Analysts Anticipate Commercial Metals Company (CMC) Will Announce Quarterly Sales of $1.26 Billion
Brokerages forecast that Commercial Metals Company (NYSE:CMC) will announce $1.26 billion in sales for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Commercial Metals’ earnings. The highest sales estimate is $1.38 billion and the lowest is $1.11 billion. Commercial Metals reported sales of $1.21 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 4.1%. The business is scheduled to issue its next earnings report on Thursday, October 26th.
On average, analysts expect that Commercial Metals will report full-year sales of $1.26 billion for the current fiscal year, with estimates ranging from $4.72 billion to $4.99 billion. For the next financial year, analysts expect that the company will report sales of $5.00 billion per share, with estimates ranging from $4.41 billion to $5.50 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow Commercial Metals.
Commercial Metals (NYSE:CMC) last issued its earnings results on Thursday, June 22nd. The basic materials company reported $0.34 EPS for the quarter, topping the consensus estimate of $0.23 by $0.11. The company had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.34 billion. Commercial Metals had a return on equity of 7.84% and a net margin of 1.57%. The business’s revenue was up 12.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.31 EPS.
A number of equities research analysts recently commented on the company. Citigroup Inc. upgraded Commercial Metals from a “neutral” rating to a “buy” rating and increased their price target for the stock from $21.00 to $22.00 in a research report on Tuesday, June 13th. Jefferies Group LLC restated a “hold” rating and set a $19.00 price target on shares of Commercial Metals in a research report on Wednesday, May 24th. Clarkson Capital restated a “sell” rating and set a $16.00 price target on shares of Commercial Metals in a research report on Tuesday. BidaskClub lowered Commercial Metals from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Finally, Zacks Investment Research lowered Commercial Metals from a “hold” rating to a “sell” rating in a research report on Tuesday, June 20th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $21.75.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Capstone Asset Management Co. raised its position in shares of Commercial Metals by 0.5% in the second quarter. Capstone Asset Management Co. now owns 14,112 shares of the basic materials company’s stock worth $274,000 after buying an additional 70 shares during the last quarter. Amalgamated Bank raised its position in shares of Commercial Metals by 1.6% in the second quarter. Amalgamated Bank now owns 16,403 shares of the basic materials company’s stock worth $319,000 after buying an additional 253 shares during the last quarter. First Midwest Bank Trust Division raised its position in shares of Commercial Metals by 2.0% in the second quarter. First Midwest Bank Trust Division now owns 20,152 shares of the basic materials company’s stock worth $392,000 after buying an additional 401 shares during the last quarter. Advantus Capital Management Inc raised its position in shares of Commercial Metals by 3.0% in the first quarter. Advantus Capital Management Inc now owns 14,796 shares of the basic materials company’s stock worth $283,000 after buying an additional 436 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Commercial Metals by 9.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,853 shares of the basic materials company’s stock worth $114,000 after buying an additional 522 shares during the last quarter. Hedge funds and other institutional investors own 91.37% of the company’s stock.
Shares of Commercial Metals (CMC) traded down 0.087% on Friday, hitting $17.325. The stock had a trading volume of 1,367,833 shares. The firm’s 50-day moving average is $19.23 and its 200 day moving average is $19.23. The stock has a market cap of $2.01 billion, a P/E ratio of 26.777 and a beta of 1.22. Commercial Metals has a 1-year low of $14.58 and a 1-year high of $24.64.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 20th. Shareholders of record on Thursday, July 6th were given a $0.12 dividend. The ex-dividend date of this dividend was Monday, July 3rd. This represents a $0.48 dividend on an annualized basis and a yield of 2.77%. Commercial Metals’s payout ratio is 73.85%.
Commercial Metals Company Profile
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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