Stock analysts at StockNews.com initiated coverage on shares of Commercial Metals (NYSE:CMC – Get Free Report) in a research note issued on Thursday. The brokerage set a “hold” rating on the basic materials company’s stock.
Several other research firms have also recently weighed in on CMC. BMO Capital Markets raised their price target on Commercial Metals from $56.00 to $58.00 in a report on Friday, June 23rd. UBS Group started coverage on Commercial Metals in a research note on Tuesday, July 11th. They set a “buy” rating and a $63.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $57.83.
View Our Latest Stock Report on CMC
Commercial Metals Stock Down 0.4 %
Shares of NYSE:CMC opened at $47.62 on Thursday. The company has a market capitalization of $5.56 billion, a PE ratio of 5.89 and a beta of 1.34. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.68 and a quick ratio of 2.34. The business has a fifty day moving average price of $53.71 and a two-hundred day moving average price of $50.18. Commercial Metals has a 1 year low of $38.09 and a 1 year high of $58.09.
Insider Transactions at Commercial Metals
In other news, CEO Barbara Smith sold 48,300 shares of the company’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $56.51, for a total transaction of $2,729,433.00. Following the transaction, the chief executive officer now directly owns 283,785 shares of the company’s stock, valued at $16,036,690.35. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Commercial Metals news, CEO Barbara Smith sold 48,300 shares of the company’s stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $56.51, for a total value of $2,729,433.00. Following the completion of the sale, the chief executive officer now owns 283,785 shares in the company, valued at $16,036,690.35. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Ty L. Garrison sold 5,000 shares of the stock in a transaction dated Wednesday, July 12th. The stock was sold at an average price of $54.98, for a total value of $274,900.00. Following the sale, the senior vice president now owns 106,408 shares of the company’s stock, valued at approximately $5,850,311.84. The disclosure for this sale can be found here. Over the last three months, insiders have sold 92,004 shares of company stock valued at $5,108,426. Insiders own 1.20% of the company’s stock.
Hedge Funds Weigh In On Commercial Metals
Institutional investors have recently added to or reduced their stakes in the company. Fulton Bank N.A. raised its position in Commercial Metals by 7.6% during the 3rd quarter. Fulton Bank N.A. now owns 5,969 shares of the basic materials company’s stock valued at $295,000 after purchasing an additional 423 shares in the last quarter. Barclays PLC lifted its holdings in shares of Commercial Metals by 71.8% in the 2nd quarter. Barclays PLC now owns 169,992 shares of the basic materials company’s stock valued at $8,952,000 after buying an additional 71,063 shares during the period. Delphi Management Inc. MA acquired a new position in Commercial Metals in the 2nd quarter worth about $1,113,000. Alberta Investment Management Corp increased its stake in Commercial Metals by 19.5% during the 2nd quarter. Alberta Investment Management Corp now owns 50,658 shares of the basic materials company’s stock worth $2,668,000 after buying an additional 8,253 shares in the last quarter. Finally, Virginia Retirement Systems ET AL purchased a new stake in Commercial Metals during the 2nd quarter worth approximately $1,043,000. Hedge funds and other institutional investors own 82.64% of the company’s stock.
About Commercial Metals
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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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Commercial Metals, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Commercial Metals wasn’t on the list.
While Commercial Metals currently has a “Moderate Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.
Click the link below and we’ll send you MarketBeat’s list of seven best retirement stocks and why they should be in your portfolio.
Commercial Metals (NYSE:CMC – Get Free Report) will issue its quarterly earnings data before the market opens on Thursday, October 12th. Analysts expect the company to announce earnings of $1.97 per share for the quarter. Parties interested in listening to the company’s conference call can do so using this link.
Commercial Metals Stock Performance
Shares of Commercial Metals stock opened at $47.82 on Thursday. The business’s fifty day simple moving average is $53.87 and its 200 day simple moving average is $50.20. The firm has a market capitalization of $5.58 billion, a P/E ratio of 5.91 and a beta of 1.34. Commercial Metals has a 12 month low of $38.09 and a 12 month high of $58.09. The company has a current ratio of 3.68, a quick ratio of 2.34 and a debt-to-equity ratio of 0.27.
