FY2018 Earnings Estimate for Commercial Metals (CMC) Issued By Jefferies Group
Commercial Metals (NYSE:CMC) – Equities research analysts at Jefferies Group increased their FY2018 earnings estimates for Commercial Metals in a research report issued on Tuesday. Jefferies Group analyst S. Rosenfeld now anticipates that the basic materials company will post earnings of $1.82 per share for the year, up from their prior forecast of $1.53. Jefferies Group currently has a “Buy” rating and a $24.00 target price on the stock.
Several other research analysts also recently commented on the company. Zacks Investment Research downgraded Commercial Metals from a “hold” rating to a “sell” rating in a research note on Thursday, December 28th. Bank of America upgraded Commercial Metals from a “neutral” rating to a “buy” rating and lifted their price target for the company from $21.00 to $24.00 in a research report on Thursday, December 7th. Finally, Citigroup dropped their price target on Commercial Metals from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Friday, September 15th. Four investment analysts have rated the stock with a sell rating and five have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $21.88.
Commercial Metals (NYSE:CMC) last issued its earnings results on Wednesday, January 3rd. The basic materials company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.17 by $0.14. Commercial Metals had a return on equity of 8.08% and a net margin of 1.53%. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter last year, the company earned $0.06 EPS. The firm’s revenue was up 24.6% compared to the same quarter last year.
Institutional investors and hedge funds have recently modified their holdings of the company. 3G Capital Partners LP bought a new stake in shares of Commercial Metals during the 3rd quarter valued at about $9,515,000. Koch Industries Inc. purchased a new position in shares of Commercial Metals during the 2nd quarter valued at about $270,000. Russell Investments Group Ltd. raised its holdings in shares of Commercial Metals by 4,203.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 589,535 shares of the basic materials company’s stock valued at $11,218,000 after buying an additional 575,835 shares in the last quarter. Janus Henderson Group PLC purchased a new position in shares of Commercial Metals during the 2nd quarter valued at about $29,018,000. Finally, Hodges Capital Management Inc. raised its holdings in shares of Commercial Metals by 1.6% during the 3rd quarter. Hodges Capital Management Inc. now owns 1,057,486 shares of the basic materials company’s stock valued at $20,124,000 after buying an additional 16,490 shares in the last quarter. Hedge funds and other institutional investors own 88.55% of the company’s stock.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 31st. Stockholders of record on Tuesday, January 16th will be given a dividend of $0.12 per share. The ex-dividend date is Friday, January 12th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.86%. Commercial Metals’s dividend payout ratio (DPR) is presently 88.89%.
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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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