Why Commercial Metals Shares Are Surging Today
Portfolio Pulse from Lekha Gupta
Commercial Metals Company (NYSE:CMC) shares surged after reporting better-than-expected Q3 FY24 net sales of $2.078 billion. The company highlighted strong fundamentals in North American markets and stable performance in Europe. Adjusted EPS was in line with expectations, and the company declared a 13% Y/Y increase in its quarterly dividend. CMC also repurchased $51.8 million worth of stock. Investors can gain exposure via VanEck Steel ETF (NYSE:SLX) and SPDR S&P Metals & Mining ETF (NYSE:XME).
June 20, 2024 | 3:37 pm
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POSITIVE IMPACT
Commercial Metals Company (CMC) shares surged after reporting better-than-expected Q3 FY24 net sales of $2.078 billion, beating the consensus of $2.034 billion. The company also declared a 13% Y/Y increase in its quarterly dividend and repurchased $51.8 million worth of stock.
The better-than-expected sales and increased dividend are positive indicators for investors, likely driving the stock price up in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
VanEck Steel ETF (SLX) may see positive movement as it includes exposure to Commercial Metals Company (CMC), which reported strong Q3 FY24 results.
SLX includes CMC, which reported strong earnings, likely benefiting the ETF's performance.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
SPDR S&P Metals & Mining ETF (XME) may see positive movement as it includes exposure to Commercial Metals Company (CMC), which reported strong Q3 FY24 results.
XME includes CMC, which reported strong earnings, likely benefiting the ETF's performance.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50