Insider Activity
In related news, SVP Ty L. Garrison sold 5,000 shares of the business’s stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $52.96, for a total transaction of $264,800.00. Following the completion of the transaction, the senior vice president now directly owns 111,408 shares in the company, valued at $5,900,167.68. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Commercial Metals news, CEO Barbara Smith sold 1,700 shares of Commercial Metals stock in a transaction dated Tuesday, July 18th. The stock was sold at an average price of $56.45, for a total transaction of $95,965.00. Following the completion of the sale, the chief executive officer now owns 332,085 shares of the company’s stock, valued at $18,746,198.25. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Ty L. Garrison sold 5,000 shares of the business’s stock in a transaction dated Monday, July 10th. The shares were sold at an average price of $52.96, for a total value of $264,800.00. Following the completion of the sale, the senior vice president now directly owns 111,408 shares of the company’s stock, valued at approximately $5,900,167.68. The disclosure for this sale can be found here. Over the last three months, insiders sold 92,004 shares of company stock worth $5,108,426. 1.20% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently made changes to their positions in the company. Sunbelt Securities Inc. purchased a new position in Commercial Metals in the first quarter worth about $30,000. Quarry LP acquired a new stake in Commercial Metals in the 1st quarter valued at about $30,000. Point72 Asset Management L.P. acquired a new stake in shares of Commercial Metals during the 2nd quarter worth approximately $30,000. Geneos Wealth Management Inc. increased its holdings in shares of Commercial Metals by 920.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,020 shares of the basic materials company’s stock worth $42,000 after buying an additional 920 shares during the last quarter. Finally, Covestor Ltd increased its holdings in Commercial Metals by 7,166.7% in the 1st quarter. Covestor Ltd now owns 1,962 shares of the basic materials company’s stock valued at $82,000 after purchasing an additional 1,935 shares during the last quarter. Hedge funds and other institutional investors own 82.64% of the company’s stock.
Analyst Ratings Changes
CMC has been the topic of a number of recent analyst reports. StockNews.com lowered Commercial Metals from a “buy” rating to a “hold” rating in a report on Monday, September 4th. UBS Group initiated coverage on Commercial Metals in a research note on Tuesday, July 11th. They issued a “buy” rating and a $63.00 target price on the stock. Finally, BMO Capital Markets boosted their target price on Commercial Metals from $56.00 to $58.00 in a research note on Friday, June 23rd. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $57.83.
Check Out Our Latest Stock Analysis on CMC
About Commercial Metals
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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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Commercial Metals, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Commercial Metals wasn’t on the list.
While Commercial Metals currently has a “Moderate Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.
If a company’s CEO, COO, and CFO were all selling shares of their stock, would you want to know?
SummerHaven Investment Management LLC trimmed its holdings in Commercial Metals (NYSE:CMC – Free Report) by 10.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 20,701 shares of the basic materials company’s stock after selling 2,534 shares during the quarter. SummerHaven Investment Management LLC’s holdings in Commercial Metals were worth $1,090,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CMC. IFP Advisors Inc boosted its holdings in Commercial Metals by 82.1% during the first quarter. IFP Advisors Inc now owns 60,061 shares of the basic materials company’s stock worth $1,448,000 after buying an additional 27,074 shares in the last quarter. Ontario Teachers Pension Plan Board acquired a new stake in shares of Commercial Metals during the 1st quarter valued at about $1,648,000. AE Wealth Management LLC increased its stake in shares of Commercial Metals by 3.6% in the 2nd quarter. AE Wealth Management LLC now owns 9,404 shares of the basic materials company’s stock valued at $495,000 after purchasing an additional 331 shares in the last quarter. Harbor Capital Advisors Inc. raised its holdings in Commercial Metals by 16.8% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 2,959 shares of the basic materials company’s stock worth $156,000 after purchasing an additional 425 shares during the period. Finally, Neo Ivy Capital Management purchased a new position in Commercial Metals during the fourth quarter worth approximately $89,000. 82.64% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of analysts have recently commented on CMC shares. UBS Group initiated coverage on Commercial Metals in a research report on Tuesday, July 11th. They issued a “buy” rating and a $63.00 price objective for the company. StockNews.com cut shares of Commercial Metals from a “buy” rating to a “hold” rating in a research report on Monday, September 4th. Finally, BMO Capital Markets increased their price objective on shares of Commercial Metals from $56.00 to $58.00 in a report on Friday, June 23rd. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Commercial Metals currently has an average rating of “Hold” and an average target price of $57.83.
Check Out Our Latest Report on CMC
Commercial Metals Stock Up 0.4 %
Shares of CMC stock traded up $0.18 on Wednesday, reaching $47.68. 468,009 shares of the stock were exchanged, compared to its average volume of 906,103. The company has a market capitalization of $5.57 billion, a price-to-earnings ratio of 5.88 and a beta of 1.34. The business’s 50 day moving average price is $54.05 and its 200 day moving average price is $50.22. The company has a current ratio of 3.68, a quick ratio of 2.34 and a debt-to-equity ratio of 0.27. Commercial Metals has a twelve month low of $38.09 and a twelve month high of $58.09.
Insiders Place Their Bets
In related news, CEO Barbara Smith sold 48,300 shares of Commercial Metals stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $56.51, for a total transaction of $2,729,433.00. Following the sale, the chief executive officer now directly owns 283,785 shares in the company, valued at approximately $16,036,690.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, SVP Ty L. Garrison sold 5,000 shares of the stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $54.98, for a total transaction of $274,900.00. Following the completion of the transaction, the senior vice president now directly owns 106,408 shares of the company’s stock, valued at $5,850,311.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Barbara Smith sold 48,300 shares of the stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $56.51, for a total value of $2,729,433.00. Following the transaction, the chief executive officer now directly owns 283,785 shares of the company’s stock, valued at $16,036,690.35. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 92,004 shares of company stock valued at $5,108,426. 1.20% of the stock is owned by corporate insiders.
