Commercial Metals (CMC) Expected to Announce Quarterly Sales of $1.31 Billion

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Brokerages expect Commercial Metals (NYSE:CMC) to announce $1.31 billion in sales for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for Commercial Metals’ earnings. The lowest sales estimate is $1.28 billion and the highest is $1.35 billion. Commercial Metals reported sales of $1.26 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 4%. The business is expected to report its next earnings results on Thursday, October 25th.

On average, analysts expect that Commercial Metals will report full-year sales of $4.82 billion for the current financial year, with estimates ranging from $4.78 billion to $4.87 billion. For the next year, analysts forecast that the company will post sales of $5.40 billion per share, with estimates ranging from $5.16 billion to $5.97 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that cover Commercial Metals.

Commercial Metals (NYSE:CMC) last announced its earnings results on Thursday, June 21st. The basic materials company reported $0.41 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.42 by ($0.01). Commercial Metals had a net margin of 1.21% and a return on equity of 8.65%. The company had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same quarter last year, the business earned $0.34 EPS. The firm’s revenue for the quarter was up 15.3% compared to the same quarter last year.

Several analysts have recently issued reports on CMC shares. Zacks Investment Research upgraded shares of Commercial Metals from a “sell” rating to a “hold” rating in a research report on Monday, June 25th. ValuEngine lowered shares of Commercial Metals from a “buy” rating to a “hold” rating in a research report on Wednesday, June 13th. Citigroup lifted their target price on shares of Commercial Metals from $22.00 to $24.00 and gave the company a “hold” rating in a research report on Tuesday, June 12th. Macquarie reiterated a “neutral” rating on shares of Commercial Metals in a research report on Thursday, May 31st. Finally, Goldman Sachs Group upgraded shares of Commercial Metals from a “sell” rating to a “neutral” rating and set a $24.00 target price on the stock in a research report on Monday, August 13th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $25.00.

Shares of NYSE CMC traded down $0.04 during trading on Friday, hitting $21.37. The company had a trading volume of 953,400 shares, compared to its average volume of 1,447,896. Commercial Metals has a fifty-two week low of $17.38 and a fifty-two week high of $26.72. The firm has a market cap of $2.53 billion, a price-to-earnings ratio of 34.47 and a beta of 1.36. The company has a quick ratio of 2.73, a current ratio of 3.90 and a debt-to-equity ratio of 0.78.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. boosted its position in Commercial Metals by 3.2% during the second quarter. BlackRock Inc. now owns 12,908,547 shares of the basic materials company’s stock worth $272,500,000 after acquiring an additional 394,482 shares during the last quarter. Fuller & Thaler Asset Management Inc. boosted its position in Commercial Metals by 9.0% during the second quarter. Fuller & Thaler Asset Management Inc. now owns 4,244,481 shares of the basic materials company’s stock worth $89,601,000 after acquiring an additional 350,990 shares during the last quarter. FMR LLC boosted its position in Commercial Metals by 104.5% during the second quarter. FMR LLC now owns 3,269,044 shares of the basic materials company’s stock worth $69,010,000 after acquiring an additional 1,670,640 shares during the last quarter. Voya Investment Management LLC boosted its position in Commercial Metals by 2.9% during the second quarter. Voya Investment Management LLC now owns 2,133,160 shares of the basic materials company’s stock worth $45,031,000 after acquiring an additional 60,443 shares during the last quarter. Finally, Systematic Financial Management LP boosted its position in Commercial Metals by 251.0% during the first quarter. Systematic Financial Management LP now owns 2,054,114 shares of the basic materials company’s stock worth $42,027,000 after acquiring an additional 1,468,866 shares during the last quarter. Institutional investors and hedge funds own 89.58% of the company’s stock.

Commercial Metals Company Profile

Commercial Metals Company manufactures, recycles, and markets steel and metal products, and related materials and services in the United States and internationally. It operates through five segments: Americas Recycling, Americas Mills, Americas Fabrication, International Mill, and International Marketing and Distribution.

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

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