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Commercial Metals (CMC) Gains As Market Dips: What You Should Know
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In the latest trading session, Commercial Metals (CMC - Free Report) closed at $49.16, marking a +0.33% move from the previous day. This move outpaced the S&P 500's daily loss of 1.17%. At the same time, the Dow lost 1.02%, and the tech-heavy Nasdaq lost 2.45%.
Prior to today's trading, shares of the manufacturer and recycler of steel and metal products had lost 0.55% over the past month. This has was narrower than the Basic Materials sector's loss of 4.04% and the S&P 500's loss of 5.25% in that time.
Wall Street will be looking for positivity from Commercial Metals as it approaches its next earnings report date. This is expected to be January 9, 2023. In that report, analysts expect Commercial Metals to post earnings of $2.06 per share. This would mark year-over-year growth of 27.16%. Our most recent consensus estimate is calling for quarterly revenue of $2.16 billion, up 9.22% from the year-ago period.
CMC's full-year Zacks Consensus Estimates are calling for earnings of $6.94 per share and revenue of $8.02 billion. These results would represent year-over-year changes of -15.26% and -9.99%, respectively.
Any recent changes to analyst estimates for Commercial Metals should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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. Over the past month, the Zacks Consensus EPS estimate has moved 1.24% higher. Commercial Metals is currently a Zacks Rank #1 (Strong Buy).
Valuation is also important, so investors should note that Commercial Metals has a Forward P/E ratio of 7.07 right now. This valuation marks a discount compared to its industry's average Forward P/E of 9.93.
The Steel - Producers industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 11, which puts it in the top 5% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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 (CMC) Gains As Market Dips: What You Should Know
In the latest trading session, Commercial Metals (CMC - Free Report) closed at $49.16, marking a +0.33% move from the previous day. This move outpaced the S&P 500's daily loss of 1.17%. At the same time, the Dow lost 1.02%, and the tech-heavy Nasdaq lost 2.45%.
Prior to today's trading, shares of the manufacturer and recycler of steel and metal products had lost 0.55% over the past month. This has was narrower than the Basic Materials sector's loss of 4.04% and the S&P 500's loss of 5.25% in that time.
Wall Street will be looking for positivity from Commercial Metals as it approaches its next earnings report date. This is expected to be January 9, 2023. In that report, analysts expect Commercial Metals to post earnings of $2.06 per share. This would mark year-over-year growth of 27.16%. Our most recent consensus estimate is calling for quarterly revenue of $2.16 billion, up 9.22% from the year-ago period.
CMC's full-year Zacks Consensus Estimates are calling for earnings of $6.94 per share and revenue of $8.02 billion. These results would represent year-over-year changes of -15.26% and -9.99%, respectively.
Any recent changes to analyst estimates for Commercial Metals should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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. Over the past month, the Zacks Consensus EPS estimate has moved 1.24% higher. Commercial Metals is currently a Zacks Rank #1 (Strong Buy).
Valuation is also important, so investors should note that Commercial Metals has a Forward P/E ratio of 7.07 right now. This valuation marks a discount compared to its industry's average Forward P/E of 9.93.
The Steel - Producers industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 11, which puts it in the top 5% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.