Brokers Offer Predictions for Commercial Metals’ Q4 2022 Earnings (NYSE:CMC)
Commercial Metals (NYSE:CMC – Get Rating) – Equities research analysts at KeyCorp lowered their Q4 2022 earnings per share estimates for Commercial Metals in a report released on Monday, June 6th. KeyCorp analyst P. Gibbs now anticipates that the basic materials company will post earnings per share of $1.95 for the quarter, down from their prior estimate of $2.14. KeyCorp currently has a “Overweight” rating and a $49.00 price target on the stock. KeyCorp also issued estimates for Commercial Metals’ FY2023 earnings at $5.05 EPS. Commercial Metals (NYSE:CMC – Get Rating) last announced its quarterly earnings results on Thursday, March 17th. The basic materials company reported $1.53 EPS for the quarter, beating analysts’ consensus estimates of $1.28 by $0.25. Commercial Metals had a return on equity of 27.25% and a net margin of 11.43%. The company had revenue of $2.01 billion during the quarter, compared to analyst estimates of $1.92 billion. During the same period in the prior year, the company earned $0.66 earnings per share. The firm’s revenue was up 37.4% on a year-over-year basis.
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A number of other equities analysts have also commented on CMC. StockNews.com initiated coverage on Commercial Metals in a research note on Thursday, March 31st. They set a “buy” rating for the company. JPMorgan Chase & Co. increased their price target on Commercial Metals from $47.00 to $55.00 and gave the company an “overweight” rating in a research note on Thursday, March 24th. BMO Capital Markets upped their price objective on Commercial Metals from $40.00 to $45.00 and gave the company a “market perform” rating in a research report on Friday, March 18th. Finally, The Goldman Sachs Group decreased their price objective on Commercial Metals from $42.00 to $38.00 in a research report on Tuesday, May 31st. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $43.11.
Shares of Commercial Metals stock opened at $40.87 on Thursday. The stock has a 50 day moving average of $40.55 and a 200 day moving average of $37.80. Commercial Metals has a 12 month low of $28.76 and a 12 month high of $46.68. The firm has a market cap of $4.96 billion, a PE ratio of 5.58 and a beta of 1.14. The company has a current ratio of 4.23, a quick ratio of 2.85 and a debt-to-equity ratio of 0.50.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. First Trust Advisors LP boosted its position in Commercial Metals by 101.6% during the 1st quarter. First Trust Advisors LP now owns 106,923 shares of the basic materials company’s stock valued at $1,826,000 after acquiring an additional 53,885 shares in the last quarter. Morgan Stanley boosted its position in Commercial Metals by 76.8% during the 2nd quarter. Morgan Stanley now owns 846,328 shares of the basic materials company’s stock valued at $25,999,000 after acquiring an additional 367,685 shares in the last quarter. Credit Suisse AG boosted its position in Commercial Metals by 8.7% during the 3rd quarter. Credit Suisse AG now owns 113,135 shares of the basic materials company’s stock valued at $3,445,000 after acquiring an additional 9,041 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in Commercial Metals by 0.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 197,042 shares of the basic materials company’s stock valued at $6,002,000 after acquiring an additional 894 shares in the last quarter. Finally, Dark Forest Capital Management LP bought a new stake in Commercial Metals during the 3rd quarter valued at $44,000. Institutional investors own 85.01% of the company’s stock.
In other news, Director John R. Mcpherson acquired 5,000 shares of Commercial Metals stock in a transaction on Tuesday, April 26th. The shares were bought at an average cost of $40.55 per share, for a total transaction of $202,750.00. Following the acquisition, the director now directly owns 5,000 shares of the company’s stock, valued at approximately $202,750. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Barbara Smith sold 4,101 shares of the firm’s stock in a transaction on Tuesday, April 12th. The stock was sold at an average price of $43.45, for a total value of $178,188.45. Following the transaction, the chief executive officer now owns 533,785 shares in the company, valued at $23,192,958.25. The disclosure for this sale can be found here. Over the last quarter, insiders sold 38,582 shares of company stock worth $1,718,106. Company insiders own 1.20% of the company’s stock.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 13th. Stockholders of record on Wednesday, March 30th were issued a $0.14 dividend. The ex-dividend date was Tuesday, March 29th. This represents a $0.56 annualized dividend and a dividend yield of 1.37%. Commercial Metals’s payout ratio is 7.64%.
Commercial Metals Company Profile (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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