Commercial Metals (NYSE:CMC) Issues Quarterly Earnings Results

Commercial Metals (NYSE:CMC) posted its earnings results on Thursday. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.70 by $0.03, FiscalAI reports. Commercial Metals had a return on equity of 13.54% and a net margin of 6.02%.The firm had revenue of $2.48 billion during the quarter, compared to analysts’ expectations of $2.40 billion.

Commercial Metals Trading Up 0.4%

Commercial Metals stock opened at $71.39 on Thursday. The firm has a 50-day moving average of $71.81 and a 200-day moving average of $71.24. Commercial Metals has a one year low of $48.14 and a one year high of $84.87. The company has a debt-to-equity ratio of 0.75, a current ratio of 2.38 and a quick ratio of 1.55. The company has a market cap of $7.92 billion, a price-to-earnings ratio of 15.90, a P/E/G ratio of 0.41 and a beta of 1.50.

Commercial Metals Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Monday, July 6th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, July 6th. This represents a $0.80 annualized dividend and a yield of 1.1%. Commercial Metals’s payout ratio is 17.82%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on CMC shares. JPMorgan Chase & Co. dropped their price target on Commercial Metals from $83.00 to $78.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 14th. Deutsche Bank Aktiengesellschaft raised Commercial Metals to a “buy” rating in a research note on Friday, May 22nd. UBS Group upgraded shares of Commercial Metals from a “neutral” rating to a “buy” rating and raised their target price for the stock from $79.00 to $89.00 in a report on Wednesday, May 13th. KeyCorp assumed coverage on shares of Commercial Metals in a research note on Wednesday, March 25th. They issued a “sector weight” rating on the stock. Finally, Zacks Research cut shares of Commercial Metals from a “hold” rating to a “strong sell” rating in a report on Friday, June 12th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Commercial Metals has an average rating of “Moderate Buy” and an average price target of $80.11.

Institutional Trading of Commercial Metals

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Global Retirement Partners LLC boosted its position in Commercial Metals by 110.7% during the fourth quarter. Global Retirement Partners LLC now owns 573 shares of the basic materials company’s stock valued at $40,000 after purchasing an additional 301 shares during the last quarter. Los Angeles Capital Management LLC acquired a new position in shares of Commercial Metals during the 4th quarter worth approximately $59,000. EverSource Wealth Advisors LLC increased its position in shares of Commercial Metals by 84.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,550 shares of the basic materials company’s stock worth $76,000 after purchasing an additional 708 shares during the last quarter. Colonial Trust Co SC acquired a new position in shares of Commercial Metals during the 4th quarter worth approximately $81,000. Finally, Advisors Asset Management Inc. raised its stake in shares of Commercial Metals by 160.0% during the 4th quarter. Advisors Asset Management Inc. now owns 1,178 shares of the basic materials company’s stock worth $82,000 after purchasing an additional 725 shares in the last quarter. Institutional investors and hedge funds own 86.90% of the company’s stock.

About Commercial Metals

Commercial Metals Company (NYSE: CMC) is a leading global steel and metal recycler, manufacturer and fabricator based in Irving, Texas. The company operates an integrated network of scrap recycling facilities, electric arc furnace steel mills, metal fabrication plants and distribution centers. Through these operations, Commercial Metals collects and processes ferrous scrap to produce finished steel products and provides recycled metal to a variety of end markets.

In its steelmaking segment, CMC uses electric arc furnace technology to transform recycled scrap into reinforcing bar (rebar), merchant bar, coil and structural products.