CMC
Commercial Metals CompanyNYSE
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  • Tue, Nov. 22, 3:45 PM
    • U.S. Steel (X +11.4%), AK Steel (AKS +10.7%), Steel Dynamics (STLD +4.1%), Nucor (NUE +4.4%) and Commercial Metals (CMC +4.7%) all surge to 52-week highs, extending their Trump-fueled rally as trade protectionist talk suggests that higher than usual premiums can be achieved for steel mills.
    • BofA Merrill Lynch raises its 2017 average price estimate for U.S. hot-rolled coil to $650/short ton vs. its prior view of $535, as rising global prices and more protectionism should fuel strong steel prices into 2017 (SLX +5.8%).
    • Bloomberg reports BofA boosted its stock price targets for Buy-rated AKS to $12 from $7, STLD to $37 from $30, CMC to $24 from $20, NUE to $65 from $57, and Allegheny Tech (ATI +7.5%) to $20 from $19; the firm remains Neutral on X and Reliant Steel (RS +6.1%).
    • Also sharply higher today: MT +8.3%, CLF +13.8%, WOR +5.3%, RIO +4.1%, BHP +5.2%, VALE +7.8%.
    | Tue, Nov. 22, 3:45 PM | 15 Comments
  • Wed, Nov. 16, 2:43 PM
    • Despite a sector-wide rally in the steel sector (SLX -1.6%) following Trump's election win, some players will be left out of an infrastructure-driven growth spurt and may take big hits under Trump's promised protectionism, J.P. Morgan's Michael Gambardella warns.
    • Carbon steel makers such as Commercial Metals (CMC -0.5%), U.S. Steel (X -0.2%), AK Steel (AKS -1.9%), Steel Dynamics (STLD -0.1%) and Nucor (NUE -0.8%) should benefit from infrastructure spending and potential supply cuts brought on by a harsher trade environment, according to Gambardella.
    • But specialty steel companies including Allegheny Tech (ATI -5.9%), Carpenter Tech (CRS -2.6%) and Haynes (HAYN -12.2%) have little exposure to infrastructure applications as well as significant export businesses, whose 30%-plus revenue contribution would decline under a stronger dollar and retaliatory trade policies, the analyst says.
    | Wed, Nov. 16, 2:43 PM | 5 Comments
  • Thu, Oct. 27, 6:52 AM
    • Commercial Metals (NYSE:CMC): FQ4 EPS of $0.01 misses by $0.29.
    • Revenue of $1.2B (-14.9% Y/Y) misses by $40M.
    • Press Release
    | Thu, Oct. 27, 6:52 AM | 1 Comment
  • Wed, Oct. 26, 5:30 PM
  • Tue, Oct. 25, 9:57 AM
    • Commercial Metals (NYSE:CMC) declares $0.12/share quarterly dividend, in line with previous.
    • Forward yield 2.87%
    • Payable Nov. 23; for shareholders of record Nov. 9; ex-div Nov. 7.
    | Tue, Oct. 25, 9:57 AM
  • Thu, Sep. 15, 6:53 PM
    • Steel prices (NYSEARCA:SLX) likely will continue to move lower through year-end, Jefferies analysts say, citing "incremental weakness in raw material input costs as well as supply-side pressures from ramping capacity" at projects such as ArcelorMittal’s BF restart and Big River.
    • Still, while Jefferies lowers price targets on all the stocks in its coverage except three, it awards Buy ratings to Steel Dynamics (NASDAQ:STLD) and Nucor (NYSE:NUE); the firm sees STLD as its the top pick in the sector and NUE as the most defensive, saying the companies boast relatively lower cost operating structures and less levered balance sheets.
    • Meanwhile, Hold-rated U.S. Steel (NYSE:X) and AK Steel (NYSE:AKS) are highly sensitive to absolute steel prices and face margin risk from surging coking coal prices, so the shares likely will face the brunt of the downside pressure, Jefferies says.
    • Also rated Hold: CMC, ZEUS, RS, RYI, TMST, WOR.
    | Thu, Sep. 15, 6:53 PM | 9 Comments
  • Thu, Sep. 15, 3:32 PM
    • U.S. Steel (NYSE:X) to $16 from $21.
