Brokers Forecast Commercial Metals Earnings in Q1 2023
The Commercial Metals Corporation (often known as CMC): The analysts at KeyCorp raised their forecasts for the earnings per share that Commercial Metals would make in the first quarter of 2023 in a research report distributed to clients and investors on November 21st. An analyst at KeyCorp named P. Gibbs now anticipates that the basic materials firm will earn $2.06 per share in the fourth quarter, an increase from his previous projection of $1.97 per share. The shares of KeyCorp have been assigned an “Overweight” rating, and the price target has been set at $50.00. The current average estimate places Commercial Metals’ full-year earnings at $6.30 per share, which is the amount that is predicted to be earned by the company. KeyCorp has projected that Commercial Metals will bring in earnings of $4.00 per share for the fiscal year 2024.
CMC shares began trading on Wednesday for $48.58. The stock price has reached $42.06 on its moving average over the past 50 days, while it has reached $39.70 on its moving average over the past 200 days. The firm’s market capitalization is currently sitting at $5.70 billion, its P/E ratio is 4.88, and its beta is 1.31. The price of commercial metals has ranged from $30.59 up to $49.41 during the past year. There is a debt-to-equity ratio of 0.34, the quick ratio is 1.67, the current ratio is 2.54, and the quick ratio is 1.67.
CMC is the subject of several additional studies that have been authored. BMO Capital Markets increased their price objective on Commercial Metals from $37.00 to $43.00 and gave the stock a “market perform” rating in a report released on Friday, October 14th. Goldman Sachs Group lowered their price target on Commercial Metals from $41.00 to $37.00 and gave the stock a “neutral” rating in a report released on Thursday, October 6th. The “buy” rating that StockNews.com had assigned to Commercial Metals was changed to a “hold” in a report published on Tuesday. Last but not least, in a research note published on Friday, October 14th, Citigroup increased their price objective on Commercial Metals from $42.00 to $44.00 and assigned the stock a “neutral” rating. Five analysts recommend keeping the stock in one’s portfolio, while just four recommend buying the stock. According to Bloomberg.com, the general opinion regarding Commercial Metals is to “Hold” the stock, and the price target that has been determined is $44.63.
In addition, the firm announced a quarterly dividend, which was paid out on November 10th. The dividend was $0.16 per share and was distributed to shareholders who held their shares on record as of Thursday, October 27th. The previous quarterly dividend paid by Commercial Metals was $0.14, representing an increase from that amount. This translates to a dividend payment of $0.64 annually and a dividend yield of 1.32%. On Wednesday, October 26th, shareholders must pay an amount equal to this dividend. The payout ratio for commercial metals is 6.43% at the moment.
On Monday, October 31st, Senior Vice President Ty L. Garrison sold 6,900 shares of Commercial Metals stock, as was reported in other news regarding the company. At an average price of $45.76 per share, the shares were sold for a total of $315,744.00 due to their high demand. As a result, the senior vice president now has direct ownership of 124,508 shares of the company’s stock, which have a value of $5,697,486.08. The transaction was made public through a filing with the Securities and Exchange Commission, which may be located by following this link. On Monday, October 31st, Senior Vice President Ty L. Garrison sold 6,900 shares of the company’s stock, as was reported in other news. At an average price of $45.76 per share, the shares were sold for a total of $315,744.00 due to their high demand. As a result, the senior vice president now has direct ownership of 124,508 shares of the company’s stock, which have a value of $5,697,486.08. This information about the transaction was submitted to the Securities and Exchange Commission in the form of a filing, which can be found by following this link.
Additionally, on October 20th, Senior Vice President and General Counsel Ty L. Garrison sold 696 shares of the company’s stock. At an average price of $43.75, the shares fetched a total of $30,450.00 when they were put up for sale. The senior vice president currently has 133,939 shares of firm stock, which are worth a total of $5,859,831.25 in today’s market. The disclosure for this sale can be found at this location. During the most recent quarter, insiders sold 21,900 shares of company stock for a total value of $973,138. There is insider ownership of 1.20% of the company’s equity.
Institutional investors recently altered the proportion of stock they held in their portfolios:
Ronald Blue Trust Inc. invested $30,000 in Commercial Metals stock during the second quarter of the fiscal year. The new investment in commercial metals cost Baldwin Brothers LLC, Massachusetts, $33,000 to acquire during the year’s second quarter.
Geneos Wealth Management Inc. boosted the proportion of its holdings in commercial metals by 920.0% during the first quarter. After making further purchases totaling 920 shares during the most recent quarter, Geneos Wealth Management Inc. now has 1,020 shares of the basic materials business, which have a value of $42,000.
The National Bank of Canada Fixed Income Division raised its holdings in commercial metals by 32.8% during the second quarter.
After making an additional purchase of 262 shares during the most recent quarter, the National Bank of Canada FI now has 1,062 shares of the basic materials business, which are worth $36,000. Last but not least, during the second quarter, Investors Asset Management of Georgia, Inc. GA ADV initiated a new stake in Commercial Metals worth $35,000. Hedge funds and other institutional investors own 85.81% of the company’s stock.