FY2018 Earnings Estimate for Commercial Metals Company (CMC) Issued By Jefferies Group
Commercial Metals Company (NYSE:CMC) – Jefferies Group lowered their FY2018 EPS estimates for Commercial Metals in a note issued to investors on Wednesday. Jefferies Group analyst S. Rosenfeld now anticipates that the basic materials company will post earnings per share of $1.66 for the year, down from their prior forecast of $1.67. Jefferies Group currently has a “Hold” rating and a $19.00 target price on the stock.
Other research analysts also recently issued research reports about the stock. Citigroup Inc. raised shares of Commercial Metals from a “neutral” rating to a “buy” rating and increased their price objective for the company from $21.00 to $22.00 in a report on Tuesday, June 13th. BidaskClub raised shares of Commercial Metals from a “sell” rating to a “hold” rating in a report on Wednesday, June 14th. Bank of America Corporation reissued a “neutral” rating and set a $20.00 price objective (up previously from $19.00) on shares of Commercial Metals in a report on Sunday, June 25th. Credit Suisse Group raised shares of Commercial Metals from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $19.00 to $24.00 in a report on Tuesday, March 28th. Finally, Zacks Investment Research downgraded shares of Commercial Metals from a “hold” rating to a “sell” rating in a report on Tuesday, June 20th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $22.00.
Shares of Commercial Metals (NYSE CMC) traded up 0.79% during trading on Thursday, reaching $20.43. 812,863 shares of the company’s stock were exchanged. Commercial Metals has a 52 week low of $14.58 and a 52 week high of $24.64. The company’s 50-day moving average is $19.17 and its 200 day moving average is $19.53. The stock has a market capitalization of $2.37 billion, a PE ratio of 31.58 and a beta of 1.23.
Commercial Metals (NYSE:CMC) last issued its quarterly earnings results on Thursday, June 22nd. The basic materials company reported $0.34 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.11. The firm had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Commercial Metals had a net margin of 1.57% and a return on equity of 7.84%. Commercial Metals’s quarterly revenue was up 12.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.31 EPS.
Several hedge funds have recently made changes to their positions in CMC. Thrivent Financial for Lutherans boosted its stake in shares of Commercial Metals by 9.9% in the fourth quarter. Thrivent Financial for Lutherans now owns 19,690 shares of the basic materials company’s stock valued at $429,000 after buying an additional 1,770 shares in the last quarter. Norges Bank acquired a new stake in shares of Commercial Metals during the fourth quarter valued at about $38,100,000. Teachers Advisors LLC boosted its stake in shares of Commercial Metals by 4.0% in the fourth quarter. Teachers Advisors LLC now owns 239,544 shares of the basic materials company’s stock valued at $5,217,000 after buying an additional 9,267 shares in the last quarter. Capstone Asset Management Co. boosted its stake in shares of Commercial Metals by 3.2% in the first quarter. Capstone Asset Management Co. now owns 14,042 shares of the basic materials company’s stock valued at $269,000 after buying an additional 440 shares in the last quarter. Finally, Guild Investment Management Inc. acquired a new stake in shares of Commercial Metals during the first quarter valued at about $5,667,000. Hedge funds and other institutional investors own 89.73% of the company’s stock.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 20th. Stockholders of record on Thursday, July 6th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.37%. The ex-dividend date is Monday, July 3rd. Commercial Metals’s dividend payout ratio is 73.85%.
About Commercial Metals
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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