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Commercial Metals (CMC) Outpaces Stock Market Gains: What You Should Know
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In the latest trading session, Commercial Metals (CMC - Free Report) closed at $47.62, marking a +1.64% move from the previous day. This move outpaced the S&P 500's daily gain of 0.69%. Elsewhere, the Dow gained 0.43%, while the tech-heavy Nasdaq lost 8.94%.
Coming into today, shares of the manufacturer and recycler of steel and metal products had gained 5.45% in the past month. In that same time, the Basic Materials sector gained 0.82%, while the S&P 500 gained 5.41%.
Investors will be hoping for strength from Commercial Metals as it approaches 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%. Meanwhile, our latest consensus estimate is calling for revenue of $2.15 billion, down 14.57% from the prior-year quarter.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $7.77 per share and revenue of $8.58 billion. These totals would mark changes of -5.13% and -3.79%, respectively, from last 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. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
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 is holding a Zacks Rank of #3 (Hold) right now.
Looking at its valuation, Commercial Metals is holding a Forward P/E ratio of 6.03. Its industry sports an average Forward P/E of 7.35, so we one might conclude that Commercial Metals is trading at a discount comparatively.
The Steel - Producers industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 112, putting it in the top 45% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Commercial Metals (CMC) Outpaces Stock Market Gains: What You Should Know
In the latest trading session, Commercial Metals (CMC - Free Report) closed at $47.62, marking a +1.64% move from the previous day. This move outpaced the S&P 500's daily gain of 0.69%. Elsewhere, the Dow gained 0.43%, while the tech-heavy Nasdaq lost 8.94%.
Coming into today, shares of the manufacturer and recycler of steel and metal products had gained 5.45% in the past month. In that same time, the Basic Materials sector gained 0.82%, while the S&P 500 gained 5.41%.
Investors will be hoping for strength from Commercial Metals as it approaches 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%. Meanwhile, our latest consensus estimate is calling for revenue of $2.15 billion, down 14.57% from the prior-year quarter.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $7.77 per share and revenue of $8.58 billion. These totals would mark changes of -5.13% and -3.79%, respectively, from last 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. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
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 is holding a Zacks Rank of #3 (Hold) right now.
Looking at its valuation, Commercial Metals is holding a Forward P/E ratio of 6.03. Its industry sports an average Forward P/E of 7.35, so we one might conclude that Commercial Metals is trading at a discount comparatively.
The Steel - Producers industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 112, putting it in the top 45% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.