Jefferies Group Research Analysts Lower Earnings Estimates for Commercial Metals (CMC)

Commercial Metals (NYSE:CMC) – Analysts at Jefferies Group reduced their Q3 2018 earnings per share (EPS) estimates for shares of Commercial Metals in a report released on Friday, April 6th. Jefferies Group analyst S. Rosenfeld now anticipates that the basic materials company will post earnings per share of $0.47 for the quarter, down from their previous forecast of $0.49. Jefferies Group currently has a “Buy” rating on the stock. Jefferies Group also issued estimates for Commercial Metals’ FY2019 earnings at $2.05 EPS.

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Several other equities analysts have also issued reports on the company. Zacks Investment Research lowered Commercial Metals from a “hold” rating to a “sell” rating in a research report on Thursday, December 28th. JPMorgan Chase upgraded Commercial Metals from a “neutral” rating to an “overweight” rating in a research report on Friday, March 9th. Bank of America lowered Commercial Metals from a “buy” rating to a “neutral” rating and raised their price target for the stock from $25.36 to $28.00 in a research report on Wednesday, March 14th. They noted that the move was a valuation call. ValuEngine upgraded Commercial Metals from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Finally, Deutsche Bank reduced their price target on Commercial Metals from $27.00 to $26.00 and set a “buy” rating on the stock in a research report on Thursday, March 29th. Four analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $23.44.

CMC opened at $19.50 on Monday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.12 and a current ratio of 3.11. Commercial Metals has a 1 year low of $17.05 and a 1 year high of $26.72. The company has a market cap of $2,256.82, a P/E ratio of 31.45, a P/E/G ratio of 0.33 and a beta of 1.34.

Commercial Metals (NYSE:CMC) last posted its quarterly earnings results on Thursday, March 22nd. The basic materials company reported $0.26 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.26. Commercial Metals had a return on equity of 8.05% and a net margin of 1.15%. The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same period last year, the company earned $0.25 EPS. Commercial Metals’s revenue for the quarter was up 22.3% compared to the same quarter last year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 19th. Shareholders of record on Wednesday, April 4th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.46%. The ex-dividend date of this dividend is Tuesday, April 3rd. Commercial Metals’s dividend payout ratio (DPR) is currently 77.42%.

In other Commercial Metals news, EVP Tracy L. Porter sold 13,601 shares of the stock in a transaction that occurred on Thursday, January 18th. The stock was sold at an average price of $25.04, for a total value of $340,569.04. Following the completion of the sale, the executive vice president now owns 10 shares in the company, valued at approximately $250.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Adam R. Hickey sold 20,000 shares of the stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $25.50, for a total value of $510,000.00. Following the completion of the sale, the chief accounting officer now owns 15,632 shares of the company’s stock, valued at approximately $398,616. The disclosure for this sale can be found here. In the last quarter, insiders sold 60,536 shares of company stock valued at $1,541,915. Company insiders own 1.50% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CMC. Strs Ohio lifted its stake in shares of Commercial Metals by 176.5% in the 4th quarter. Strs Ohio now owns 4,700 shares of the basic materials company’s stock valued at $100,000 after purchasing an additional 3,000 shares during the period. Cerebellum GP LLC purchased a new position in shares of Commercial Metals in the 4th quarter valued at approximately $129,000. Global X Management Co. LLC lifted its stake in shares of Commercial Metals by 75.2% in the 4th quarter. Global X Management Co. LLC now owns 8,040 shares of the basic materials company’s stock valued at $171,000 after purchasing an additional 3,450 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Commercial Metals by 38.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,092 shares of the basic materials company’s stock valued at $173,000 after purchasing an additional 2,239 shares during the period. Finally, CoreCommodity Management LLC purchased a new position in shares of Commercial Metals in the 4th quarter valued at approximately $223,000. Institutional investors and hedge funds own 88.23% of the company’s stock.

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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.

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

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