About Commercial Metals
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.
Further Reading
Want to see what other hedge funds are holding CMC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Commercial Metals (NYSE:CMC – Free Report).
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Commercial Metals, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Commercial Metals wasn’t on the list.
While Commercial Metals currently has a “Moderate Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.
Click the link below and we’ll send you MarketBeat’s guide to investing in 5G and which 5G stocks show the most promise.
Teacher Retirement System of Texas lifted its stake in shares of Commercial Metals (NYSE:CMC – Free Report) by 12.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 55,919 shares of the basic materials company’s stock after purchasing an additional 6,184 shares during the period. Teacher Retirement System of Texas’ holdings in Commercial Metals were worth $2,945,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in CMC. BlackRock Inc. raised its position in Commercial Metals by 1.7% during the first quarter. BlackRock Inc. now owns 16,103,415 shares of the basic materials company’s stock worth $787,457,000 after acquiring an additional 272,913 shares in the last quarter. Vanguard Group Inc. raised its stake in Commercial Metals by 1.1% in the first quarter. Vanguard Group Inc. now owns 13,226,374 shares of the basic materials company’s stock valued at $550,481,000 after buying an additional 142,062 shares during the period. State Street Corp raised its stake in Commercial Metals by 22.3% in the first quarter. State Street Corp now owns 7,494,116 shares of the basic materials company’s stock valued at $312,971,000 after buying an additional 1,367,997 shares during the period. Norges Bank acquired a new stake in shares of Commercial Metals in the fourth quarter valued at approximately $114,477,000. Finally, Geode Capital Management LLC boosted its stake in shares of Commercial Metals by 3.4% during the 1st quarter. Geode Capital Management LLC now owns 2,255,438 shares of the basic materials company’s stock worth $110,291,000 after acquiring an additional 75,156 shares during the period. Institutional investors and hedge funds own 82.64% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities research analysts have issued reports on CMC shares. StockNews.com downgraded Commercial Metals from a “buy” rating to a “hold” rating in a report on Monday, September 4th. BMO Capital Markets lifted their target price on shares of Commercial Metals from $56.00 to $58.00 in a report on Friday, June 23rd. Finally, UBS Group started coverage on shares of Commercial Metals in a research note on Tuesday, July 11th. They issued a “buy” rating and a $63.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $57.83.
View Our Latest Research Report on CMC
Commercial Metals Stock Down 1.8 %
CMC opened at $48.54 on Tuesday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.34 and a current ratio of 3.68. The stock has a fifty day moving average of $54.23 and a 200-day moving average of $50.19. Commercial Metals has a fifty-two week low of $36.20 and a fifty-two week high of $58.09. The company has a market capitalization of $5.67 billion, a P/E ratio of 6.00 and a beta of 1.34.
Insiders Place Their Bets
In other news, CEO Barbara Smith sold 1,700 shares of Commercial Metals stock in a transaction that occurred on Tuesday, July 18th. The shares were sold at an average price of $56.45, for a total value of $95,965.00. Following the completion of the sale, the chief executive officer now directly owns 332,085 shares in the company, valued at $18,746,198.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CEO Barbara Smith sold 1,700 shares of the firm’s stock in a transaction on Tuesday, July 18th. The stock was sold at an average price of $56.45, for a total value of $95,965.00. Following the transaction, the chief executive officer now owns 332,085 shares in the company, valued at $18,746,198.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Ty L. Garrison sold 5,000 shares of the company’s stock in a transaction dated Wednesday, July 12th. The stock was sold at an average price of $54.98, for a total transaction of $274,900.00. Following the sale, the senior vice president now directly owns 106,408 shares of the company’s stock, valued at approximately $5,850,311.84. The disclosure for this sale can be found here. Insiders sold 92,004 shares of company stock worth $5,108,426 in the last quarter. 1.20% of the stock is currently owned by corporate insiders.
About Commercial Metals
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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Want to see what other hedge funds are holding CMC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Commercial Metals (NYSE:CMC – Free Report).
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Commercial Metals, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Commercial Metals wasn’t on the list.
While Commercial Metals currently has a “Moderate Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.
MarketBeat has just released its list of 20 stocks that Wall Street analysts hate. These companies may appear to have good fundamentals, but top analysts smell something seriously rotten. Are any of these companies lurking around your portfolio? Find out by clicking the link below.
