Q4 2017 EPS Estimates for Commercial Metals Company (CMC) Decreased by Jefferies Group
Commercial Metals Company (NYSE:CMC) – Jefferies Group lowered their Q4 2017 earnings per share (EPS) estimates for Commercial Metals in a research note issued on Wednesday. Jefferies Group analyst S. Rosenfeld now anticipates that the basic materials company will earn $0.18 per share for the quarter, down from their prior forecast of $0.30. Jefferies Group has a “Hold” rating and a $19.00 price objective on the stock.
A number of other analysts have also commented on the company. Credit Suisse Group raised Commercial Metals from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $19.00 to $24.00 in a report on Tuesday, March 28th. Bank of America Corporation lowered Commercial Metals from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $21.00 to $19.00 in a report on Thursday, June 8th. Citigroup Inc. raised Commercial Metals from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $21.00 to $22.00 in a report on Tuesday, June 13th. Zacks Investment Research lowered Commercial Metals from a “hold” rating to a “sell” rating in a report on Tuesday, June 20th. Finally, BidaskClub raised Commercial Metals from a “sell” rating to a “hold” rating in a report on Wednesday, June 14th. 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 stock. The company presently has an average rating of “Hold” and a consensus price target of $22.00.
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Shares of Commercial Metals (CMC) traded down 0.78% during midday trading on Friday, reaching $20.30. The company had a trading volume of 982,785 shares. The company has a 50-day moving average price of $19.23 and a 200 day moving average price of $19.54. Commercial Metals has a one year low of $14.58 and a one year high of $24.64. The company has a market capitalization of $2.35 billion, a P/E ratio of 31.38 and a beta of 1.23.
Commercial Metals (NYSE:CMC) last announced its quarterly earnings results on Thursday, June 22nd. The basic materials company reported $0.34 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.11. Commercial Metals had a return on equity of 7.84% and a net margin of 1.57%. The business had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the prior year, the company posted $0.31 earnings per share. Commercial Metals’s revenue was up 12.6% compared to the same quarter last year.
Several hedge funds have recently modified their holdings of CMC. Thrivent Financial for Lutherans raised 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 during the last quarter. Norges Bank purchased a new stake in shares of Commercial Metals during the fourth quarter valued at approximately $38,100,000. Teachers Advisors LLC raised 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 during the last quarter. Capstone Asset Management Co. raised 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 during the last quarter. Finally, Guild Investment Management Inc. purchased a new stake in shares of Commercial Metals during the first quarter valued at approximately $5,667,000. 89.73% of the stock is owned by institutional investors.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 20th. Investors of record on Thursday, July 6th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.35%. The ex-dividend date was Monday, July 3rd. Commercial Metals’s payout ratio is currently 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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