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Is Commercial Metals (CMC) A 'Buy' Ahead of Fiscal Q3 Earnings Announcement?
Metals manufacturer Commercial Metals (CMC - Free Report) is set to report fiscal third-quarter earnings results next week on Monday before the opening bell. Commercial Metals, a Zacks Rank #4 (Sell), has missed the earnings mark in two of the last four quarters. With shares rallying sharply off the April lows, is CMC stock a buy prior to the release?
Find the latest EPS estimates and surprises on Zacks Earnings Calendar.
Analysts covering CMC are expecting the company to post a profit of 80 cents per share, reflecting a 21.6% decline relative to the same quarter last year. Sales are projected to drop 3.3% to $2 billion.
CMC shares are up just slightly on the year. The steel recycler has seen its quarterly EPS estimate increase 3.9% ahead of Monday’s release.
The stock is still overvalued based on traditional valuation metrics. Traders would be wise to exercise caution ahead of the quarterly announcement.