Owens Corning Inc (OC) Hit a 52 Week High, Can the Run Continue?
Have you been paying attention to shares of Owens Corning (OC)? Shares have been on the move with the stock up 12.5% over the past month. The stock hit a new 52-week high of $119.15 in the previous session. Owens Corning has gained 38.5% since the start of the year compared to the 20.7% move for the Zacks Construction sector and the 20.8% return for the Zacks Building Products - Miscellaneous industry.
What's Driving the Outperformance?
The stock has a great record of positive earnings surprises, as it hasn't missed our earnings consensus estimate in any of the last four quarters. In its last earnings report on April 26, 2023, Owens Corning reported EPS of $2.77 versus consensus estimate of $2.2.
For the current fiscal year, Owens Corning is expected to post earnings of $10.52 per share on $9.27 billion in revenues. This represents a -18.32% change in EPS on a -5.05% change in revenues. For the next fiscal year, the company is expected to earn $11.07 per share on $9.39 billion in revenues. This represents a year-over-year change of 5.26% and 1.35%, respectively.