Q2 2018 EPS Estimates for Commercial Metals Boosted by Analyst (CMC)
Commercial Metals (NYSE:CMC) – Equities research analysts at Jefferies Group boosted their Q2 2018 earnings estimates for Commercial Metals in a note issued to investors on Tuesday. Jefferies Group analyst S. Rosenfeld now anticipates that the basic materials company will post earnings of $0.30 per share for the quarter, up from their prior forecast of $0.26. Jefferies Group has a “Buy” rating and a $24.00 price target on the stock. Jefferies Group also issued estimates for Commercial Metals’ Q3 2018 earnings at $0.61 EPS and FY2019 earnings at $2.23 EPS.
Commercial Metals (NYSE:CMC) last released its earnings results on Wednesday, January 3rd. The basic materials company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.14. The company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Commercial Metals had a net margin of 1.53% and a return on equity of 8.08%. Commercial Metals’s revenue for the quarter was up 24.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.06 EPS.
Other analysts also recently issued reports about the stock. Citigroup reduced their price target on shares of Commercial Metals from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Friday, September 15th. Bank of America upgraded shares of 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 report on Thursday, December 7th. Finally, Zacks Investment Research downgraded shares of Commercial Metals from a “buy” rating to a “hold” rating in a report on Friday, October 27th. Four equities research analysts have rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. Commercial Metals has an average rating of “Hold” and a consensus target price of $21.88.
Shares of Commercial Metals (NYSE CMC) traded down $0.24 during midday trading on Wednesday, reaching $25.04. 2,521,900 shares of the company’s stock were exchanged, compared to its average volume of 4,014,933. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.07 and a current ratio of 3.20. The company has a market cap of $2,920.00, a P/E ratio of 46.37 and a beta of 1.26. Commercial Metals has a one year low of $17.05 and a one year high of $25.44.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 31st. Stockholders of record on Tuesday, January 16th will be issued a $0.12 dividend. The ex-dividend date is Friday, January 12th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.92%. Commercial Metals’s dividend payout ratio (DPR) is presently 88.89%.
Several institutional investors have recently bought and sold shares of the company. Amalgamated Bank increased its holdings in shares of Commercial Metals by 1.6% in the 2nd 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. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Commercial Metals by 9.8% in the 2nd 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. California Public Employees Retirement System increased its holdings in shares of Commercial Metals by 0.3% in the 2nd quarter. California Public Employees Retirement System now owns 259,400 shares of the basic materials company’s stock worth $5,040,000 after buying an additional 900 shares during the last quarter. Verity Asset Management Inc. increased its holdings in shares of Commercial Metals by 3.1% in the 2nd quarter. Verity Asset Management Inc. now owns 47,631 shares of the basic materials company’s stock worth $925,000 after buying an additional 1,421 shares during the last quarter. Finally, Thrivent Financial For Lutherans increased its holdings in shares of Commercial Metals by 7.8% in the 2nd quarter. Thrivent Financial For Lutherans now owns 23,450 shares of the basic materials company’s stock worth $456,000 after buying an additional 1,690 shares during the last quarter. Hedge funds and other institutional investors own 88.55% of the company’s stock.
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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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