    • Nucor (NYSE:NUE) to $50 from $55.
    • Steel Dynamics (NASDAQ:STLD) to $27 from $28.
    • Reliance Steel (NYSE:RS) to $78 from $84.
    • Commercial Metals (NYSE:CMC) to $15 from $16.
    • AK Steel (NYSE:AKS) target remains $4.
    | Thu, Sep. 15, 3:32 PM | 14 Comments
  • Mon, Aug. 22, 6:47 PM
    • Citigroup initiated coverage on the steel sector (NYSEARCA:SLX) today with a positive outlook, with Buy ratings on U.S. Steel (NYSE:X) and Steel Dynamics (NASDAQ:STLD), and Neutral ratings for AK Steel (NYSE:AKS), Nucor (NYSE:NUE) and Commercial Metals (NYSE:CMC).
    • Citi sees prices for hot-rolled coil holding the $550-$600/ton range into 2017, a relatively more bullish view than the consensus which expects prices to fall quickly in H2 given relatively high price premiums vs. imports, but the firm finds support from idlings, imports and inventory.
    • The firm considers US Steel the top pick for near-term upside in the sector, saying the company currently has “the highest operating leverage, highest short interest and most upside to consensus estimates."
    • Citi likes STLD as one of the lowest-cost operators in the U.S. and notes that the company has been generating mill EBITDA margins five percent above the industry average over the last five-year and 10-year period.
    | Mon, Aug. 22, 6:47 PM | 7 Comments
  • Thu, Jun. 23, 6:52 AM
    • Commercial Metals (NYSE:CMC): Q1 EPS of $0.30 beats by $0.05.
    • Revenue of $1.23B (-18.5% Y/Y) beats by $80M.
    | Thu, Jun. 23, 6:52 AM | 1 Comment
  • Wed, Jun. 22, 5:30 PM
  • Wed, Jun. 22, 9:07 AM
    • Commercial Metals (NYSE:CMC) declares $0.12/share quarterly dividend, in line with previous.
    • Forward yield 2.84%
    • Payable July 21; for shareholders of record July 7; ex-div July 5.
    | Wed, Jun. 22, 9:07 AM
  • Fri, Jun. 17, 8:57 AM
    • Commercial Metals (NYSE:CMC) agrees to sell its remaining steel distribution assets located in Australia for an undisclosed sum to an undisclosed party.
    • CMC expects to record a $14M-$16M impairment charge in its FQ3 results from discontinued operations, including the impact of a ~$13.5M accumulated foreign currency translation loss; an earlier statement said the expected impairment charge was $15M-$18M.
    | Fri, Jun. 17, 8:57 AM
  • Wed, Jun. 8, 10:18 AM
    • AK Steel (AKS +10.5%) surges more than 10% as Credit Suisse upgrades shares to Outperform from Neutral with a $7 price target, doubled from $3.50, after the firm increases its U.S. steel price deck.
    • Credit Suisse says it remains "very bullish" on the U.S. steel industry, and its new supply/demand model for the U.S. flat rolled market indicates continued deficits for value add sheet into Q3, supporting prices well above fair value levels.
    • The firm raises its price targets on all steel stocks in its coverage universe except Commercial Metals (CMC +1.9%), owing to rebar spread risks.
    • Steel stocks (SLX +2.8%) are broadly higher in early trading: X +6.8%, MT +3.9%, STLD +3.8%, NUE +2.4%, WOR +1.5%, ZEUS +1.4%.
    | Wed, Jun. 8, 10:18 AM | 9 Comments
  • Thu, Mar. 24, 6:46 AM
    • Commercial Metals (NYSE:CMC): FQ2 EPS of $0.15 beats by $0.02.
    • Revenue of $1.02B (-26.6% Y/Y) misses by $90M.
    | Thu, Mar. 24, 6:46 AM
  • Wed, Mar. 23, 5:30 PM
  • Wed, Mar. 23, 9:10 AM
    • Commercial Metals (NYSE:CMC) declares $0.12/share quarterly dividend, in line with previous.
    • Forward yield 2.87%
    • Payable April 21; for shareholders of record April 6; ex-div April 4.
    | Wed, Mar. 23, 9:10 AM