Commercial Metals (NYSE:CMC) Announces Quarterly Earnings Results

Commercial Metals (NYSE:CMCGet Rating) posted its quarterly earnings results on Thursday. The basic materials company reported $2.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.47 by $1.14, Fidelity Earnings reports. Commercial Metals had a return on equity of 31.92% and a net margin of 12.66%. During the same period in the previous year, the business earned $1.04 EPS.

Shares of CMC stock opened at $36.46 on Friday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.85 and a current ratio of 2.48. Commercial Metals has a 52 week low of $28.76 and a 52 week high of $46.68. The company’s 50 day moving average price is $39.95 and its two-hundred day moving average price is $37.98. The company has a market capitalization of $4.43 billion, a P/E ratio of 4.14 and a beta of 1.14.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 13th. Investors of record on Wednesday, June 29th will be paid a dividend of $0.14 per share. The ex-dividend date is Tuesday, June 28th. This represents a $0.56 dividend on an annualized basis and a yield of 1.54%. Commercial Metals’s payout ratio is 6.36%.

A number of research firms recently weighed in on CMC. Citigroup dropped their price target on shares of Commercial Metals from $44.00 to $36.00 and set a “neutral” rating for the company in a research note on Friday. JPMorgan Chase & Co. cut their price target on Commercial Metals from $55.00 to $54.00 in a research note on Tuesday. StockNews.com started coverage on Commercial Metals in a research note on Thursday, March 31st. They set a “buy” rating for the company. KeyCorp increased their target price on Commercial Metals from $48.00 to $49.00 and gave the company an “overweight” rating in a research note on Tuesday, June 7th. Finally, The Goldman Sachs Group decreased their target price on Commercial Metals from $42.00 to $38.00 in a research report on Tuesday, May 31st. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $42.80.

In other news, Director John R. Mcpherson acquired 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 26th. The stock was acquired at an average cost of $40.55 per share, for a total transaction of $202,750.00. Following the completion of the acquisition, the director now owns 5,000 shares in the company, valued at $202,750. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Barbara Smith sold 4,101 shares of the company’s stock in a transaction that occurred 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 directly owns 533,785 shares of the company’s stock, valued at approximately $23,192,958.25. The disclosure for this sale can be found here. Insiders sold 38,582 shares of company stock valued at $1,718,106 in the last quarter. Corporate insiders own 1.20% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. boosted its position in Commercial Metals by 0.6% during the fourth quarter. BlackRock Inc. now owns 14,797,744 shares of the basic materials company’s stock valued at $537,010,000 after purchasing an additional 83,967 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Commercial Metals by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 13,226,374 shares of the basic materials company’s stock valued at $550,481,000 after buying an additional 142,062 shares during the last quarter. State Street Corp increased its holdings in Commercial Metals by 22.3% during the first quarter. State Street Corp now owns 7,494,116 shares of the basic materials company’s stock worth $312,971,000 after buying an additional 1,367,997 shares during the last quarter. Barclays PLC raised its position in Commercial Metals by 894.7% during the fourth quarter. Barclays PLC now owns 1,677,782 shares of the basic materials company’s stock worth $60,887,000 after acquiring an additional 1,509,113 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in Commercial Metals by 33.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,652,812 shares of the basic materials company’s stock valued at $68,790,000 after acquiring an additional 409,679 shares during the last quarter. Institutional investors own 85.01% of the company’s stock.

About Commercial Metals (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.

See Also

Earnings History for Commercial Metals (NYSE:CMC)

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