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Commercial Metals (CMC) Gains But Lags Market: What You Should Know
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Commercial Metals (CMC - Free Report) closed at $46.42 in the latest trading session, marking a +0.09% move from the prior day. This move lagged the S&P 500's daily gain of 1.68%. Elsewhere, the Dow gained 1.06%, while the tech-heavy Nasdaq lost 1.7%.
Heading into today, shares of the manufacturer and recycler of steel and metal products had lost 18.07% over the past month, lagging the Basic Materials sector's loss of 4.99% and the S&P 500's loss of 6.68% 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 March 23, 2023. In that report, analysts expect Commercial Metals to post earnings of $1.50 per share. This would mark a year-over-year decline of 1.96%. Our most recent consensus estimate is calling for quarterly revenue of $1.91 billion, down 5.07% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $7.65 per share and revenue of $8.42 billion, which would represent changes of -6.59% and -5.54%, respectively, from the prior year.
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. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, 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. Within the past 30 days, our consensus EPS projection has moved 2.34% higher. Commercial Metals currently has a Zacks Rank of #4 (Sell).
Investors should also note Commercial Metals's current valuation metrics, including its Forward P/E ratio of 6.07. This valuation marks a discount compared to its industry's average Forward P/E of 9.7.
The Steel - Producers industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 36, putting it in the top 15% 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) Gains But Lags Market: What You Should Know
Commercial Metals (CMC - Free Report) closed at $46.42 in the latest trading session, marking a +0.09% move from the prior day. This move lagged the S&P 500's daily gain of 1.68%. Elsewhere, the Dow gained 1.06%, while the tech-heavy Nasdaq lost 1.7%.
Heading into today, shares of the manufacturer and recycler of steel and metal products had lost 18.07% over the past month, lagging the Basic Materials sector's loss of 4.99% and the S&P 500's loss of 6.68% 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 March 23, 2023. In that report, analysts expect Commercial Metals to post earnings of $1.50 per share. This would mark a year-over-year decline of 1.96%. Our most recent consensus estimate is calling for quarterly revenue of $1.91 billion, down 5.07% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $7.65 per share and revenue of $8.42 billion, which would represent changes of -6.59% and -5.54%, respectively, from the prior year.
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. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, 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. Within the past 30 days, our consensus EPS projection has moved 2.34% higher. Commercial Metals currently has a Zacks Rank of #4 (Sell).
Investors should also note Commercial Metals's current valuation metrics, including its Forward P/E ratio of 6.07. This valuation marks a discount compared to its industry's average Forward P/E of 9.7.
The Steel - Producers industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 36, putting it in the top 15% 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.