Commercial Metals (NYSE:CMC) Expected to Post Earnings of $0.29 Per Share

Wall Street analysts expect that Commercial Metals (NYSE:CMC) will report $0.29 earnings per share for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Commercial Metals’ earnings. The highest EPS estimate is $0.53 and the lowest is $0.08. Commercial Metals reported earnings per share of $0.67 in the same quarter last year, which suggests a negative year-over-year growth rate of 56.7%. The company is scheduled to announce its next earnings results before the market opens on Thursday, June 18th.

On average, analysts expect that Commercial Metals will report full year earnings of $1.85 per share for the current fiscal year, with EPS estimates ranging from $1.70 to $1.98. For the next year, analysts forecast that the firm will report earnings of $1.77 per share, with EPS estimates ranging from $1.38 to $2.24. Zacks’ EPS calculations are an average based on a survey of research analysts that that provide coverage for Commercial Metals.

Commercial Metals (NYSE:CMC) last released its quarterly earnings results on Thursday, March 19th. The basic materials company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.03. Commercial Metals had a net margin of 5.30% and a return on equity of 19.41%. The firm had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.36 billion. During the same quarter last year, the business earned $0.29 EPS. The company’s revenue was down 4.4% compared to the same quarter last year.

Several research analysts have issued reports on CMC shares. Citigroup upgraded shares of Commercial Metals to a “buy” rating and set a $22.00 price target for the company in a report on Monday, March 23rd. ValuEngine downgraded shares of Commercial Metals from a “sell” rating to a “strong sell” rating in a research report on Friday, May 1st. Credit Suisse Group reduced their price objective on shares of Commercial Metals from $27.00 to $25.00 and set an “outperform” rating for the company in a research report on Tuesday, March 17th. Bank of America raised shares of Commercial Metals from an “underperform” rating to a “buy” rating in a research report on Tuesday, March 17th. Finally, TheStreet downgraded shares of Commercial Metals from a “b-” rating to a “c” rating in a research report on Monday, March 23rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $20.88.

Commercial Metals stock traded down $0.05 during mid-day trading on Friday, hitting $16.20. 1,081,490 shares of the stock were exchanged, compared to its average volume of 1,305,013. The company has a quick ratio of 2.11, a current ratio of 3.21 and a debt-to-equity ratio of 0.65. Commercial Metals has a 12 month low of $10.76 and a 12 month high of $24.04. The firm’s fifty day simple moving average is $15.80 and its two-hundred day simple moving average is $18.98. The stock has a market capitalization of $1.93 billion, a price-to-earnings ratio of 6.21 and a beta of 1.41.

A number of hedge funds and other institutional investors have recently bought and sold shares of CMC. AQR Capital Management LLC grew its position in Commercial Metals by 1,619.3% in the 1st quarter. AQR Capital Management LLC now owns 2,467,788 shares of the basic materials company’s stock valued at $36,301,000 after purchasing an additional 2,324,256 shares during the period. FMR LLC grew its position in Commercial Metals by 140.8% in the 4th quarter. FMR LLC now owns 3,777,289 shares of the basic materials company’s stock valued at $84,120,000 after purchasing an additional 2,208,552 shares during the period. Goldman Sachs Group Inc. grew its position in Commercial Metals by 112.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,761,382 shares of the basic materials company’s stock valued at $61,495,000 after purchasing an additional 1,462,522 shares during the period. JPMorgan Chase & Co. grew its position in Commercial Metals by 179.7% in the 1st quarter. JPMorgan Chase & Co. now owns 2,267,940 shares of the basic materials company’s stock valued at $35,810,000 after purchasing an additional 1,457,091 shares during the period. Finally, Norges Bank purchased a new position in Commercial Metals during the 4th quarter worth $30,398,000. 87.23% of the stock is owned by institutional investors and hedge funds.

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.

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

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