Zacks: Analysts Expect Commercial Metals (CMC) Will Announce Quarterly Sales of $1.20 Billion

Wall Street analysts expect Commercial Metals (NYSE:CMC) to announce sales of $1.20 billion for the current quarter, according to Zacks. Three analysts have made estimates for Commercial Metals’ earnings. The highest sales estimate is $1.25 billion and the lowest is $1.17 billion. Commercial Metals reported sales of $1.15 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 4.3%. The business is expected to announce its next quarterly earnings report on Thursday, March 22nd.

On average, analysts expect that Commercial Metals will report full-year sales of $1.20 billion for the current fiscal year, with estimates ranging from $5.11 billion to $5.22 billion. For the next fiscal year, analysts forecast that the company will report sales of $5.43 billion per share, with estimates ranging from $5.01 billion to $6.37 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Commercial Metals.

Commercial Metals (NYSE:CMC) last posted its earnings results on Wednesday, January 3rd. The basic materials company reported $0.31 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.18 billion. During the same period in the previous year, the firm earned $0.06 earnings per share. The business’s revenue was up 24.6% compared to the same quarter last year.

Several equities analysts have recently issued reports on the company. Zacks Investment Research cut Commercial Metals from a “hold” rating to a “sell” rating in a research note on Thursday, December 28th. Bank of America raised Commercial Metals from a “neutral” rating to a “buy” rating and upped their price target for the stock from $21.00 to $24.00 in a research note on Thursday, December 7th. Finally, Jefferies Group reduced their price target on Commercial Metals from $26.00 to $24.00 and set a “buy” rating on the stock in a research note on Monday, October 30th. Four investment analysts have rated the stock with a sell rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $21.88.

In related news, EVP Tracy L. Porter sold 13,601 shares of the company’s stock in a transaction on Thursday, January 18th. The stock was sold at an average price of $25.04, for a total value of $340,569.04. Following the sale, the executive vice president now directly owns 10 shares of the company’s stock, valued at $250.40. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Tracy L. Porter sold 6,935 shares of the business’s stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $25.14, for a total value of $174,345.90. Following the completion of the sale, the executive vice president now directly owns 10 shares in the company, valued at $251.40. The disclosure for this sale can be found here. 1.50% of the stock is owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in CMC. Janus Henderson Group PLC bought a new stake in Commercial Metals in the second quarter worth $29,018,000. Deprince Race & Zollo Inc. boosted its holdings in Commercial Metals by 58.8% in the third quarter. Deprince Race & Zollo Inc. now owns 3,018,145 shares of the basic materials company’s stock worth $57,435,000 after acquiring an additional 1,117,876 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in Commercial Metals by 4,203.2% in the third quarter. Russell Investments Group Ltd. now owns 589,535 shares of the basic materials company’s stock worth $11,218,000 after acquiring an additional 575,835 shares in the last quarter. 3G Capital Partners LP bought a new stake in Commercial Metals in the third quarter worth $9,515,000. Finally, Point72 Asset Management L.P. boosted its holdings in Commercial Metals by 375.7% in the third quarter. Point72 Asset Management L.P. now owns 460,000 shares of the basic materials company’s stock worth $8,754,000 after acquiring an additional 363,300 shares in the last quarter. 88.75% of the stock is currently owned by institutional investors and hedge funds.

Commercial Metals (CMC) opened at $23.14 on Tuesday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.07 and a current ratio of 3.20. Commercial Metals has a 12 month low of $17.05 and a 12 month high of $25.90. The stock has a market capitalization of $2,700.00, a P/E ratio of 42.85 and a beta of 1.27.

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 31st. Investors of record on Tuesday, January 16th were paid a $0.12 dividend. The ex-dividend date was Friday, January 12th. This represents a $0.48 annualized dividend and a yield of 2.07%. Commercial Metals’s payout ratio is 88.89%.

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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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