Commercial Metals (NYSE:CMC) Posts Earnings Results

Commercial Metals (NYSE:CMC – Get Free Report) posted its quarterly earnings results on Thursday. The basic materials company reported $2.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.95 by $0.14, FiscalAI reports. Commercial Metals had a net margin of 6.72% and a return on equity of 15.69%. The business had revenue of $2.66 billion during the quarter, compared to analysts’ expectations of $2.58 billion.

Commercial Metals Stock Performance

Shares of CMC stock opened at $65.26 on Thursday. The business has a 50-day simple moving average of $67.17 and a 200-day simple moving average of $68.27. The company has a quick ratio of 1.54, a current ratio of 2.33 and a debt-to-equity ratio of 0.73. The stock has a market cap of $7.22 billion, a PE ratio of 12.29, a price-to-earnings-growth ratio of 0.25 and a beta of 1.53. Commercial Metals has a 52-week low of $53.08 and a 52-week high of $84.87.

Commercial Metals Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 11th. Shareholders of record on Wednesday, October 28th will be paid a dividend of $0.20 per share. The ex-dividend date is Wednesday, October 28th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.2%. Commercial Metals’s dividend payout ratio (DPR) is presently 15.07%.

Analysts Set New Price Targets

Several research firms recently issued reports on CMC. BMO Capital Markets upped their target price on Commercial Metals from $77.00 to $80.00 and gave the company a “market perform” rating in a research report on Thursday, August 6th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $85.00 price target on shares of Commercial Metals in a research report on Thursday, August 6th. JPMorgan Chase & Co. dropped their price target on Commercial Metals from $83.00 to $80.00 and set an “overweight” rating on the stock in a research note on Friday, October 9th. Zacks Research raised Commercial Metals from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Finally, Wells Fargo & Company reduced their price objective on Commercial Metals from $80.00 to $68.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 6th. Nine investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, Commercial Metals currently has an average rating of “Moderate Buy” and an average price target of $80.27.

View Our Latest Research Report on Commercial Metals

Commercial Metals declared that its board has authorized a share buyback plan on Wednesday, August 5th that authorizes the company to repurchase $600.00 million in outstanding shares. This buyback authorization authorizes the basic materials company to repurchase up to 7.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In related news, Director John McPherson acquired 1,390 shares of the stock in a transaction on Thursday, August 13th. The shares were acquired at an average price of $71.92 per share, for a total transaction of $99,968.80. Following the transaction, the director owned 21,927 shares in the company, valued at approximately $1,576,989.84. This trade represents a 6.77% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.62% of the company’s stock.

Commercial Metals Company Profile

(Get Free Report)

Commercial Metals Company (NYSE: CMC) is a steel and metals manufacturer, fabricator and recycler headquartered in Irving, Texas. Founded in 1915, the company operates a vertically integrated business that collects and processes ferrous scrap, produces steel and supplies products used in construction and infrastructure projects.

CMC’s product portfolio includes reinforcing bar, merchant bar, wire rod, structural components and other steel products. Through its fabrication and construction services, the company also processes and prepares reinforcing steel for commercial, industrial, transportation and other building projects.

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Earnings History for Commercial Metals (NYSE:CMC)

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