Equities analysts forecast that Commercial Metals (NYSE:CMC) will post sales of $1.44 billion for the current fiscal quarter, Zacks Investment Research reports. Four analysts have issued estimates for Commercial Metals’ earnings, with estimates ranging from $1.41 billion to $1.47 billion. Commercial Metals reported sales of $1.28 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 12.5%. The company is scheduled to announce its next earnings report on Monday, January 6th.
On average, analysts expect that Commercial Metals will report full-year sales of $6.00 billion for the current financial year, with estimates ranging from $5.82 billion to $6.18 billion. For the next fiscal year, analysts forecast that the business will report sales of $6.21 billion, with estimates ranging from $5.91 billion to $6.42 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that cover Commercial Metals.
Commercial Metals (NYSE:CMC) last released its quarterly earnings results on Wednesday, October 23rd. The basic materials company reported $0.76 EPS for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.06. Commercial Metals had a net margin of 3.40% and a return on equity of 16.04%. The business had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.57 billion. During the same quarter in the previous year, the company earned $0.51 EPS. The business’s quarterly revenue was up 17.9% compared to the same quarter last year.
A number of equities analysts have commented on CMC shares. Bank of America boosted their price target on shares of Commercial Metals from $13.00 to $15.00 and gave the stock an “underperform” rating in a research note on Thursday, October 24th. Exane BNP Paribas started coverage on shares of Commercial Metals in a research note on Thursday. They issued an “outperform” rating for the company. ValuEngine raised shares of Commercial Metals from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Goldman Sachs Group cut shares of Commercial Metals from a “buy” rating to a “neutral” rating and set a $20.00 price target for the company. in a research note on Sunday, September 22nd. Finally, JPMorgan Chase & Co. set a $22.00 price target on shares of Commercial Metals and gave the stock a “buy” rating in a research note on Monday, September 23rd. One investment analyst has rated the stock with a sell rating, six have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $18.87.
CMC stock traded up $0.32 during midday trading on Friday, reaching $20.13. The company had a trading volume of 930,797 shares, compared to its average volume of 1,548,759. The company has a debt-to-equity ratio of 0.76, a current ratio of 2.99 and a quick ratio of 2.00. Commercial Metals has a 1 year low of $13.27 and a 1 year high of $20.67. The company has a market capitalization of $2.34 billion, a P/E ratio of 9.57, a P/E/G ratio of 2.52 and a beta of 1.78. The firm has a 50-day moving average price of $18.78 and a 200-day moving average price of $17.08.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 20th. Stockholders of record on Wednesday, November 6th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.38%. Commercial Metals’s payout ratio is 23.08%.
A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in Commercial Metals by 3.2% during the 2nd quarter. Vanguard Group Inc. now owns 11,835,470 shares of the basic materials company’s stock valued at $211,263,000 after buying an additional 368,873 shares during the last quarter. Highline Capital Management L.P. increased its position in Commercial Metals by 9.8% during the 2nd quarter. Highline Capital Management L.P. now owns 4,434,008 shares of the basic materials company’s stock valued at $79,147,000 after purchasing an additional 395,000 shares during the period. Northern Trust Corp increased its position in Commercial Metals by 1.0% during the 2nd quarter. Northern Trust Corp now owns 2,895,053 shares of the basic materials company’s stock valued at $51,677,000 after purchasing an additional 29,518 shares during the period. Deprince Race & Zollo Inc. increased its position in Commercial Metals by 7.2% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 2,726,364 shares of the basic materials company’s stock valued at $48,666,000 after purchasing an additional 182,237 shares during the period. Finally, Hodges Capital Management Inc. increased its position in Commercial Metals by 0.3% during the 2nd quarter. Hodges Capital Management Inc. now owns 2,197,590 shares of the basic materials company’s stock valued at $39,227,000 after purchasing an additional 6,857 shares during the period. Institutional investors own 95.15% of the company’s stock.
About Commercial Metals
Commercial Metals Company manufactures, recycles, and markets steel and metal products, and related materials and services in the United States and internationally. It operates through four segments: Americas Recycling, Americas Mills, Americas Fabrication, and International Mill. The Americas Recycling segment processes and sells scrap metals to steel mills and foundries, aluminum sheet and ingot manufacturers, brass and bronze ingot makers, copper refineries and mills, secondary lead smelters, specialty steel mills, high temperature alloy manufacturers, and other consumers.
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