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Commercial Metals (CMC) Stock Moves -0.65%: What You Should Know
In the latest trading session, Commercial Metals (CMC - Free Report) closed at $44.05, marking a -0.65% move from the previous day. This move was narrower than the S&P 500's daily loss of 1.1%. Meanwhile, the Dow lost 1.19%, and the Nasdaq, a tech-heavy index, lost 3.27%.
Coming into today, shares of the manufacturer and recycler of steel and metal products had lost 22.36% in the past month. In that same time, the Basic Materials sector lost 6.89%, while the S&P 500 lost 3.02%.
Investors will be hoping for strength from Commercial Metals as it approaches its next earnings release, which is expected to be March 23, 2023. On that day, Commercial Metals is projected to report earnings of $1.53 per share, which would represent no growth from the year-ago period. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.99 billion, down 0.7% from the year-ago period.
CMC's full-year Zacks Consensus Estimates are calling for earnings of $7.65 per share and revenue of $8.45 billion. These results would represent year-over-year changes of -6.59% and -5.18%, respectively.
Investors might also notice recent changes to analyst estimates for Commercial Metals. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for 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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 2.34% higher. Commercial Metals is holding a Zacks Rank of #4 (Sell) right now.
Investors should also note Commercial Metals's current valuation metrics, including its Forward P/E ratio of 5.8. This valuation marks a discount compared to its industry's average Forward P/E of 9.03.
The Steel - Producers industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 18, which puts it in the top 8% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.