KeyCorp Comments on Commercial Metals’ Q3 2022 Earnings (NYSE:CMC)

Commercial Metals (NYSE:CMCGet Rating) – Analysts at KeyCorp raised their Q3 2022 EPS estimates for Commercial Metals in a research report issued to clients and investors on Wednesday, May 18th. KeyCorp analyst P. Gibbs now anticipates that the basic materials company will post earnings of $2.14 per share for the quarter, up from their previous forecast of $1.92. KeyCorp currently has a “Overweight” rating and a $48.00 price objective on the stock. KeyCorp also issued estimates for Commercial Metals’ Q4 2022 earnings at $2.14 EPS.

CMC has been the subject of a number of other reports. JPMorgan Chase & Co. lifted their target price on Commercial Metals from $47.00 to $55.00 and gave the company an “overweight” rating in a research report on Thursday, March 24th. StockNews.com assumed coverage on Commercial Metals in a research report on Thursday, March 31st. They issued a “buy” rating for the company. Finally, BMO Capital Markets boosted their price target on Commercial Metals from $40.00 to $45.00 and gave the stock a “market perform” rating in a research report on Friday, March 18th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $42.44.

Shares of NYSE CMC opened at $36.63 on Monday. The company has a quick ratio of 2.85, a current ratio of 4.23 and a debt-to-equity ratio of 0.50. The business has a fifty day simple moving average of $40.86 and a two-hundred day simple moving average of $37.27. The firm has a market cap of $4.45 billion, a PE ratio of 5.00 and a beta of 1.14. Commercial Metals has a twelve month low of $28.76 and a twelve month high of $46.68.

Commercial Metals (NYSE:CMCGet Rating) last issued its quarterly earnings results on Thursday, March 17th. The basic materials company reported $1.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.28 by $0.25. The firm had revenue of $2.01 billion during the quarter, compared to analyst estimates of $1.92 billion. Commercial Metals had a return on equity of 27.25% and a net margin of 11.43%. Commercial Metals’s quarterly revenue was up 37.4% compared to the same quarter last year. During the same period last year, the company earned $0.66 EPS.

Several hedge funds have recently modified their holdings of CMC. First Trust Advisors LP lifted its holdings in shares of Commercial Metals by 101.6% in the 1st quarter. First Trust Advisors LP now owns 106,923 shares of the basic materials company’s stock valued at $1,826,000 after buying an additional 53,885 shares during the period. Morgan Stanley lifted its holdings in shares of Commercial Metals by 76.8% in the 2nd quarter. Morgan Stanley now owns 846,328 shares of the basic materials company’s stock valued at $25,999,000 after buying an additional 367,685 shares during the period. Advisor Group Holdings Inc. lifted its holdings in shares of Commercial Metals by 3.5% in the 3rd quarter. Advisor Group Holdings Inc. now owns 12,485 shares of the basic materials company’s stock valued at $381,000 after buying an additional 427 shares during the period. Barclays PLC lifted its holdings in shares of Commercial Metals by 16.3% in the 3rd quarter. Barclays PLC now owns 168,669 shares of the basic materials company’s stock valued at $5,137,000 after buying an additional 23,675 shares during the period. Finally, Teacher Retirement System of Texas lifted its holdings in shares of Commercial Metals by 23.6% in the 3rd quarter. Teacher Retirement System of Texas now owns 19,345 shares of the basic materials company’s stock valued at $589,000 after buying an additional 3,699 shares during the period. 85.01% of the stock is owned by institutional investors and hedge funds.

In other Commercial Metals news, CEO Barbara Smith sold 4,101 shares of the business’s stock in a transaction dated Tuesday, April 12th. The stock was sold at an average price of $43.45, for a total transaction of $178,188.45. Following the sale, the chief executive officer now owns 533,785 shares in the company, valued at approximately $23,192,958.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John R. Mcpherson purchased 5,000 shares of the company’s stock in a transaction on Tuesday, April 26th. The shares were purchased at an average price of $40.55 per share, for a total transaction of $202,750.00. Following the purchase, the director now owns 5,000 shares in the company, valued at approximately $202,750. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 38,582 shares of company stock worth $1,718,106. 1.20% of the stock is owned by company insiders.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 13th. Investors of record on Wednesday, March 30th were paid a dividend of $0.14 per share. The ex-dividend date was Tuesday, March 29th. This represents a $0.56 annualized dividend and a yield of 1.53%. Commercial Metals’s dividend payout ratio (DPR) is 7.64%.

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.

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