Louisiana State Employees Retirement System raised its stake in Commercial Metals (NYSE:CMC – Free Report) by 10.0% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 34,200 shares of the basic materials company’s stock after buying an additional 3,100 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Commercial Metals were worth $1,801,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Natixis Advisors L.P. raised its stake in shares of Commercial Metals by 12.5% during the first quarter. Natixis Advisors L.P. now owns 12,638 shares of the basic materials company’s stock valued at $526,000 after purchasing an additional 1,402 shares in the last quarter. Bank of Montreal Can grew its stake in Commercial Metals by 14.9% during the 1st quarter. Bank of Montreal Can now owns 13,282 shares of the basic materials company’s stock valued at $547,000 after acquiring an additional 1,727 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in shares of Commercial Metals by 11.4% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 44,522 shares of the basic materials company’s stock valued at $1,853,000 after buying an additional 4,540 shares during the last quarter. APG Asset Management N.V. acquired a new stake in shares of Commercial Metals during the 1st quarter valued at about $2,188,000. Finally, Great West Life Assurance Co. Can boosted its position in Commercial Metals by 9.9% during the first quarter. Great West Life Assurance Co. Can now owns 69,545 shares of the basic materials company’s stock worth $2,980,000 after purchasing an additional 6,259 shares during the period. 82.64% of the stock is currently owned by institutional investors.
Commercial Metals Price Performance
Commercial Metals stock opened at $49.41 on Monday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.34 and a current ratio of 3.68. Commercial Metals has a 52 week low of $35.22 and a 52 week high of $58.09. The stock has a market capitalization of $5.77 billion, a P/E ratio of 6.11 and a beta of 1.32. The stock has a fifty day moving average of $54.37 and a 200-day moving average of $50.16.
Analyst Ratings Changes
A number of research analysts recently commented on CMC shares. UBS Group started coverage on Commercial Metals in a research note on Tuesday, July 11th. They issued a “buy” rating and a $63.00 target price for the company. StockNews.com lowered Commercial Metals from a “buy” rating to a “hold” rating in a research note on Monday, September 4th. Finally, BMO Capital Markets raised their price target on Commercial Metals from $56.00 to $58.00 in a report on Friday, June 23rd. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $57.83.
Check Out Our Latest Stock Report on CMC
Insiders Place Their Bets
In other Commercial Metals news, SVP Ty L. Garrison sold 5,000 shares of the company’s stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $52.96, for a total value of $264,800.00. Following the sale, the senior vice president now owns 111,408 shares in the company, valued at approximately $5,900,167.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, SVP Ty L. Garrison sold 5,000 shares of Commercial Metals stock in a transaction on Monday, July 10th. The stock was sold at an average price of $52.96, for a total transaction of $264,800.00. Following the completion of the sale, the senior vice president now owns 111,408 shares of the company’s stock, valued at $5,900,167.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Barbara Smith sold 48,300 shares of the firm’s stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $56.51, for a total value of $2,729,433.00. Following the sale, the chief executive officer now owns 283,785 shares in the company, valued at approximately $16,036,690.35. The disclosure for this sale can be found here. Insiders sold a total of 92,004 shares of company stock valued at $5,108,426 in the last 90 days. Corporate insiders own 1.20% of the company’s stock.
Commercial Metals Company Profile
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.
See Also
Want to see what other hedge funds are holding CMC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Commercial Metals (NYSE:CMC – Free Report).
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Commercial Metals, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Commercial Metals wasn’t on the list.
While Commercial Metals currently has a “Moderate Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.
Click the link below and we’ll send you MarketBeat’s list of the 10 best stocks to own in 2023 and why they should be in your portfolio.
Ronald Blue Trust Inc. cut its stake in Commercial Metals (NYSE:CMC – Free Report) by 78.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 979 shares of the basic materials company’s stock after selling 3,548 shares during the period. Ronald Blue Trust Inc.’s holdings in Commercial Metals were worth $48,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in the stock. Quarry LP acquired a new position in Commercial Metals in the first quarter worth about $30,000. Sunbelt Securities Inc. acquired a new stake in shares of Commercial Metals during the 1st quarter valued at approximately $30,000. Geneos Wealth Management Inc. lifted its stake in Commercial Metals by 920.0% during the first quarter. Geneos Wealth Management Inc. now owns 1,020 shares of the basic materials company’s stock worth $42,000 after purchasing an additional 920 shares during the last quarter. GPS Wealth Strategies Group LLC acquired a new position in Commercial Metals in the first quarter worth $49,000. Finally, WealthPLAN Partners LLC bought a new stake in Commercial Metals during the first quarter valued at $59,000. 82.64% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Several research analysts have recently commented on CMC shares. UBS Group initiated coverage on shares of Commercial Metals in a report on Tuesday, July 11th. They issued a “buy” rating and a $63.00 price target for the company. StockNews.com lowered Commercial Metals from a “buy” rating to a “hold” rating in a report on Monday, September 4th. Finally, BMO Capital Markets raised their price target on Commercial Metals from $56.00 to $58.00 in a report on Friday, June 23rd. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Commercial Metals presently has a consensus rating of “Hold” and an average price target of $57.83.
View Our Latest Research Report on Commercial Metals
Commercial Metals Price Performance
Shares of NYSE:CMC opened at $49.69 on Friday. The stock has a market cap of $5.80 billion, a price-to-earnings ratio of 6.14 and a beta of 1.32. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.68 and a quick ratio of 2.34. Commercial Metals has a 12 month low of $35.22 and a 12 month high of $58.09. The stock’s 50 day moving average price is $54.48 and its 200 day moving average price is $50.07.
