Jefferies Group Brokers Boost Earnings Estimates for Commercial Metals (NYSE:CMC)

Commercial Metals (NYSE:CMC) – Equities research analysts at Jefferies Group increased their FY2018 earnings per share estimates for shares of Commercial Metals in a report released on Tuesday, Zacks Investment Research reports. Jefferies Group analyst S. Rosenfeld now anticipates that the basic materials company will earn $1.82 per share for the year, up from their prior estimate of $1.53. Jefferies Group has a “Buy” rating and a $24.00 price target on the stock.

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

A number of other research firms also recently commented on CMC. Zacks Investment Research downgraded shares of Commercial Metals from a “hold” rating to a “sell” rating in a research report on Thursday, December 28th. Bank of America raised shares of Commercial Metals from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $21.00 to $24.00 in a research report on Thursday, December 7th. Four equities research analysts have rated the stock with a sell rating and five have issued a buy rating to the company’s stock. Commercial Metals currently has an average rating of “Hold” and a consensus price target of $21.88.

Commercial Metals (NYSE:CMC) opened at $23.42 on Thursday. The company has a debt-to-equity ratio of 0.56, a current ratio of 3.20 and a quick ratio of 2.07. Commercial Metals has a 1-year low of $17.05 and a 1-year high of $25.90. The firm has a market cap of $2,740.00, a P/E ratio of 43.37 and a beta of 1.27.

Hedge funds have recently modified their holdings of the company. 3G Capital Partners LP bought a new stake in shares of Commercial Metals during the 3rd quarter valued at $9,515,000. Koch Industries Inc. bought a new stake in shares of Commercial Metals during the 2nd quarter valued at $270,000. Russell Investments Group Ltd. grew its position in shares of Commercial Metals by 4,203.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 589,535 shares of the basic materials company’s stock valued at $11,218,000 after acquiring an additional 575,835 shares during the period. Janus Henderson Group PLC bought a new stake in shares of Commercial Metals during the 2nd quarter valued at $29,018,000. Finally, Hodges Capital Management Inc. grew its position in shares of Commercial Metals by 1.6% during the 3rd quarter. Hodges Capital Management Inc. now owns 1,057,486 shares of the basic materials company’s stock valued at $20,124,000 after acquiring an additional 16,490 shares during the period. 88.65% of the stock is owned by hedge funds and other institutional investors.

In other news, EVP Tracy L. Porter sold 13,601 shares of the business’s stock in a transaction on Thursday, January 18th. The shares were sold at an average price of $25.04, for a total transaction of $340,569.04. Following the completion of the sale, the executive vice president now owns 10 shares of the company’s stock, valued at approximately $250.40. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Tracy L. Porter sold 6,935 shares of the business’s stock in a transaction on Tuesday, January 16th. The shares were sold at an average price of $25.14, for a total transaction of $174,345.90. Following the sale, the executive vice president now directly owns 10 shares of the company’s stock, valued at approximately $251.40. The disclosure for this sale can be found here. Insiders own 1.50% of the company’s stock.

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 31st. Shareholders of record on Tuesday, January 16th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date of this dividend was Friday, January 12th. Commercial Metals’s dividend payout ratio (DPR) is presently 88.89%.

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About Commercial Metals

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.

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