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Commercial Metals (CMC) Stock Moves -1.15%: What You Should Know
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Commercial Metals (CMC - Free Report) closed the most recent trading day at $38.80, moving -1.15% from the previous trading session. This change was narrower than the S&P 500's 2.91% loss on the day. Meanwhile, the Dow lost 2.73%, and the Nasdaq, a tech-heavy index, lost 0.25%.
Prior to today's trading, shares of the manufacturer and recycler of steel and metal products had gained 9.55% over the past month. This has outpaced the Basic Materials sector's gain of 4.39% and the S&P 500's gain of 0.84% in that time.
Commercial Metals will be looking to display strength as it nears its next earnings release, which is expected to be June 16, 2022. In that report, analysts expect Commercial Metals to post earnings of $2 per share. This would mark year-over-year growth of 92.31%. Meanwhile, our latest consensus estimate is calling for revenue of $2.36 billion, up 28.1% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $8.75 per share and revenue of $8.76 billion, which would represent changes of +147.88% and +30.13%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Commercial Metals. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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 has moved 2.9% higher. Commercial Metals currently has a Zacks Rank of #1 (Strong Buy).
Valuation is also important, so investors should note that Commercial Metals has a Forward P/E ratio of 4.49 right now. Its industry sports an average Forward P/E of 3.52, so we one might conclude that Commercial Metals is trading at a premium comparatively.
The Steel - Producers industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 27, which puts it in the top 11% 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.
To follow CMC in the coming trading sessions, be sure to utilize Zacks.com.
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Commercial Metals (CMC) Stock Moves -1.15%: What You Should Know
Commercial Metals (CMC - Free Report) closed the most recent trading day at $38.80, moving -1.15% from the previous trading session. This change was narrower than the S&P 500's 2.91% loss on the day. Meanwhile, the Dow lost 2.73%, and the Nasdaq, a tech-heavy index, lost 0.25%.
Prior to today's trading, shares of the manufacturer and recycler of steel and metal products had gained 9.55% over the past month. This has outpaced the Basic Materials sector's gain of 4.39% and the S&P 500's gain of 0.84% in that time.
Commercial Metals will be looking to display strength as it nears its next earnings release, which is expected to be June 16, 2022. In that report, analysts expect Commercial Metals to post earnings of $2 per share. This would mark year-over-year growth of 92.31%. Meanwhile, our latest consensus estimate is calling for revenue of $2.36 billion, up 28.1% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $8.75 per share and revenue of $8.76 billion, which would represent changes of +147.88% and +30.13%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Commercial Metals. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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 has moved 2.9% higher. Commercial Metals currently has a Zacks Rank of #1 (Strong Buy).
Valuation is also important, so investors should note that Commercial Metals has a Forward P/E ratio of 4.49 right now. Its industry sports an average Forward P/E of 3.52, so we one might conclude that Commercial Metals is trading at a premium comparatively.
The Steel - Producers industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 27, which puts it in the top 11% 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.
To follow CMC in the coming trading sessions, be sure to utilize Zacks.com.