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Commercial Metals (CMC) Dips More Than Broader Markets: What You Should Know
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Commercial Metals (CMC - Free Report) closed at $35.83 in the latest trading session, marking a -1.43% move from the prior day. This move lagged the S&P 500's daily loss of 0.13%. Meanwhile, the Dow lost 0.33%, and the Nasdaq, a tech-heavy index, added 0.26%.
Prior to today's trading, shares of the manufacturer and recycler of steel and metal products had lost 16.86% over the past month. This has lagged the Basic Materials sector's loss of 13.46% and the S&P 500's loss of 10.72% in that time.
Wall Street will be looking for positivity from Commercial Metals as it approaches its next earnings report date. On that day, Commercial Metals is projected to report earnings of $1.47 per share, which would represent year-over-year growth of 41.35%. Meanwhile, our latest consensus estimate is calling for revenue of $2.19 billion, up 18.85% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $6.29 per share and revenue of $8.38 billion, which would represent changes of +78.19% and +24.46%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Commercial Metals. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 2.92% higher. Commercial Metals is holding a Zacks Rank of #1 (Strong Buy) right now.
Investors should also note Commercial Metals's current valuation metrics, including its Forward P/E ratio of 5.78. Its industry sports an average Forward P/E of 3.31, so we one might conclude that Commercial Metals is trading at a premium comparatively.
The Steel - Producers industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 23, putting it in the top 10% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow CMC in the coming trading sessions, be sure to utilize Zacks.com.
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Commercial Metals (CMC) Dips More Than Broader Markets: What You Should Know
Commercial Metals (CMC - Free Report) closed at $35.83 in the latest trading session, marking a -1.43% move from the prior day. This move lagged the S&P 500's daily loss of 0.13%. Meanwhile, the Dow lost 0.33%, and the Nasdaq, a tech-heavy index, added 0.26%.
Prior to today's trading, shares of the manufacturer and recycler of steel and metal products had lost 16.86% over the past month. This has lagged the Basic Materials sector's loss of 13.46% and the S&P 500's loss of 10.72% in that time.
Wall Street will be looking for positivity from Commercial Metals as it approaches its next earnings report date. On that day, Commercial Metals is projected to report earnings of $1.47 per share, which would represent year-over-year growth of 41.35%. Meanwhile, our latest consensus estimate is calling for revenue of $2.19 billion, up 18.85% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $6.29 per share and revenue of $8.38 billion, which would represent changes of +78.19% and +24.46%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Commercial Metals. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 2.92% higher. Commercial Metals is holding a Zacks Rank of #1 (Strong Buy) right now.
Investors should also note Commercial Metals's current valuation metrics, including its Forward P/E ratio of 5.78. Its industry sports an average Forward P/E of 3.31, so we one might conclude that Commercial Metals is trading at a premium comparatively.
The Steel - Producers industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 23, putting it in the top 10% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow CMC in the coming trading sessions, be sure to utilize Zacks.com.