Why Did Owens Corning and Trex Climb More Than 20% in June?
The homebuilding sector got a big boost from multiple pieces of major economic news in June. The bullish information rippled throughout the sector, and building supplies stocks were some of the biggest gainers as a result. Owens Corning (NYSE: OC) charged ahead 22.7%, while Trex (NYSE: TREX) moved 27.7% higher, according to S&P Global Market Intelligence.
Owens Corning manufactures fiberglass products, primarily for roofing and insulation. Trex produces wood-alternative composite products used primarily in decking and railing.
Demand for building products like these can be very sensitive to economic cycles. The number of people who build or improve a home can dissipate quickly if employment drops or interest rates climb too high, which winds up impacting housing stocks.
Source Fool.com
Corning Inc. Stock
We see a rather positive sentiment for Corning Inc. with 14 Buy predictions and 2 Sell predictions.
As a result the target price of 40 € shows a slightly positive potential of 1.34% compared to the current price of 39.47 € for Corning Inc..
