Commercial Metals (NYSE:CMC) Posts Quarterly Earnings Results, Misses Expectations By $0.11 EPS

Commercial Metals (NYSE:CMC) announced its earnings results on Monday. The basic materials company reported $0.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.11), Zacks reports. Commercial Metals had a return on equity of 8.23% and a net margin of 0.94%. The business’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same quarter last year, the firm posted $1.02 EPS.

Commercial Metals Stock Down 0.9%

Commercial Metals stock opened at $48.62 on Monday. Commercial Metals has a fifty-two week low of $37.92 and a fifty-two week high of $64.53. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.82 and a quick ratio of 1.94. The firm has a market capitalization of $5.49 billion, a price-to-earnings ratio of 81.03, a PEG ratio of 2.70 and a beta of 1.27. The company’s 50 day simple moving average is $46.57 and its 200 day simple moving average is $48.18.

Commercial Metals Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 9th. Investors of record on Monday, June 30th will be given a $0.18 dividend. The ex-dividend date is Monday, June 30th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.48%. Commercial Metals’s dividend payout ratio is 120.00%.

Analyst Upgrades and Downgrades

CMC has been the subject of a number of research reports. JPMorgan Chase & Co. started coverage on Commercial Metals in a research note on Friday, May 30th. They issued a “neutral” rating and a $52.00 target price for the company. Morgan Stanley restated an “equal weight” rating on shares of Commercial Metals in a research report on Friday. BMO Capital Markets dropped their target price on shares of Commercial Metals from $58.00 to $54.00 and set a “market perform” rating for the company in a research note on Friday, March 21st. Jefferies Financial Group reissued a “buy” rating on shares of Commercial Metals in a research note on Friday. Finally, Wolfe Research raised shares of Commercial Metals from a “peer perform” rating to an “outperform” rating in a report on Friday. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $58.00.

Insider Buying and Selling at Commercial Metals

In other Commercial Metals news, Director John R. Mcpherson bought 2,475 shares of Commercial Metals stock in a transaction on Friday, April 4th. The shares were purchased at an average cost of $40.42 per share, for a total transaction of $100,039.50. Following the completion of the acquisition, the director now owns 15,141 shares in the company, valued at approximately $611,999.22. The trade was a 19.54% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.46% of the company’s stock.

Institutional Investors Weigh In On Commercial Metals

Large investors have recently modified their holdings of the business. Amundi grew its position in shares of Commercial Metals by 13.3% in the 1st quarter. Amundi now owns 2,480 shares of the basic materials company’s stock valued at $114,000 after purchasing an additional 291 shares during the period. Jones Financial Companies Lllp increased its holdings in Commercial Metals by 614.9% during the 1st quarter. Jones Financial Companies Lllp now owns 11,767 shares of the basic materials company’s stock worth $541,000 after purchasing an additional 10,121 shares in the last quarter. Empowered Funds LLC increased its holdings in Commercial Metals by 1.8% during the 1st quarter. Empowered Funds LLC now owns 53,305 shares of the basic materials company’s stock worth $2,453,000 after purchasing an additional 941 shares in the last quarter. Royal Bank of Canada raised its stake in shares of Commercial Metals by 1.4% in the 1st quarter. Royal Bank of Canada now owns 90,989 shares of the basic materials company’s stock valued at $4,186,000 after purchasing an additional 1,219 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Commercial Metals by 2.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 339,580 shares of the basic materials company’s stock valued at $15,624,000 after purchasing an additional 9,526 shares in the last quarter. 86.90% of the stock is currently owned by institutional investors.

About Commercial Metals

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.