Yahoo Finance Commercial Metals (CMC) Gains As Market Dips: What You Should Know
Commercial Metals (CMC) closed the most recent trading day at $47.05, moving +1.51% from the previous trading session. This move outpaced the S&P 500's daily loss of 0.38%. Elsewhere, the Dow gained 0.27%, while the tech-heavy Nasdaq lost 4.19%.
Heading into today, shares of the manufacturer and recycler of steel and metal products had gained 4.51% over the past month, outpacing the Basic Materials sector's loss of 2.3% and the S&P 500's gain of 3.78% in that time.
Commercial Metals will be looking to display strength as it nears its next earnings release, which is expected to be June 22, 2023. In that report, analysts expect Commercial Metals to post earnings of $1.84 per share. This would mark a year-over-year decline of 29.5%. Our most recent consensus estimate is calling for quarterly revenue of $2.15 billion, down 14.57% from the year-ago period.
CMC's full-year Zacks Consensus Estimates are calling for earnings of $7.77 per share and revenue of $8.58 billion. These results would represent year-over-year changes of -5.13% and -3.79%, respectively.
Any recent changes to analyst estimates for Commercial Metals should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Commercial Metals currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Commercial Metals is currently trading at a Forward P/E ratio of 5.97. For comparison, its industry has an average Forward P/E of 7.07, which means Commercial Metals is trading at a discount to the group.
The Steel - Producers industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 93, putting it in the top 37% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Commercial Metals Company (CMC) : Free Stock Analysis Report
