Commercial Metals (NYSE:CMC) Posts Earnings Results

Commercial Metals (NYSE:CMC) issued its quarterly earnings results on Thursday. The basic materials company reported $1.73 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $2.48 billion during the quarter, compared to analysts’ expectations of $2.40 billion.

Commercial Metals Stock Up 0.4%

CMC stock opened at $71.39 on Thursday. The stock’s 50 day simple moving average is $71.81 and its 200 day simple moving average is $71.24. The company has a market cap of $7.92 billion, a P/E ratio of 15.90, a price-to-earnings-growth ratio of 0.41 and a beta of 1.50. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.55 and a current ratio of 2.38. Commercial Metals has a fifty-two week low of $48.14 and a fifty-two week high of $84.87.

Commercial Metals Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Morgan Stanley lifted their price objective on Commercial Metals from $83.00 to $88.00 and gave the stock an “overweight” rating in a research note on Monday. UBS Group upgraded shares of Commercial Metals from a “neutral” rating to a “buy” rating and raised their price target for the stock from $79.00 to $89.00 in a report on Wednesday, May 13th. The Goldman Sachs Group assumed coverage on shares of Commercial Metals in a research report on Wednesday, April 1st. They issued a “neutral” rating and a $74.00 price target on the stock. Wall Street Zen lowered shares of Commercial Metals from a “strong-buy” rating to a “buy” rating in a research note on Saturday, April 4th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Commercial Metals in a research report on Tuesday, June 9th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $80.11.

Institutional Investors Weigh In On Commercial Metals

Hedge funds and other institutional investors have recently modified their holdings of the company. Royal Bank of Canada lifted its holdings in shares of Commercial Metals by 1.4% in the 1st quarter. Royal Bank of Canada now owns 90,989 shares of the basic materials company’s stock worth $4,186,000 after purchasing an additional 1,219 shares in the last quarter. Amundi increased its stake in Commercial Metals by 13.3% during the 1st quarter. Amundi now owns 2,480 shares of the basic materials company’s stock valued at $114,000 after purchasing an additional 291 shares in the last quarter. Jones Financial Companies Lllp raised its holdings in Commercial Metals by 614.9% during the first quarter. Jones Financial Companies Lllp now owns 11,767 shares of the basic materials company’s stock worth $541,000 after buying an additional 10,121 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in Commercial Metals by 5.8% during the first quarter. Goldman Sachs Group Inc. now owns 1,033,514 shares of the basic materials company’s stock worth $47,552,000 after buying an additional 56,875 shares during the last quarter. Finally, Empowered Funds LLC raised its holdings in Commercial Metals by 1.8% during the first quarter. Empowered Funds LLC now owns 53,305 shares of the basic materials company’s stock worth $2,453,000 after buying an additional 941 shares during the last quarter. Institutional investors 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.