% swing from the preceding day's closing price. The stock fell short of the S&P 500, which registered a gain of 0.55% for the day. At the same time, the Dow added 0.52%, and the tech-heavy Nasdaq gained 0.7%.

Coming into today, shares of the construction materials company had lost 20.84% in the past month. In that same time, the Construction sector lost 8.2%, while the S&P 500 lost 5.56%.

Market participants will be closely following the financial results of Owens Corning in its upcoming release. It is anticipated that the company will report an EPS of $2.94, marking a 18.11% fall compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $2.52 billion, indicating a 9.55% growth compared to the corresponding quarter of the prior year.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $14.59 per share and revenue of $10.62 billion. These totals would mark changes of -8.3% and -3.26%, respectively, from last year.

Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Owens Corning. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

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. Within the past 30 days, our consensus EPS projection has moved 7.95% lower. Owens Corning presently features a Zacks Rank of #4 (Sell).

Looking at valuation, Owens Corning is presently trading at a Forward P/E ratio of 9.98. This expresses a discount compared to the average Forward P/E of 16.83 of its industry.

It's also important to note that OC currently trades at a PEG ratio of 2.35. 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 was holding an average PEG ratio of 1.71 at yesterday's closing price.

The Building Products - Miscellaneous industry is part of the Construction sector. Currently, this industry holds a Zacks Industry Rank of 203, positioning it in the bottom 20% of all 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.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next 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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