Commercial Metals to Post FY2022 Earnings of $7.12 Per Share, KeyCorp Forecasts (NYSE:CMC)
Commercial Metals (NYSE:CMC – Get Rating) – Analysts at KeyCorp raised their FY2022 EPS estimates for Commercial Metals in a note issued to investors on Wednesday, May 18th. KeyCorp analyst P. Gibbs now anticipates that the basic materials company will post earnings of $7.12 per share for the year, up from their previous estimate of $6.90. KeyCorp currently has a “Overweight” rating and a $48.00 target price on the stock.
Commercial Metals (NYSE:CMC – Get Rating) last posted its quarterly earnings results on Thursday, March 17th. The basic materials company reported $1.53 earnings per share for the quarter, topping analysts’ consensus estimates of $1.28 by $0.25. Commercial Metals had a net margin of 11.43% and a return on equity of 27.25%. The firm had revenue of $2.01 billion for the quarter, compared to the consensus estimate of $1.92 billion. During the same quarter in the previous year, the company earned $0.66 earnings per share. The business’s revenue was up 37.4% compared to the same quarter last year.
Several other analysts have also recently weighed in on the company. JPMorgan Chase & Co. boosted their price objective on Commercial Metals from $47.00 to $55.00 and gave the stock an “overweight” rating in a report on Thursday, March 24th. BNP Paribas raised Commercial Metals from a “neutral” rating to an “outperform” rating and set a $45.00 price target for the company in a research note on Friday, January 21st. Exane BNP Paribas raised Commercial Metals from a “neutral” rating to an “outperform” rating and set a $45.00 price target for the company in a research note on Friday, January 21st. StockNews.com initiated coverage on Commercial Metals in a research note on Thursday, March 31st. They issued a “buy” rating for the company. Finally, BMO Capital Markets upped their price target on Commercial Metals from $40.00 to $45.00 and gave the company a “market perform” rating in a research note on Friday, March 18th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $42.44.
Shares of NYSE:CMC opened at $37.02 on Friday. The company’s fifty day moving average is $40.95 and its 200-day moving average is $37.20. The company has a market capitalization of $4.50 billion, a PE ratio of 5.05 and a beta of 1.14. The company has a debt-to-equity ratio of 0.50, a quick ratio of 2.85 and a current ratio of 4.23. Commercial Metals has a 52 week low of $28.76 and a 52 week high of $46.68.
A number of institutional investors and hedge funds have recently bought and sold shares of CMC. Blueshift Asset Management LLC increased its position in Commercial Metals by 107.2% during the 3rd quarter. Blueshift Asset Management LLC now owns 55,315 shares of the basic materials company’s stock worth $1,685,000 after buying an additional 28,622 shares during the period. UBS Asset Management Americas Inc. increased its position in Commercial Metals by 28.3% during the 3rd quarter. UBS Asset Management Americas Inc. now owns 173,206 shares of the basic materials company’s stock worth $5,276,000 after buying an additional 38,168 shares during the period. Canandaigua National Corp bought a new position in Commercial Metals during the 4th quarter worth $207,000. First Eagle Investment Management LLC increased its position in Commercial Metals by 50.6% during the 4th quarter. First Eagle Investment Management LLC now owns 24,691 shares of the basic materials company’s stock worth $896,000 after buying an additional 8,300 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC bought a new position in shares of Commercial Metals in the fourth quarter worth $154,000. Institutional investors and hedge funds own 85.01% of the company’s stock.
In other news, CEO Barbara Smith sold 4,101 shares of the stock in a transaction that occurred on Tuesday, April 12th. The stock was 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 owns 533,785 shares of the company’s stock, valued at approximately $23,192,958.25. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John R. Mcpherson purchased 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 26th. The stock was acquired at an average price of $40.55 per share, for a total transaction of $202,750.00. Following the purchase, the director now owns 5,000 shares in the company, valued at approximately $202,750. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 38,582 shares of company stock valued at $1,718,106. Insiders own 1.20% of the company’s stock.
The company also recently declared a quarterly dividend, which was paid on Wednesday, April 13th. Shareholders of record on Wednesday, March 30th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date of this dividend was Tuesday, March 29th. Commercial Metals’s dividend payout ratio (DPR) is currently 7.64%.
Commercial Metals Company Profile (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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