Commercial Metals (NYSE:CMC) Posts Quarterly Earnings Results, Beats Estimates By $1.14 EPS

Commercial Metals (NYSE:CMC – Get Rating) issued its quarterly earnings results on Thursday. The basic materials company reported $2.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.47 by $1.14, Fidelity Earnings reports. Commercial Metals had a return on equity of 27.25% and a net margin of 11.43%. During the same period in the previous year, the company earned $1.04 earnings per share.

Commercial Metals stock opened at $35.46 on Friday. The company has a current ratio of 4.23, a quick ratio of 2.85 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $4.31 billion, a PE ratio of 4.84 and a beta of 1.14. Commercial Metals has a 12 month low of $28.76 and a 12 month high of $46.68. The stock has a 50-day moving average price of $40.07 and a two-hundred day moving average price of $37.94.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 13th. Shareholders of record on Wednesday, June 29th will be given a $0.14 dividend. The ex-dividend date of this dividend is Tuesday, June 28th. This represents a $0.56 annualized dividend and a yield of 1.58%. Commercial Metals’s dividend payout ratio is presently 7.64%.

In other Commercial Metals news, CEO Barbara Smith sold 13,582 shares of the stock in a transaction dated Wednesday, April 20th. The stock was sold at an average price of $46.46, for a total value of $631,019.72. Following the completion of the transaction, the chief executive officer now directly owns 520,203 shares in the company, valued at $24,168,631.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John R. Mcpherson bought 5,000 shares of the company’s stock in a transaction on Tuesday, April 26th. The stock was purchased at an average price of $40.55 per share, with a total value of $202,750.00. Following the completion of the transaction, the director now directly owns 5,000 shares of the company’s stock, valued at approximately $202,750. The disclosure for this purchase can be found here. Insiders sold 38,582 shares of company stock valued at $1,718,106 over the last quarter. Corporate insiders own 1.20% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Thrivent Financial for Lutherans increased its holdings in Commercial Metals by 0.9% in the fourth quarter. Thrivent Financial for Lutherans now owns 31,797 shares of the basic materials company’s stock worth $1,154,000 after purchasing an additional 277 shares in the last quarter. Mackenzie Financial Corp increased its holdings in Commercial Metals by 5.0% in the first quarter. Mackenzie Financial Corp now owns 6,812 shares of the basic materials company’s stock worth $284,000 after purchasing an additional 327 shares in the last quarter. Centaurus Financial Inc. increased its holdings in Commercial Metals by 5.2% in the first quarter. Centaurus Financial Inc. now owns 7,887 shares of the basic materials company’s stock worth $328,000 after purchasing an additional 388 shares in the last quarter. Amalgamated Bank increased its holdings in Commercial Metals by 0.5% in the fourth quarter. Amalgamated Bank now owns 80,259 shares of the basic materials company’s stock worth $2,913,000 after purchasing an additional 417 shares in the last quarter. Finally, Ameritas Investment Partners Inc. increased its holdings in Commercial Metals by 1.2% in the first quarter. Ameritas Investment Partners Inc. now owns 41,659 shares of the basic materials company’s stock worth $1,734,000 after purchasing an additional 509 shares in the last quarter. Institutional investors own 85.01% of the company’s stock.

CMC has been the subject of several recent research reports. StockNews.com initiated coverage on Commercial Metals in a research note on Thursday, March 31st. They issued a “buy” rating for the company. The Goldman Sachs Group cut their price target on Commercial Metals from $42.00 to $38.00 in a research note on Tuesday, May 31st. JPMorgan Chase & Co. cut their price target on Commercial Metals from $55.00 to $54.00 in a research note on Tuesday. BMO Capital Markets upped their target price on Commercial Metals from $40.00 to $45.00 and gave the stock a “market perform” rating in a research note on Friday, March 18th. Finally, KeyCorp lifted their price target on Commercial Metals from $48.00 to $49.00 and gave the company an “overweight” rating in a research note on Tuesday, June 7th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $44.13.

About Commercial Metals (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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