Metals

Q2 2023 EPS Estimates for Commercial Metals Lifted by Analyst (NYSE:CMC)

Commercial Metals (NYSE:CMCGet Rating) – Research analysts at KeyCorp lifted their Q2 2023 earnings estimates for Commercial Metals in a report issued on Tuesday, January 10th. KeyCorp analyst P. Gibbs now expects that the basic materials company will post earnings per share of $1.73 for the quarter, up from their prior forecast of $1.31. KeyCorp has a “Overweight” rating and a $57.00 price objective on the stock. The consensus estimate for Commercial Metals’ current full-year earnings is $6.93 per share. KeyCorp also issued estimates for Commercial Metals’ Q3 2023 earnings at $1.86 EPS, Q4 2023 earnings at $1.81 EPS and FY2024 earnings at $4.90 EPS.

Other equities analysts also recently issued research reports about the company. BMO Capital Markets lifted their price objective on Commercial Metals from $49.00 to $56.00 and gave the company a “market perform” rating in a research report on Tuesday. StockNews.com downgraded shares of Commercial Metals from a “buy” rating to a “hold” rating in a research note on Tuesday, January 3rd. Citigroup increased their price target on shares of Commercial Metals from $42.00 to $44.00 and gave the company a “neutral” rating in a research note on Friday, October 14th. The Goldman Sachs Group boosted their price objective on shares of Commercial Metals from $48.00 to $53.00 and gave the stock a “neutral” rating in a research report on Tuesday. Finally, Bank of America initiated coverage on Commercial Metals in a report on Wednesday, January 4th. They set a “neutral” rating and a $55.00 price objective on the stock. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $49.78.

Commercial Metals Stock Performance

NYSE:CMC opened at $55.88 on Friday. The stock has a market capitalization of $6.56 billion, a P/E ratio of 5.61 and a beta of 1.29. The company has a current ratio of 2.54, a quick ratio of 1.67 and a debt-to-equity ratio of 0.34. Commercial Metals has a 1 year low of $31.47 and a 1 year high of $56.60. The firm has a 50 day moving average of $48.67 and a 200-day moving average of $42.55.

Commercial Metals (NYSE:CMCGet Rating) last released its quarterly earnings results on Thursday, October 13th. The basic materials company reported $2.45 EPS for the quarter, beating analysts’ consensus estimates of $2.23 by $0.22. The firm had revenue of $2.41 billion for the quarter, compared to analyst estimates of $2.38 billion. Commercial Metals had a net margin of 13.66% and a return on equity of 34.01%.

Institutional Trading of Commercial Metals

Hedge funds have recently added to or reduced their stakes in the business. Natixis Advisors L.P. raised its position 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 worth $526,000 after purchasing an additional 1,402 shares during the period. Bank of Montreal Can raised its holdings 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 worth $547,000 after buying an additional 1,727 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in Commercial Metals by 11.4% in the first 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 in the last quarter. APG Asset Management N.V. bought a new position in Commercial Metals in the first quarter valued at approximately $2,188,000. Finally, Great West Life Assurance Co. Can boosted its holdings in shares of Commercial Metals by 9.9% in the first quarter. Great West Life Assurance Co. Can now owns 69,545 shares of the basic materials company’s stock valued at $2,980,000 after buying an additional 6,259 shares during the period. Institutional investors and hedge funds own 84.30% of the company’s stock.

Insider Activity

In related news, CEO Barbara Smith sold 150,000 shares of the company’s stock in a transaction dated Tuesday, January 3rd. The stock was sold at an average price of $48.11, for a total value of $7,216,500.00. Following the completion of the sale, the chief executive officer now owns 227,651 shares in the company, valued at $10,952,289.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Barbara Smith sold 150,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 3rd. The shares were sold at an average price of $48.11, for a total transaction of $7,216,500.00. Following the completion of the transaction, the chief executive officer now owns 227,651 shares in the company, valued at $10,952,289.61. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Ty L. Garrison sold 14,304 shares of the business’s stock in a transaction that occurred on Tuesday, October 18th. The shares were sold at an average price of $43.83, for a total transaction of $626,944.32. Following the transaction, the senior vice president now owns 134,635 shares of the company’s stock, valued at approximately $5,901,052.05. The disclosure for this sale can be found here. Insiders have sold a total of 177,400 shares of company stock valued at $8,461,778 in the last 90 days. 1.20% of the stock is owned by company insiders.

Commercial Metals Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 2nd. Shareholders of record on Thursday, January 19th will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 1.15%. The ex-dividend date is Wednesday, January 18th. Commercial Metals’s payout ratio is 6.43%.

About Commercial Metals

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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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