KeyCorp Comments on Commercial Metals’ FY2023 Earnings (NYSE:CMC)

Commercial Metals (NYSE:CMCGet Rating) – Analysts at KeyCorp lifted their FY2023 earnings per share (EPS) estimates for Commercial Metals in a note issued to investors on Monday, November 21st. KeyCorp analyst P. Gibbs now expects that the basic materials company will earn $6.85 per share for the year, up from their prior forecast of $6.30. KeyCorp has a “Overweight” rating and a $50.00 price objective on the stock. The consensus estimate for Commercial Metals’ current full-year earnings is $6.30 per share.

CMC has been the topic of several other research reports. Citigroup upped their price target on Commercial Metals from $42.00 to $44.00 and gave the company a “neutral” rating in a report on Friday, October 14th. StockNews.com cut Commercial Metals from a “buy” rating to a “hold” rating in a report on Tuesday. BMO Capital Markets upped their price target on Commercial Metals from $37.00 to $43.00 and gave the company a “market perform” rating in a report on Friday, October 14th. Finally, The Goldman Sachs Group dropped their price target on Commercial Metals from $41.00 to $37.00 and set a “neutral” rating on the stock in a report on Thursday, October 6th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $44.63.

Commercial Metals Stock Performance

CMC opened at $48.08 on Thursday. The company has a market capitalization of $5.64 billion, a price-to-earnings ratio of 4.83 and a beta of 1.31. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.54 and a quick ratio of 1.67. Commercial Metals has a 1-year low of $30.59 and a 1-year high of $49.41. The business has a 50 day moving average price of $42.47 and a two-hundred day moving average price of $39.81.

Institutional Trading of Commercial Metals

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Commercial Metals by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 13,226,374 shares of the basic materials company’s stock valued at $550,481,000 after acquiring an additional 142,062 shares in the last quarter. FMR LLC grew its holdings in shares of Commercial Metals by 5.1% during the 2nd quarter. FMR LLC now owns 10,124,695 shares of the basic materials company’s stock valued at $335,128,000 after acquiring an additional 493,455 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Commercial Metals by 1.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 7,645,358 shares of the basic materials company’s stock valued at $271,260,000 after acquiring an additional 140,355 shares in the last quarter. State Street Corp grew its holdings in shares of Commercial Metals by 22.3% during the 1st quarter. State Street Corp now owns 7,494,116 shares of the basic materials company’s stock valued at $312,971,000 after acquiring an additional 1,367,997 shares in the last quarter. Finally, Berkley W R Corp grew its holdings in shares of Commercial Metals by 14.4% during the 2nd quarter. Berkley W R Corp now owns 2,869,104 shares of the basic materials company’s stock valued at $94,967,000 after acquiring an additional 361,600 shares in the last quarter. 85.81% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Commercial Metals

In other Commercial Metals news, SVP Ty L. Garrison sold 14,304 shares of the business’s stock in a transaction on Tuesday, October 18th. The shares were sold at an average price of $43.83, for a total transaction of $626,944.32. Following the sale, the senior vice president now directly owns 134,635 shares of the company’s stock, valued at approximately $5,901,052.05. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Commercial Metals news, SVP Ty L. Garrison sold 14,304 shares of the business’s stock in a transaction on Tuesday, October 18th. The shares were sold at an average price of $43.83, for a total transaction of $626,944.32. Following the sale, the senior vice president now directly owns 134,635 shares of the company’s stock, valued at approximately $5,901,052.05. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Ty L. Garrison sold 696 shares of the business’s stock in a transaction on Thursday, October 20th. The shares were sold at an average price of $43.75, for a total transaction of $30,450.00. Following the sale, the senior vice president now directly owns 133,939 shares in the company, valued at $5,859,831.25. The disclosure for this sale can be found here. Insiders have sold a total of 21,900 shares of company stock valued at $973,138 in the last three months. 1.20% of the stock is currently owned by company insiders.

Commercial Metals Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 10th. Shareholders of record on Thursday, October 27th were paid a dividend of $0.16 per share. This is an increase from Commercial Metals’s previous quarterly dividend of $0.14. This represents a $0.64 annualized dividend and a yield of 1.33%. The ex-dividend date was Wednesday, October 26th. Commercial Metals’s payout ratio is 6.43%.

About Commercial Metals

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Commercial Metals Company manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, and internationally. The company processes and sells ferrous and nonferrous scrap metals to steel mills and foundries, aluminum sheet and ingot manufacturers, brass and bronze ingot makers, copper refineries and mills, secondary lead smelters, specialty steel mills, high temperature alloy manufacturers, and other consumers.

Further Reading

Earnings History and Estimates for Commercial Metals (NYSE:CMC)

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