Owens Corning is a top-performing stock in many respects, although its Relative Strength (RS) Rating, which compares a stock's strength against all others in IBD's database, is playing catch-up. Its RS Rating climbed to 76 Thursday, a seven-point jump from 69 the day before.
Check out its outstanding other key ratings. The Toledo, Ohio-based maker of building materials and composites for industrial and commercial use has a near-best 96 Earnings Per Share Rating. That puts it in the top 4% of companies for recent quarters and years earnings growth. Additionally, Owens Corning stock boasts a 96 Composite Rating, out of 99.
Tellingly, Owens Corning stock has a B Accumulation/Distribution Rating on an A+ to E scale with A+ tops. That shows that institutional investors such as ETFs and mutual funds are fairly heavy buyers, a bullish indicator.
Market research has shown that the market's biggest winners tend to have an RS Rating of over 80 as they begin their biggest climbs. Look for Owens Corning stock to continue to show renewed price strength and clear that threshold.
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Owens Corning stock was among those to recover fast from the Covid market crash. It dropped to a 28.56 intraday low at the end of March 2020, and had soared to a 109.90 high by May 2021. It's held near that level since then although it hasn't yet broken out. On Thursday Owens Corning stock dropped 4% to 86.90 amid the market pullback. Now is not an ideal time to jump in since it isn't near a proper buy zone, but see if the stock goes on to offer and clear an appropriate buy point.
Owens Corning has reported double-digit profit and sales growth every quarter over the past year. Last quarter it showed 36% EPS growth, to $3.57. Revenue grew 14% to $2.53 billion.
Owens Corning holds the No. 8 rank among its peers in the Building-Construction Products/Miscellaneous industry group. LSI Industries and Griffon are among the group's highest-rated stocks.
As you try to find the best stocks to buy and watch, keep a close on eye on relative price strength.
IBD's unique RS Rating measures technical performance by showing how a stock's price action over the last 52 weeks measures up against that of the other stocks in our database.