Insider Activity
In other Commercial Metals news, SVP Ty L. Garrison sold 5,000 shares of the business’s stock in a transaction dated Monday, July 10th. The shares were sold at an average price of $52.96, for a total value of $264,800.00. Following the sale, the senior vice president now directly owns 111,408 shares in the company, valued at $5,900,167.68. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, SVP Ty L. Garrison sold 5,000 shares of the company’s stock in a transaction on Monday, July 10th. The stock was sold at an average price of $52.96, for a total transaction of $264,800.00. Following the completion of the sale, the senior vice president now directly owns 111,408 shares of the company’s stock, valued at $5,900,167.68. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Barbara Smith sold 1,700 shares of the company’s stock in a transaction dated Tuesday, July 18th. The shares were sold at an average price of $56.45, for a total transaction of $95,965.00. Following the sale, the chief executive officer now directly owns 332,085 shares of the company’s stock, valued at $18,746,198.25. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 92,004 shares of company stock worth $5,108,426. 1.20% of the stock is owned by company insiders.
Commercial Metals Profile
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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Before you consider Commercial Metals, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Commercial Metals wasn’t on the list.
While Commercial Metals currently has a “Moderate Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.
Click the link below and we’ll send you MarketBeat’s guide to investing in electric vehicle technologies (EV) and which EV stocks show the most promise.
Pacer Advisors Inc. purchased a new stake in Commercial Metals (NYSE:CMC – Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 20,500 shares of the basic materials company’s stock, valued at approximately $1,080,000.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Quarry LP purchased a new position in Commercial Metals during the first quarter worth about $30,000. Sunbelt Securities Inc. purchased a new position in shares of Commercial Metals in the first quarter valued at $30,000. Geneos Wealth Management Inc. increased its stake in shares of Commercial Metals by 920.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,020 shares of the basic materials company’s stock worth $42,000 after purchasing an additional 920 shares in the last quarter. GPS Wealth Strategies Group LLC purchased a new stake in Commercial Metals during the 1st quarter worth about $49,000. Finally, WealthPLAN Partners LLC purchased a new stake in Commercial Metals during the 1st quarter worth about $59,000. Hedge funds and other institutional investors own 82.64% of the company’s stock.
Commercial Metals Trading Up 0.9 %
NYSE:CMC opened at $49.99 on Thursday. Commercial Metals has a 12-month low of $35.22 and a 12-month high of $58.09. The firm has a market capitalization of $5.84 billion, a P/E ratio of 6.18 and a beta of 1.32. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.68 and a quick ratio of 2.34. The business has a 50 day simple moving average of $54.60 and a 200 day simple moving average of $50.07.
Insider Activity at Commercial Metals
In other Commercial Metals news, SVP Ty L. Garrison sold 5,000 shares of the business’s stock in a transaction on Monday, July 10th. The stock was sold at an average price of $52.96, for a total transaction of $264,800.00. Following the completion of the transaction, the senior vice president now owns 111,408 shares in the company, valued at approximately $5,900,167.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Barbara Smith sold 48,300 shares of the firm’s stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $56.51, for a total transaction of $2,729,433.00. Following the completion of the sale, the chief executive officer now directly owns 283,785 shares in the company, valued at $16,036,690.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Ty L. Garrison sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $52.96, for a total transaction of $264,800.00. Following the sale, the senior vice president now owns 111,408 shares of the company’s stock, valued at $5,900,167.68. The disclosure for this sale can be found here. Insiders sold 92,004 shares of company stock worth $5,108,426 in the last 90 days. 1.20% of the stock is currently owned by company insiders.
Wall Street Analysts Forecast Growth
Several research firms have commented on CMC. UBS Group began coverage on Commercial Metals in a report on Tuesday, July 11th. They issued a “buy” rating and a $63.00 price target for the company. BMO Capital Markets increased their price target on Commercial Metals from $56.00 to $58.00 in a report on Friday, June 23rd. Finally, StockNews.com lowered shares of Commercial Metals from a “buy” rating to a “hold” rating in a report on Monday, September 4th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $57.83.
Get Our Latest Research Report on Commercial Metals
Commercial Metals Profile
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.
Further Reading
Want to see what other hedge funds are holding CMC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Commercial Metals (NYSE:CMC – Free Report).
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Commercial Metals, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Commercial Metals wasn’t on the list.
While Commercial Metals currently has a “Moderate Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.
Click the link below and we’ll send you MarketBeat’s guide to pot stock investing and which pot companies show the most promise.
