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Owens Corning Incorporated (OC): Today's Featured Materials & Construction Laggard

Editor's Note: TheStreet ratings do not represent the views of TheStreet's staff or its contributors. Ratings are established by computer based on metrics for performance (which includes growth, stock performance, efficiency and valuation) and risk (volatility and solvency). Companies with poor cash flow or high debt levels tend to earn lower ratings in our model.

Owens Corning Incorporated ( OC) pushed the Materials & Construction industry lower today making it today's featured Materials & Construction laggard. The industry as a whole closed the day up 1.5%. By the end of trading, Owens Corning Incorporated fell 44 cents (-1.3%) to $33.53 on heavy volume. Throughout the day, four million shares of Owens Corning Incorporated exchanged hands as compared to its average daily volume of 2.2 million shares. The stock ranged in price between $32.43-$34.17 after having opened the day at $33.49 as compared to the previous trading day's close of $33.97. Other companies within the Materials & Construction industry that declined today were: Continental Materials Corporation ( CUO), down 6.1%, MagneGas Corporation ( MNGA), down 4.7%, Guanwei Recycling ( GPRC), down 3%, and India Globalization Capital ( IGC), down 2.9%.

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Owens Corning engages in the provision of composite and building materials systems worldwide. It operates in two segments, Composites and Building Materials. Owens Corning Incorporated has a market cap of $4.01 billion and is part of the industrial goods sector. The company has a P/E ratio of 24.9, equal to the average materials & construction industry P/E ratio and above the S&P 500 P/E ratio of 17.7. Shares are up 17.7% year to date as of the close of trading on Wednesday. Currently there are nine analysts that rate Owens Corning Incorporated a buy, no analysts rate it a sell, and three rate it a hold.

TheStreet Ratings rates Owens Corning Incorporated as a buy. The company's strengths can be seen in multiple areas, such as its attractive valuation levels, good cash flow from operations, solid stock price performance, largely solid financial position with reasonable debt levels by most measures and notable return on equity. We feel these strengths outweigh the fact that the company has had somewhat weak growth in earnings per share.

On the positive front, Argan ( AGX), up 9.2%, Gafisa ( GFA), up 8.8%, Beazer Homes USA ( BZH), up 7%, and Heckmann ( HEK), up 6.4%, were all gainers within the materials & construction industry with Republic Services ( RSG) being today's featured materials & construction industry leader.

For investors not wanting singular stock exposure, ETFs may be of interest. Investors who are bullish on the materials & construction industry could consider SPDR S&P Homebuilders ETF ( XHB) while those bearish on the materials & construction industry could consider ProShares Short Basic Materials Fd ( SBM).

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