Commercial Metals Company (CMC) Expected to Post Quarterly Sales of $1.17 Billion
Brokerages expect Commercial Metals Company (NYSE:CMC) to report $1.17 billion in sales for the current quarter, according to Zacks Investment Research. Four analysts have issued estimates for Commercial Metals’ earnings, with estimates ranging from $1.03 billion to $1.24 billion. Commercial Metals posted sales of $1.08 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 8.3%. The firm is scheduled to announce its next quarterly earnings results on Monday, January 8th.
According to Zacks, analysts expect that Commercial Metals will report full year sales of $1.17 billion for the current year, with estimates ranging from $4.32 billion to $5.22 billion. For the next fiscal year, analysts forecast that the business will report sales of $5.10 billion per share, with estimates ranging from $4.89 billion to $5.26 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow Commercial Metals.
Commercial Metals (NYSE:CMC) last posted its quarterly earnings results on Thursday, October 26th. The basic materials company reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.13). The company had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.21 billion. Commercial Metals had a net margin of 0.95% and a return on equity of 6.50%. The company’s revenue for the quarter was up 14.4% on a year-over-year basis. During the same period last year, the firm posted $0.01 earnings per share.
Several equities research analysts have recently commented on the stock. Zacks Investment Research raised shares of Commercial Metals from a “sell” rating to a “hold” rating and set a $24.00 target price for the company in a research report on Tuesday, October 17th. Jefferies Group LLC raised shares of Commercial Metals from a “hold” rating to a “buy” rating in a research report on Tuesday, October 17th. Bank of America Corporation reissued a “neutral” rating and set a $21.00 target price (up from $20.00) on shares of Commercial Metals in a research report on Tuesday, September 5th. Macquarie assumed coverage on shares of Commercial Metals in a research report on Wednesday, September 6th. They set an “underperform” rating and a $16.00 target price for the company. Finally, BidaskClub downgraded shares of Commercial Metals from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $21.56.
Commercial Metals (NYSE:CMC) traded down $0.32 during trading hours on Wednesday, hitting $18.88. 2,148,894 shares of the stock traded hands, compared to its average volume of 2,109,490. The company has a quick ratio of 1.81, a current ratio of 2.82 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $2,224.13, a P/E ratio of 25.26, a P/E/G ratio of 0.72 and a beta of 1.26.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 22nd. Shareholders of record on Wednesday, November 8th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.54%. The ex-dividend date of this dividend is Tuesday, November 7th. Commercial Metals’s payout ratio is 120.00%.
A number of hedge funds have recently modified their holdings of CMC. BlackRock Inc. grew its position in Commercial Metals by 17,672.9% in the 1st quarter. BlackRock Inc. now owns 14,566,855 shares of the basic materials company’s stock worth $278,663,000 after purchasing an additional 14,484,894 shares in the last quarter. Janus Henderson Group PLC bought a new stake in Commercial Metals in the 2nd quarter worth about $29,018,000. Deprince Race & Zollo Inc. grew its position in Commercial Metals by 167.7% in the 2nd quarter. Deprince Race & Zollo Inc. now owns 1,900,269 shares of the basic materials company’s stock worth $36,922,000 after purchasing an additional 1,190,364 shares in the last quarter. Teachers Advisors LLC grew its position in Commercial Metals by 322.3% in the 2nd quarter. Teachers Advisors LLC now owns 1,043,599 shares of the basic materials company’s stock worth $20,277,000 after purchasing an additional 796,477 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its position in Commercial Metals by 13.2% in the 2nd quarter. Goldman Sachs Group Inc. now owns 4,512,233 shares of the basic materials company’s stock worth $87,673,000 after purchasing an additional 526,185 shares in the last quarter. 90.28% of the stock is owned by institutional investors and hedge funds.
Commercial Metals Company Profile
Commercial Metals Company, together with its subsidiaries, manufactures, recycles and markets steel and metal products, related materials and services through a network. The Company’s Americas Recycling segment processes scrap metals for use as a raw material by manufacturers of new metal products. The Americas Mills segment consists of steel mills, commonly referred to as minimills that produce reinforcing bar (rebar), angles, flats and rounds.
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