SG Americas Securities LLC cut its position in Commercial Metals (NYSE:CMC – Free Report) by 40.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,248 shares of the basic materials company’s stock after selling 9,545 shares during the quarter. SG Americas Securities LLC’s holdings in Commercial Metals were worth $750,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. Quarry LP acquired a new position in Commercial Metals in the 1st quarter valued at $30,000. Sunbelt Securities Inc. acquired a new position in Commercial Metals in the 1st quarter valued at $30,000. Geneos Wealth Management Inc. raised its holdings in Commercial Metals by 920.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,020 shares of the basic materials company’s stock valued at $42,000 after acquiring an additional 920 shares in the last quarter. GPS Wealth Strategies Group LLC acquired a new position in Commercial Metals in the 1st quarter valued at $49,000. Finally, WealthPLAN Partners LLC acquired a new position in Commercial Metals in the 1st quarter valued at $59,000. 82.64% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In other Commercial Metals news, CEO Barbara Smith sold 32,243 shares of the company’s stock in a transaction dated Thursday, June 29th. The stock was sold at an average price of $52.47, for a total value of $1,691,790.21. Following the completion of the transaction, the chief executive officer now owns 401,542 shares of the company’s stock, valued at approximately $21,068,908.74. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Commercial Metals news, CEO Barbara Smith sold 32,243 shares of the company’s stock in a transaction dated Thursday, June 29th. The stock was sold at an average price of $52.47, for a total value of $1,691,790.21. Following the completion of the transaction, the chief executive officer now owns 401,542 shares of the company’s stock, valued at approximately $21,068,908.74. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Ty L. Garrison sold 5,000 shares of the company’s stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $54.98, for a total value of $274,900.00. Following the completion of the sale, the senior vice president now owns 106,408 shares in the company, valued at approximately $5,850,311.84. The disclosure for this sale can be found here. Insiders sold a total of 124,247 shares of company stock valued at $6,800,216 in the last 90 days. Corporate insiders own 1.20% of the company’s stock.
Analysts Set New Price Targets
Several brokerages have weighed in on CMC. StockNews.com cut Commercial Metals from a “buy” rating to a “hold” rating in a report on Monday, September 4th. BMO Capital Markets boosted their price target on Commercial Metals from $56.00 to $58.00 in a report on Friday, June 23rd. Finally, UBS Group began coverage on Commercial Metals in a report on Tuesday, July 11th. They set a “buy” rating and a $63.00 price target for the company. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $57.83.
Check Out Our Latest Report on Commercial Metals
Commercial Metals Price Performance
Shares of CMC opened at $49.52 on Wednesday. Commercial Metals has a 12-month low of $35.22 and a 12-month high of $58.09. The business has a 50-day simple moving average of $54.71 and a two-hundred day simple moving average of $50.07. The company has a quick ratio of 2.34, a current ratio of 3.68 and a debt-to-equity ratio of 0.27. The stock has a market cap of $5.78 billion, a PE ratio of 6.12 and a beta of 1.32.
Commercial Metals Profile
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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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Commercial Metals, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Commercial Metals wasn’t on the list.
While Commercial Metals currently has a “Moderate Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.
Click the link below and we’ll send you MarketBeat’s list of the 10 best stocks to own in 2023 and why they should be in your portfolio.
Wedge Capital Management L L P NC increased its stake in Commercial Metals (NYSE:CMC – Free Report) by 26.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 155,091 shares of the basic materials company’s stock after purchasing an additional 32,833 shares during the period. Wedge Capital Management L L P NC owned 0.13% of Commercial Metals worth $8,167,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. IFP Advisors Inc raised its position in shares of Commercial Metals by 82.1% during the 1st quarter. IFP Advisors Inc now owns 60,061 shares of the basic materials company’s stock valued at $1,448,000 after acquiring an additional 27,074 shares during the last quarter. UBS Group AG boosted its stake in Commercial Metals by 91.7% in the 4th quarter. UBS Group AG now owns 64,343 shares of the basic materials company’s stock worth $3,108,000 after purchasing an additional 30,777 shares during the period. Ontario Teachers Pension Plan Board acquired a new position in shares of Commercial Metals during the 1st quarter worth about $1,648,000. Harbor Capital Advisors Inc. boosted its stake in shares of Commercial Metals by 16.8% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 2,959 shares of the basic materials company’s stock worth $156,000 after buying an additional 425 shares during the last quarter. Finally, Neo Ivy Capital Management acquired a new position in shares of Commercial Metals during the 4th quarter worth about $89,000. Institutional investors own 82.64% of the company’s stock.
Insider Buying and Selling at Commercial Metals
In other Commercial Metals news, CEO Barbara Smith sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 27th. The shares were sold at an average price of $50.65, for a total value of $2,532,500.00. Following the sale, the chief executive officer now owns 433,785 shares in the company, valued at $21,971,210.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, SVP Ty L. Garrison sold 5,000 shares of Commercial Metals stock in a transaction on Wednesday, July 12th. The shares were sold at an average price of $54.98, for a total transaction of $274,900.00. Following the transaction, the senior vice president now owns 106,408 shares in the company, valued at $5,850,311.84. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Barbara Smith sold 50,000 shares of Commercial Metals stock in a transaction on Tuesday, June 27th. The stock was sold at an average price of $50.65, for a total transaction of $2,532,500.00. Following the transaction, the chief executive officer now owns 433,785 shares in the company, valued at approximately $21,971,210.25. The disclosure for this sale can be found here. Insiders have sold 174,247 shares of company stock worth $9,332,716 over the last quarter. Corporate insiders own 1.20% of the company’s stock.
