Commercial Metals (NYSE:CMC) Expected to Announce Quarterly Sales of $1.44 Billion

Analysts expect that Commercial Metals (NYSE:CMC) will post sales of $1.44 billion for the current quarter, Zacks reports. Four analysts have made estimates for Commercial Metals’ earnings, with the highest sales estimate coming in at $1.47 billion and the lowest estimate coming in at $1.41 billion. Commercial Metals posted sales of $1.28 billion during the same quarter last year, which suggests a positive year over year growth rate of 12.5%. The firm is scheduled to issue its next quarterly earnings report on Monday, January 6th.

On average, analysts expect that Commercial Metals will report full-year sales of $6.00 billion for the current financial year, with estimates ranging from $5.82 billion to $6.18 billion. For the next fiscal year, analysts anticipate that the firm will report sales of $6.21 billion, with estimates ranging from $5.91 billion to $6.42 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that cover Commercial Metals.

Commercial Metals (NYSE:CMC) last issued its earnings results on Wednesday, October 23rd. The basic materials company reported $0.76 EPS for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.06. Commercial Metals had a net margin of 3.40% and a return on equity of 16.04%. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.57 billion. During the same period last year, the company posted $0.51 earnings per share. The company’s quarterly revenue was up 17.9% compared to the same quarter last year.

Several research analysts have commented on CMC shares. Bank of America raised their price objective on Commercial Metals from $13.00 to $15.00 and gave the stock an “underperform” rating in a report on Thursday, October 24th. Goldman Sachs Group cut Commercial Metals from a “buy” rating to a “neutral” rating and set a $20.00 target price for the company. in a report on Sunday, September 22nd. Exane BNP Paribas began coverage on Commercial Metals in a report on Thursday, November 14th. They issued an “outperform” rating for the company. ValuEngine raised Commercial Metals from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, JPMorgan Chase & Co. set a $22.00 price target on Commercial Metals and gave the company a “buy” rating in a research note on Monday, September 23rd. One analyst has rated the stock with a sell rating, six have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. Commercial Metals has a consensus rating of “Hold” and an average price target of $18.87.

A number of hedge funds have recently modified their holdings of CMC. Nuveen Asset Management LLC bought a new position in Commercial Metals in the second quarter worth approximately $20,686,000. Balyasny Asset Management LLC bought a new position in shares of Commercial Metals in the 2nd quarter worth $13,506,000. Highline Capital Management L.P. raised its position in shares of Commercial Metals by 9.8% in the 2nd quarter. Highline Capital Management L.P. now owns 4,434,008 shares of the basic materials company’s stock worth $79,147,000 after acquiring an additional 395,000 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Commercial Metals by 3.2% during the 2nd quarter. Vanguard Group Inc. now owns 11,835,470 shares of the basic materials company’s stock worth $211,263,000 after purchasing an additional 368,873 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its stake in shares of Commercial Metals by 25.3% during the 2nd quarter. Janus Henderson Group PLC now owns 1,755,954 shares of the basic materials company’s stock worth $31,344,000 after purchasing an additional 354,751 shares during the last quarter. 94.90% of the stock is currently owned by institutional investors.

Shares of NYSE CMC traded up $0.19 during trading hours on Friday, reaching $20.13. The stock had a trading volume of 1,033,534 shares, compared to its average volume of 1,479,010. Commercial Metals has a 52-week low of $13.27 and a 52-week high of $20.67. The firm has a market cap of $2.34 billion, a price-to-earnings ratio of 9.68, a P/E/G ratio of 2.56 and a beta of 1.78. The business’s fifty day moving average price is $19.11 and its two-hundred day moving average price is $17.15. The company has a current ratio of 2.99, a quick ratio of 2.00 and a debt-to-equity ratio of 0.76.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 20th. Stockholders of record on Wednesday, November 6th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.38%. Commercial Metals’s dividend payout ratio is presently 23.08%.

Commercial Metals Company Profile

Commercial Metals Company manufactures, recycles, and markets steel and metal products, and related materials and services in the United States and internationally. It operates through four segments: Americas Recycling, Americas Mills, Americas Fabrication, and International Mill. The Americas Recycling segment processes and sells 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.

Recommended Story: What is a capital gain?

Get a free copy of the Zacks research report on Commercial Metals (CMC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Commercial Metals (NYSE:CMC)

Receive News & Ratings for Commercial Metals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Commercial Metals and related companies with MarketBeat.com's FREE daily email newsletter.