Jefferies Group Comments on Commercial Metals’ Q2 2018 Earnings (CMC)

Commercial Metals (NYSE:CMC) – Equities research analysts at Jefferies Group upped their Q2 2018 earnings estimates for shares of Commercial Metals in a research report issued to clients and investors on Tuesday. Jefferies Group analyst S. Rosenfeld now anticipates that the basic materials company will post earnings of $0.30 per share for the quarter, up from their prior forecast of $0.26. Jefferies Group has a “Buy” rating and a $24.00 price target on the stock. Jefferies Group also issued estimates for Commercial Metals’ Q3 2018 earnings at $0.61 EPS and FY2019 earnings at $2.23 EPS.

Commercial Metals (NYSE:CMC) last posted its quarterly earnings data on Wednesday, January 3rd. The basic materials company reported $0.31 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.17 by $0.14. The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Commercial Metals had a return on equity of 8.08% and a net margin of 1.53%. The business’s revenue was up 24.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.06 EPS.

Several other research firms have also recently weighed in on CMC. Bank of America raised Commercial Metals from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $21.00 to $24.00 in a research report on Thursday, December 7th. Citigroup cut their price objective on Commercial Metals from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Friday, September 15th. Finally, Zacks Investment Research cut Commercial Metals from a “buy” rating to a “hold” rating in a research report on Friday, October 27th. Four research analysts have rated the stock with a sell rating and five have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $21.88.

Commercial Metals (NYSE:CMC) traded up $0.48 during trading on Wednesday, reaching $25.76. The company’s stock had a trading volume of 688,810 shares, compared to its average volume of 3,737,300. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.07 and a current ratio of 3.20. The company has a market cap of $2,920.00, a PE ratio of 47.69 and a beta of 1.26. Commercial Metals has a fifty-two week low of $17.05 and a fifty-two week high of $25.51.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 31st. Stockholders of record on Tuesday, January 16th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, January 12th. This represents a $0.48 annualized dividend and a dividend yield of 1.86%. Commercial Metals’s payout ratio is 88.89%.

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Commercial Metals by 2.1% in the 2nd quarter. Vanguard Group Inc. now owns 12,837,096 shares of the basic materials company’s stock worth $249,424,000 after acquiring an additional 264,915 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in Commercial Metals by 13.2% in the 2nd quarter. Goldman Sachs Group Inc. now owns 4,512,233 shares of the basic materials company’s stock worth $87,673,000 after acquiring an additional 526,185 shares during the last quarter. Fuller & Thaler Asset Management Inc. raised its holdings in Commercial Metals by 0.8% in the 3rd quarter. Fuller & Thaler Asset Management Inc. now owns 4,471,335 shares of the basic materials company’s stock worth $85,090,000 after acquiring an additional 35,385 shares during the last quarter. Deprince Race & Zollo Inc. raised its holdings in Commercial Metals by 58.8% in the 3rd quarter. Deprince Race & Zollo Inc. now owns 3,018,145 shares of the basic materials company’s stock worth $57,435,000 after acquiring an additional 1,117,876 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in Commercial Metals by 7.4% in the 2nd quarter. Northern Trust Corp now owns 2,858,394 shares of the basic materials company’s stock worth $55,539,000 after acquiring an additional 196,113 shares during the last quarter. Hedge funds and other institutional investors own 88.55% of the company’s stock.

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Commercial Metals Company Profile

Commercial Metals Company, together with its subsidiaries, manufactures, recycles and markets steel and metal products, related materials and services through a network. The Company’s Americas Recycling segment processes scrap metals for use as a raw material by manufacturers of new metal products. The Americas Mills segment consists of steel mills, commonly referred to as minimills that produce reinforcing bar (rebar), angles, flats and rounds.

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

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