Owens Corning stock rose to an all-time high on Nov. 25 in massive volume that was 136% higher than usual. As often happens, it consolidated from there. But two weeks ago it began climbing again. In the 10 trading sessions since Jan. 13, Owens stock has risen 16%. Is it climbing toward a fresh high?
On Tuesday the Relative Strength (RS) Rating for Owens stock got an upgrade to 74 from 68 a day earlier. It's a good rating but its other key ratings are even better. Owens holds a terrific 89 EPS Rating out of 99.
Owens Corning A Favorite Of Big Funds
Watchlist candidate Owens Corning also has an 89 Composite Rating, and it has a best-possible A SMR Rating (sales + profit margins + return on equity). Finally, its B- Accumulation/Distribution Rating shows moderately strong buying by big funds.
Building materials giant Owens Corning is trying to complete a consolidation with a 214.53 entry, its record high set last November. See if it can clear the breakout price in volume at least 40% higher than normal.
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The maker of glass and building materials for industrial, commercial and consumer markets has been a steady performer over the years. In the last five years since the Covid market crash, for example, its stock has risen about 569% from a late March 2020 low at 28.56 to about 191 Tuesday afternoon.
A 'Steady Eddie' For Sales, Profit Growth
Its sales and profit gains are steady but they aren't as large as those of the Big Tech titans. Last quarter Owens Corning recorded a 5% earnings gain to $4.38 per share on 23% higher revenue, to $3.05 billion. The prior three stanzas Owens recorded EPS gains of 29%, 28% and 9%. During that time it reported a 1% sales gain, -1% and then a 9% rise.
Owens Corning holds the No. 3 rank among its peers in the 40-stock Building-Construction Products/Miscellaneous industry group. Mueller Water Products is the No. 1-ranked stock in the group.
IBD's unique Relative Strength Rating identifies price action with a 1 (worst) to 99 (best) score. The grade shows how a stock's price performance over the trailing 52 weeks compares to all the other stocks in our database.
Over 100 years of market history shows that the market's biggest winners often have an 80 or better RS Rating in the early stages of their moves. See if Owens Corning can continue to rebound and clear that threshold.
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