Commercial Metals (NYSE:CMC – Get Rating) – Investment analysts at KeyCorp boosted their Q3 2022 earnings per share (EPS) estimates for shares of Commercial Metals in a research report issued on Monday, June 6th. KeyCorp analyst P. Gibbs now anticipates that the basic materials company will post earnings of $2.20 per share for the quarter, up from their prior forecast of $2.14. KeyCorp has a “Overweight” rating and a $49.00 price objective on the stock. KeyCorp also issued estimates for Commercial Metals’ FY2022 earnings at $7.30 EPS. Commercial Metals (NYSE:CMC – Get Rating) last posted its quarterly earnings results on Thursday, March 17th. The basic materials company reported $1.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.28 by $0.25. The business had revenue of $2.01 billion during the quarter, compared to analyst estimates of $1.92 billion. Commercial Metals had a return on equity of 27.25% and a net margin of 11.43%. The business’s revenue was up 37.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.66 earnings per share.
Several other research analysts have also commented on the company. StockNews.com assumed coverage on Commercial Metals in a research report on Thursday, March 31st. They set a “buy” rating for the company. BMO Capital Markets raised their price target on Commercial Metals from $40.00 to $45.00 and gave the stock a “market perform” rating in a research report on Friday, March 18th. The Goldman Sachs Group reduced their price objective on Commercial Metals from $42.00 to $38.00 in a research note on Tuesday, May 31st. Finally, JPMorgan Chase & Co. increased their price objective on Commercial Metals from $47.00 to $55.00 and gave the company an “overweight” rating in a research note on Thursday, March 24th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $43.11.
Shares of Commercial Metals stock opened at $42.86 on Wednesday. Commercial Metals has a fifty-two week low of $28.76 and a fifty-two week high of $46.68. The stock has a 50 day moving average of $40.56 and a 200 day moving average of $37.77. The firm has a market capitalization of $5.21 billion, a price-to-earnings ratio of 5.85 and a beta of 1.14. The company has a debt-to-equity ratio of 0.50, a quick ratio of 2.85 and a current ratio of 4.23.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 13th. Shareholders of record on Wednesday, March 30th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.31%. The ex-dividend date of this dividend was Tuesday, March 29th. Commercial Metals’s dividend payout ratio is presently 7.64%.
In other news, Director John R. Mcpherson bought 5,000 shares of the business’s stock in a transaction dated Tuesday, April 26th. The shares were acquired at an average price of $40.55 per share, for a total transaction of $202,750.00. Following the completion of the transaction, the director now owns 5,000 shares of the company’s stock, valued at $202,750. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Barbara Smith sold 4,101 shares of Commercial Metals stock in a transaction dated Tuesday, April 12th. The stock was sold at an average price of $43.45, for a total value of $178,188.45. Following the sale, the chief executive officer now owns 533,785 shares in the company, valued at approximately $23,192,958.25. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 38,582 shares of company stock worth $1,718,106. 1.20% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Origin Asset Management LLP purchased a new position in shares of Commercial Metals during the first quarter worth about $261,000. Advisory Services Network LLC purchased a new stake in Commercial Metals in the 1st quarter valued at approximately $393,000. Sawtooth Solutions LLC purchased a new stake in Commercial Metals in the 1st quarter valued at approximately $371,000. Advisors Asset Management Inc. boosted its holdings in Commercial Metals by 5.3% in the 1st quarter. Advisors Asset Management Inc. now owns 81,330 shares of the basic materials company’s stock valued at $3,385,000 after purchasing an additional 4,066 shares in the last quarter. Finally, Beacon Pointe Advisors LLC purchased a new stake in Commercial Metals in the 1st quarter valued at approximately $356,000. 85.01% of the stock is currently owned by hedge funds and other institutional investors.
Commercial Metals Company Profile (Get Rating)
Commercial Metals Company manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, and internationally. The company processes and sells ferrous and nonferrous scrap metals to steel mills and foundries, aluminum sheet and ingot manufacturers, brass and bronze ingot makers, copper refineries and mills, secondary lead smelters, specialty steel mills, high temperature alloy manufacturers, and other consumers.
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