Top 3 Materials Stocks That Are Set To Fly This Quarter

The most oversold stocks in the materials sector presents an opportunity to buy into undervalued companies.

The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down. When compared to a stock’s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the RSI is below 30, according to Benzinga Pro.

Here's the latest list of major oversold players in this sector, having an RSI near or below 30.

James Hardie Industries plc JHX

• On May 20, James Hardie Industries reported worse-than-expected fourth-quarter financial results. James Hardie CEO Aaron Erter said, “Our team’s focus remains simple: working safely, partnering with our customers, managing decisively, and controlling what we can control. This focus has enabled us to deliver a strong fourth quarter and fiscal year for Adjusted Net Income.” The company's stock fell around 15% over the past five days and has a 52-week low of $24.28.
• RSI Value: 28.97
• JHX Price Action: Shares of James Hardie rose 2.2% to close at $31.21 on Thursday.

O-I Glass, Inc. OI 

• On May 20, Owens-Brockway Glass Container priced private offering of $300 million 7.375% senior notes offering due 2032. The company's stock fell around 11% over the past five days. It has a 52-week low of $12.09.
• RSI Value: 28.73
• OI Price Action: Shares of O-I Glass fell 3.3% to close at $12.16 on Thursday.

Tredegar Corporation TG

• On May 9, Tredegar posted a decline in quarterly sales. John Steitz, Tredegar’s president and chief executive officer, said, “During the first quarter of 2024, we recognized a meaningful profit from ongoing operations for the first time since the first quarter of last year. The bottom of the recent severe down cycle for Bonnell, which we believe was a residual impact of the pandemic and started in the second half of 2022, appears to have occurred in the third quarter of 2023.” The company's stock fell around 11% over the past five days and has a 52-week low of $3.98.
• RSI Value: 29.36
• TG Price Action: Shares of Tredegar fell 1.8% to close at $5.34 on Thursday.

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