Analyst Ratings Changes
Several research analysts have weighed in on the stock. StockNews.com cut shares of Commercial Metals from a “buy” rating to a “hold” rating in a report on Monday, September 4th. UBS Group assumed coverage on shares of Commercial Metals in a report on Tuesday, July 11th. They issued a “buy” rating and a $63.00 price target on the stock. Finally, BMO Capital Markets increased their price target on shares of Commercial Metals from $56.00 to $58.00 in a report on Friday, June 23rd. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $57.83.
Read Our Latest Analysis on CMC
Commercial Metals Stock Performance
NYSE CMC opened at $49.75 on Monday. The company has a current ratio of 3.68, a quick ratio of 2.34 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $5.81 billion, a price-to-earnings ratio of 6.15 and a beta of 1.32. The firm’s 50 day simple moving average is $54.94 and its 200 day simple moving average is $50.06. Commercial Metals has a 1 year low of $35.22 and a 1 year high of $58.09.
Commercial Metals (NYSE:CMC – Get Free Report) last issued its earnings results on Thursday, June 22nd. The basic materials company reported $2.02 earnings per share for the quarter, beating analysts’ consensus estimates of $1.84 by $0.18. Commercial Metals had a net margin of 10.72% and a return on equity of 26.49%. The firm had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.32 billion. During the same quarter last year, the business posted $2.61 earnings per share. The company’s quarterly revenue was down 6.8% on a year-over-year basis. As a group, research analysts expect that Commercial Metals will post 7.56 earnings per share for the current fiscal year.
About Commercial Metals
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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Want to see what other hedge funds are holding CMC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Commercial Metals (NYSE:CMC – Free Report).
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Commercial Metals, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Commercial Metals wasn’t on the list.
While Commercial Metals currently has a “Moderate Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.
Click the link below and we’ll send you MarketBeat’s list of seven stocks and why their long-term outlooks are very promising.
CMC: Commercial Metals Company (CMC) Earnings Preview: What to Expect
Commercial Metals Company (CMC), the manufacturer and recycler of steel and metal products, is set to unveil fourth-quarter and full-year fiscal 2023 earnings results on October 12, 2023, before the market opens. Analysts expect the company’s revenue to decline 8.7% year-over-year to $2.20 for the quarter that ended August 2023.
In addition, the consensus EPS estimate of $1.82 for the to-be-reported quarter indicates a 25.7% decrease over the prior year’s quarter. For the fiscal year 2023, CMC’s revenue and EPS are expected to decline 1.6% and 7.4% from the previous year to $8.77 billion and $7.59, respectively.
This consensus outlook provides a decent sense of the company’s earnings picture; however, how the actual results compare to these analyst estimates is the primary factor that would impact its stock price in the near term. Notably, CMC has topped the consensus revenue and EPS estimates in each of the trailing four quarters.
While CMC reported third-quarter revenue of $2.34 billion, beating the analysts’ expectations of $2.24 billion, it fell 6.8% year-over-year. The company posted EPS of $2.02, above the consensus estimate of $1.82 but down 22.6% from the prior year’s period.
During the third quarter, demand for CMC’s finished steel products in North America remained healthy. The North America segment reported an adjusted EBITDA of $402.20 million for the quarter, an increase of 6% year-over-year. Also, demand from industrial end markets was stable on both a sequential and year-over-year basis.
However, Europe’s end market conditions softened during the quarter as Polish construction activity declined and industrial production across Central Europe remained muted. The Europe segment reported an adjusted EBITDA of $9.60 million, compared to $121 million in the prior year’s quarter.
According to Barbara R. Smith, Chairman of the Board and CEO, North America finished steel product shipments during the fourth quarter are expected to be consistent with the last reported quarter, backed by healthy end market demand and its historically high downstream backlog.
Further, results in the company’s Europe segment are anticipated to be relatively unchanged from the third quarter, reflecting continued economic uncertainty. “CMC will leverage its market leading cost position to maintain profitability in Europe within this challenging backdrop,” Ms. Smith added.
Despite instability in earnings, CMC paid a quarterly dividend of $0.16 per share of the company common stock to stockholders on July 21, 2023, of record on July 3, 2023. This dividend marks the 235th consecutive quarterly payment by the company and represents a 14% increase from the dividend paid in July 2022.
Shares of CMC have gained 20.5% over the past year to close the last trading session at $48.06. However, the stock has plunged 10.7% over the past month.
Here’s what could influence CMC’s performance in the upcoming months:
Positive Latest Developments
On July 18, CMC announced that the West Virginia Department of Environmental Protection granted the company a permit to commence construction of its fourth technologically advanced micro mill.
“Receiving this permit is an important milestone in our Steel West Virginia micro mill project,” said Barbara Smith, CMC’s CEO. “With the permit in hand, and land purchase completed, we can now begin construction to achieve our targeted commissioning date in calendar 2025.”
