$2.34 Billion in Sales Expected for Commercial Metals (NYSE:CMC) This Quarter
Analysts predict that Commercial Metals (NYSE:CMC – Get Rating) will report sales of $2.34 billion for the current fiscal quarter, Zacks reports. Two analysts have made estimates for Commercial Metals’ earnings, with the lowest sales estimate coming in at $2.34 billion and the highest estimate coming in at $2.35 billion. Commercial Metals reported sales of $1.85 billion during the same quarter last year, which indicates a positive year over year growth rate of 26.5%. The firm is scheduled to issue its next earnings results before the market opens on Monday, January 1st.
On average, analysts expect that Commercial Metals will report full-year sales of $8.75 billion for the current year, with estimates ranging from $8.70 billion to $8.79 billion. For the next year, analysts forecast that the business will post sales of $8.76 billion, with estimates ranging from $7.94 billion to $9.58 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Commercial Metals.
Commercial Metals (NYSE:CMC – Get Rating) last released its quarterly earnings data on Thursday, March 17th. The basic materials company reported $1.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.28 by $0.25. The company had revenue of $2.01 billion for the quarter, compared to analysts’ expectations of $1.92 billion. Commercial Metals had a net margin of 11.43% and a return on equity of 27.25%. The business’s revenue was up 37.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.66 EPS.
CMC has been the subject of a number of analyst reports. JPMorgan Chase & Co. increased their price objective on shares of Commercial Metals from $47.00 to $55.00 and gave the stock an “overweight” rating in a research note on Thursday, March 24th. StockNews.com assumed coverage on shares of Commercial Metals in a research report on Thursday, March 31st. They set a “buy” rating on the stock. KeyCorp cut their target price on shares of Commercial Metals from $50.00 to $48.00 and set an “overweight” rating on the stock in a research report on Thursday, May 19th. Finally, BMO Capital Markets raised their target price on shares of Commercial Metals from $40.00 to $45.00 and gave the company a “market perform” rating in a research report on Friday, March 18th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $42.44.
In other Commercial Metals news, Director John R. Mcpherson bought 5,000 shares of Commercial Metals stock in a transaction on Tuesday, April 26th. The stock was bought at an average price of $40.55 per share, with a total value of $202,750.00. Following the completion of the acquisition, the director now owns 5,000 shares in the company, valued at $202,750. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Barbara Smith sold 4,101 shares of the firm’s stock in a transaction on Tuesday, April 12th. The shares were sold at an average price of $43.45, for a total value of $178,188.45. Following the completion of the sale, the chief executive officer now directly owns 533,785 shares of the company’s stock, valued at approximately $23,192,958.25. The disclosure for this sale can be found here. Insiders have sold 38,582 shares of company stock worth $1,718,106 in the last three months. Corporate insiders own 1.20% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. lifted its position in shares of Commercial Metals by 0.6% during the fourth quarter. BlackRock Inc. now owns 14,797,744 shares of the basic materials company’s stock worth $537,010,000 after purchasing an additional 83,967 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Commercial Metals by 1.1% in the first quarter. Vanguard Group Inc. now owns 13,226,374 shares of the basic materials company’s stock worth $550,481,000 after acquiring an additional 142,062 shares during the last quarter. State Street Corp raised its holdings in shares of Commercial Metals by 22.3% during the first quarter. State Street Corp now owns 7,494,116 shares of the basic materials company’s stock valued at $312,971,000 after buying an additional 1,367,997 shares during the last quarter. Berkley W R Corp raised its holdings in shares of Commercial Metals by 2.9% during the first quarter. Berkley W R Corp now owns 2,507,504 shares of the basic materials company’s stock valued at $104,362,000 after buying an additional 70,000 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Commercial Metals by 3.7% during the fourth quarter. Geode Capital Management LLC now owns 2,191,476 shares of the basic materials company’s stock valued at $79,528,000 after buying an additional 78,852 shares during the last quarter. Institutional investors and hedge funds own 85.01% of the company’s stock.
Shares of NYSE:CMC opened at $41.35 on Friday. The company’s fifty day moving average is $40.73 and its 200 day moving average is $37.43. Commercial Metals has a 52 week low of $28.76 and a 52 week high of $46.68. The stock has a market cap of $5.02 billion, a PE ratio of 5.64 and a beta of 1.14. The company has a quick ratio of 2.85, a current ratio of 4.23 and a debt-to-equity ratio of 0.50.
The business also recently announced a quarterly dividend, which was paid on Wednesday, April 13th. Shareholders of record on Wednesday, March 30th were given a $0.14 dividend. The ex-dividend date of this dividend was Tuesday, March 29th. This represents a $0.56 dividend on an annualized basis and a yield of 1.35%. Commercial Metals’s payout ratio is currently 7.64%.
About Commercial Metals (Get Rating)
Commercial Metals Company manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, and internationally. The company processes and sells ferrous and nonferrous 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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