Commercial Metals Co. Forecasted to Earn FY2016 Earnings of $0.92 Per Share (CMC)
Commercial Metals Co. (NYSE:CMC) – Equities research analysts at KeyCorp decreased their FY2016 earnings estimates for shares of Commercial Metals in a research note issued on Monday. KeyCorp analyst P. Gibbs now forecasts that the firm will post earnings of $0.92 per share for the year, down from their previous estimate of $0.96. KeyCorp also issued estimates for Commercial Metals’ FY2017 earnings at $0.95 EPS.
Commercial Metals (NYSE:CMC) last announced its quarterly earnings data on Thursday, June 23rd. The company reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.05. The firm earned $1.23 billion during the quarter. Commercial Metals had a return on equity of 8.04% and a net margin of 1.02%. The firm’s revenue was down 18.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.58 earnings per share.
Other equities analysts also recently issued research reports about the company. Jefferies Group reiterated a “buy” rating on shares of Commercial Metals in a research report on Saturday, June 4th. Zacks Investment Research upgraded Commercial Metals from a “hold” rating to a “buy” rating and set a $19.00 price objective for the company in a research report on Monday, May 30th. Citigroup Inc. assumed coverage on Commercial Metals in a research report on Monday, August 22nd. They set a “neutral” rating and a $16.00 target price for the company. Bank of America Corp. downgraded Commercial Metals to a “neutral” rating in a research report on Wednesday, July 20th. Finally, Clarkson Capital downgraded Commercial Metals from a “neutral” rating to a “sell” rating in a research report on Monday, June 27th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $16.69.
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Shares of Commercial Metals (NYSE:CMC) traded up 0.13% during midday trading on Tuesday, reaching $15.26. The company had a trading volume of 328,501 shares. The firm has a market cap of $1.75 billion, a P/E ratio of 13.86 and a beta of 1.59. Commercial Metals has a 52-week low of $12.44 and a 52-week high of $18.50. The company’s 50-day moving average is $15.89 and its 200-day moving average is $16.74.
Several large investors have recently made changes to their positions in the company. Mason Street Advisors LLC bought a new stake in shares of Commercial Metals during the second quarter worth approximately $883,000. Sterling Capital Management LLC bought a new stake in shares of Commercial Metals during the second quarter worth approximately $530,000. Schwab Charles Investment Management Inc. boosted its stake in shares of Commercial Metals by 2.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 520,965 shares of the company’s stock worth $8,805,000 after buying an additional 11,526 shares during the period. Amalgamated Bank boosted its stake in shares of Commercial Metals by 10.3% in the second quarter. Amalgamated Bank now owns 14,277 shares of the company’s stock worth $234,000 after buying an additional 1,328 shares during the period. Finally, Legal & General Group Plc boosted its stake in shares of Commercial Metals by 17.9% in the second quarter. Legal & General Group Plc now owns 123,259 shares of the company’s stock worth $2,068,000 after buying an additional 18,718 shares during the period. 94.77% of the stock is owned by institutional investors and hedge funds.
In related news, Director Anthony A. Massaro sold 2,367 shares of Commercial Metals stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $16.36, for a total transaction of $38,724.12. Following the completion of the sale, the director now directly owns 69,252 shares of the company’s stock, valued at $1,132,962.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.20% of the company’s stock.
Commercial Metals Company Profile
Commercial Metals Company (CMC) manufactures, recycles and markets steel and metal products, related materials and services. CMC has a network of steel mills (minimills), steel fabrication and processing facilities, warehouses, metal recycling facilities. It has five business segments: Americas Recycling, Americas Mills, Americas Fabrication, International Mill, and International Marketing and Distribution.
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