On July 13, CMC acquired EDSCO Fasteners LLC, a leading provider of anchoring solutions for the electrical transmission sector, from MiddleGround Capital. EDSCO’s custom engineered line of anchor cages, bolts, and fasteners are manufactured from rebar and used mainly to secure high-voltage electrical transmission poles to concrete foundations.
This acquisition is expected to advance CMC’s leadership position in construction reinforcement and extend the company’s capabilities to new, growing applications.
Also, on May 1, CMC announced the acquisition of a geosynthetics manufacturing facility from BOSTD – America. The Blackwell, Oklahoma-based site produces Tensar Geogrid’s product lines under a contract arrangement. This acquisition might enhance CMC’s supply chain flexibility and set the stage for cost-effective capacity expansion in the future.
Deteriorating Financials
CMC’s net sales increased 6.8% year-over-year to $2.34 billion for the third quarter ended May 31, 2023. Its adjusted EBITDA declined 19.6% year-over-year to $374.08 million. Also, the company’s adjusted earnings were $239.70 million and $2.02 per share, compared to $320.20 million and $2.61 per share in the prior year’s period, respectively.
Furthermore, the company’s cash and cash equivalents stood at $475.49 million as of May 31, 2023, compared to $672.60 million as of August 31, 2022.
Unfavorable Analyst Estimates
Analysts expect CMC’s revenue to decrease 10.9% year-over-year to $1.99 billion for the first quarter that ended August 2023. Similarly, the consensus earnings per share estimate of $1.69 for the same period indicates a 24.6% year-over-year decline.
In addition, the company’s revenue and EPS for the fiscal year (ending August 2024) are expected to decline 4.1% and 18.7% year-over-year to $8.41 billion and $6.17, respectively.
Robust Profitability
CMC’s trailing-12-month EBIT margin and net income margin of 14.31% and 10.72% are 27.5% and 64.7% higher than the respective industry averages of 11.23% and 6.51%. Likewise, the stock’s trailing-12-month levered FCF margin of 6.99% is 88.9% higher than the industry’s average of 3.70%.
Moreover, the stock’s trailing-12-month ROCE, ROTC, and ROTA of 26.91%, 15.82%, and 14.79% compare favorably to the industry averages of 8.48%, 5.60%, and 3.97%, respectively.
Low Valuation
In terms of forward non-GAAP P/E, CMC is currently trading at 6.33x, 53.5% lower than the industry average of 13.62x. The stock’s forward EV/Sales of 0.74x is 48.4% lower than the industry average of 1.43x. In addition, its forward EV/EBITDA multiple of 4.44 is 42.4% lower than the industry average of 7.72.
Also, the stock’s forward Price/Sales and Price/Cash Flow of 0.64x and 4.83x are lower than the industry averages of 1.07x and 7.11x, respectively.
POWR Ratings Reflect Uncertainty
CMC’s mixed outlook is reflected in its POWR Ratings. The stock has an overall C rating, equating to Neutral in our proprietary rating system. The POWR Ratings are calculated by considering 118 distinct factors, with each factor weighted to an optimal degree.
Our proprietary rating system also evaluates each stock based on eight distinct categories. CMC has a B grade for Value and Quality, in sync with its lower-than-industry valuation and higher-than-industry profitability, respectively.
The stock has a C grade for Stability, justified with its 24-month beta of 1.08.
On the other hand, CMC has a D grade for Growth and Sentiment, consistent with its disappointing financials and unfavorable analyst expectations.
Within the A-rated Steel industry, CMC is ranked #15 out of 32 stocks. Get all CMC’s POWR Ratings here.
Bottom Line
CMC’s revenue and earnings exceeded analyst estimates in the last reported quarter but were down year-over-year. Further, analysts expect the company to deliver a year-over-year decrease in earnings on lower revenue in the to-be-reported quarter ended August 2023.
While the metal recycling and steel-making company’s long-term prospects appear promising, driven by strategic acquisitions, partnerships, and solid demand for its innovative products and solutions, its growth in the near term could be hampered due to a challenging macro backdrop, especially in Europe.
Given its poor financials and weak near-term outlook, it could be wise to hold CMC and wait for a better entry point in the stock.
Stocks to Consider Instead of Commercial Metals Company (CMC)
Given its uncertain short-term prospects, the odds of CMC outperforming in the weeks and months ahead are compromised. However, there are many industry peers with much more impressive POWR Ratings. So, consider these three A-rated (Strong Buy) stocks within the Steel industry instead:
Nippon Steel Corporation (NPSCY)
Tenaris S.A. (TS)
Russel Metals Inc. (RUSMF)
To explore more A and B-rated steel stocks, click here.
What To Do Next?
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CMC shares were unchanged in premarket trading Tuesday. Year-to-date, CMC has gained 0.43%, versus a 14.38% rise in the benchmark S&P 500 index during the same period.
About the Author: Mangeet Kaur Bouns
Mangeet’s keen interest in the stock market led her to become an investment researcher and financial journalist. Using her fundamental approach to analyzing stocks, Mangeet’s looks to help retail investors understand the underlying factors before making investment decisions. More…
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