Commercial Metals (NYSE:CMC) Issues Quarterly Earnings Results

Commercial Metals (NYSE:CMC) posted its quarterly earnings data on Thursday. The basic materials company reported $1.73 earnings per share for the quarter, topping the consensus estimate of $1.70 by $0.03, FiscalAI reports. Commercial Metals had a return on equity of 13.54% and a net margin of 6.02%.The firm had revenue of $2.48 billion for the quarter, compared to analysts’ expectations of $2.40 billion.

Commercial Metals Stock Up 0.4%

CMC stock opened at $71.39 on Thursday. The firm has a 50-day moving average price of $71.81 and a 200-day moving average price of $71.24. Commercial Metals has a 12 month low of $48.14 and a 12 month high of $84.87. The company has a current ratio of 2.38, a quick ratio of 1.55 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $7.92 billion, a P/E ratio of 15.90, a price-to-earnings-growth ratio of 0.41 and a beta of 1.50.

Commercial Metals Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Monday, July 6th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Monday, July 6th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.1%. Commercial Metals’s dividend payout ratio is 17.82%.

Wall Street Analyst Weigh In

Several research firms recently commented on CMC. Wall Street Zen downgraded shares of Commercial Metals from a “strong-buy” rating to a “buy” rating in a research note on Saturday, April 4th. Barclays began coverage on shares of Commercial Metals in a research note on Thursday, May 21st. They issued an “equal weight” rating and a $75.00 price objective for the company. KeyCorp started coverage on shares of Commercial Metals in a research report on Wednesday, March 25th. They set a “sector weight” rating on the stock. Jefferies Financial Group raised shares of Commercial Metals from a “buy” rating to a “buy” rating in a report on Friday, June 5th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Commercial Metals from $83.00 to $78.00 and set an “overweight” rating for the company in a research report on Tuesday, April 14th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $80.11.

Institutional Trading of Commercial Metals

Hedge funds have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC lifted its stake in shares of Commercial Metals by 110.7% in the 4th quarter. Global Retirement Partners LLC now owns 573 shares of the basic materials company’s stock valued at $40,000 after acquiring an additional 301 shares during the last quarter. Los Angeles Capital Management LLC bought a new position in shares of Commercial Metals during the fourth quarter valued at $59,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Commercial Metals by 84.1% during the second quarter. EverSource Wealth Advisors LLC now owns 1,550 shares of the basic materials company’s stock worth $76,000 after purchasing an additional 708 shares during the period. Colonial Trust Co SC acquired a new position in shares of Commercial Metals during the fourth quarter worth $81,000. Finally, Advisors Asset Management Inc. lifted its holdings in shares of Commercial Metals by 160.0% during the fourth quarter. Advisors Asset Management Inc. now owns 1,178 shares of the basic materials company’s stock worth $82,000 after purchasing an additional 725 shares during the period. Institutional investors and hedge funds own 86.90% of the company’s stock.

About Commercial Metals

Commercial Metals Company (NYSE: CMC) is a leading global steel and metal recycler, manufacturer and fabricator based in Irving, Texas. The company operates an integrated network of scrap recycling facilities, electric arc furnace steel mills, metal fabrication plants and distribution centers. Through these operations, Commercial Metals collects and processes ferrous scrap to produce finished steel products and provides recycled metal to a variety of end markets.

In its steelmaking segment, CMC uses electric arc furnace technology to transform recycled scrap into reinforcing bar (rebar), merchant bar, coil and structural products.