NEW YORK (TheStreet) -- Shares of Owens Corning (OC) - Get Report are slumping by 5.26% to $48.99 on heavy trading volume Wednesday afternoon, after the Toledo, OH-based company posted its 2016 first quarter results.

Before today's market open, the construction materials company reported adjusted earnings of 53 cents per diluted share, trumping analysts' estimates of 34 cents per share.

Revenue for the period was $1.23 billion, slightly below Wall Street's expectations of $1.24 billion.

"The composites business displayed continued momentum in margins and volumes. The roofing business delivered particularly strong results, due to growth in underlying market demand and storm activity late in the quarter," CEO Mike Thaman said in a statement.

"The insulation business continued to deliver year-over-year EBIT improvement," he added.

Owens Corning continues to expect a market environment "consistent with consensus expectations" for U.S. housing starts and moderate growth globally, the company said.

About 2.96 million of the company's shares were traded by this afternoon compared to its average volume of 1.33 million shares per day.

Separately, TheStreet Ratings Team has a "Buy" rating with a score of A on the stock.

The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, revenue growth and attractive valuation levels.

The team believes its strengths outweigh the fact that the company shows weak operating cash flow.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: OC

Image placeholder title