Analysts Offer Predictions for Commercial Metals’ FY2024 Earnings (NYSE:CMC)

Commercial Metals (NYSE:CMC) – Investment analysts at Zacks Research increased their FY2024 EPS estimates for Commercial Metals in a research note issued to investors on Thursday, April 4th. Zacks Research analyst S. Deb now expects that the basic materials company will post earnings per share of $5.30 for the year, up from their previous estimate of $5.07. The consensus estimate for Commercial Metals’ current full-year earnings is $5.34 per share. Zacks Research also issued estimates for Commercial Metals’ Q4 2024 earnings at $1.36 EPS, Q3 2025 earnings at $1.39 EPS, FY2025 earnings at $5.25 EPS and Q1 2026 earnings at $1.42 EPS.

Several other equities research analysts also recently weighed in on the stock. BMO Capital Markets raised their price target on shares of Commercial Metals from $52.00 to $60.00 and gave the company a “market perform” rating in a research report on Friday, March 22nd. UBS Group began coverage on shares of Commercial Metals in a research report on Tuesday, January 16th. They issued a “buy” rating and a $65.00 target price for the company.

Commercial Metals Price Performance

Shares of CMC opened at $58.25 on Monday. The company has a market capitalization of $6.74 billion, a P/E ratio of 10.11 and a beta of 1.33. The company has a quick ratio of 2.69, a current ratio of 4.19 and a debt-to-equity ratio of 0.27. The firm has a 50 day moving average of $54.83 and a 200 day moving average of $49.76. Commercial Metals has a twelve month low of $39.85 and a twelve month high of $59.81.

Commercial Metals (NYSE:CMC) last released its earnings results on Thursday, March 21st. The basic materials company reported $0.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.05). Commercial Metals had a net margin of 8.09% and a return on equity of 17.72%. The business had revenue of $1.85 billion for the quarter, compared to analysts’ expectations of $1.80 billion. During the same quarter in the previous year, the business posted $1.44 earnings per share. Commercial Metals’s revenue for the quarter was down 8.4% on a year-over-year basis.

Commercial Metals Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 10th. Shareholders of record on Monday, April 1st will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.24%. The ex-dividend date of this dividend is Thursday, March 28th. This is an increase from Commercial Metals’s previous quarterly dividend of $0.16. Commercial Metals’s dividend payout ratio is 12.50%.

Insider Buying and Selling at Commercial Metals

In related news, Chairman Barbara Smith sold 57,194 shares of the stock in a transaction dated Thursday, January 18th. The shares were sold at an average price of $49.94, for a total value of $2,856,268.36. Following the sale, the chairman now directly owns 156,185 shares of the company’s stock, valued at approximately $7,799,878.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Commercial Metals news, CAO Lindsay L. Sloan sold 600 shares of the firm’s stock in a transaction that occurred on Friday, January 26th. The shares were sold at an average price of $51.52, for a total value of $30,912.00. Following the completion of the sale, the chief accounting officer now directly owns 12,338 shares in the company, valued at $635,653.76. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Chairman Barbara Smith sold 57,194 shares of the firm’s stock in a transaction that occurred on Thursday, January 18th. The shares were sold at an average price of $49.94, for a total transaction of $2,856,268.36. Following the completion of the sale, the chairman now owns 156,185 shares of the company’s stock, valued at $7,799,878.90. The disclosure for this sale can be found here. Insiders sold 320,089 shares of company stock valued at $16,383,553 in the last 90 days. Insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On Commercial Metals

Several institutional investors and hedge funds have recently made changes to their positions in CMC. HM Payson & Co. purchased a new position in Commercial Metals in the third quarter valued at $25,000. Rise Advisors LLC purchased a new position in Commercial Metals in the first quarter valued at $28,000. Daiwa Securities Group Inc. purchased a new position in Commercial Metals in the fourth quarter valued at $30,000. Point72 Asset Management L.P. purchased a new position in Commercial Metals in the second quarter valued at $30,000. Finally, Quarry LP purchased a new position in Commercial Metals in the first quarter valued at $30,000. 86.90% of the stock is currently owned by institutional investors and hedge funds.

Commercial Metals Company Profile

Commercial Metals Company manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, and internationally. It operates through two segments, North America and Europe. 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.