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CMC Commercial Metals

Commercial Metals Company and its subsidiaries manufacture, recycle and fabricate steel and metal products, related materials and services through a network including seven electric arc furnace ("EAF") mini mills, two EAF micro mills, a rerolling mill, steel fabrication and processing plants, construction-related product warehouses, and metal recycling facilities in the U.S. and Poland.

Company profile

CMC stock data

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Calendar

24 Mar 21
19 Jun 21
31 Aug 21
Quarter (USD)
Feb 21 Nov 20 Aug 20 May 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Feb 21 Aug 20 Aug 19 Aug 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 369.33M 369.33M 369.33M 369.33M 369.33M 369.33M
Cash burn (monthly) 32.72M (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn)
Cash used (since last report) 121.92M n/a n/a n/a n/a n/a
Cash remaining 247.41M n/a n/a n/a n/a n/a
Runway (months of cash) 7.6 n/a n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
10 May 21 Smith Barbara Common Stock Sell Dispose S No No 33.0624 25,000 826.56K 589,073
14 Apr 21 Avril-Groves Vicki L Common Stock Grant Aquire A No No 29.2 109 3.18K 59,160
14 Apr 21 Raiss Sarah E. Common Stock Grant Aquire A No No 29.2 63 1.84K 87,539
2 Apr 21 Tracy L Porter Common Stock Payment of exercise Dispose F Yes No 30.8 1,969 60.65K 232,017
30 Mar 21 Tracy L Porter Common Stock Sell Dispose S Yes No 31.3245 38,296 1.2M 38,189

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

88.8% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 272 274 -0.7%
Opened positions 51 46 +10.9%
Closed positions 53 38 +39.5%
Increased positions 81 101 -19.8%
Reduced positions 107 97 +10.3%
13F shares
Current Prev Q Change
Total value 3.32B 2.21B +50.2%
Total shares 106.95M 107.79M -0.8%
Total puts 190.7K 254.2K -25.0%
Total calls 590.1K 187.6K +214.6%
Total put/call ratio 0.3 1.4 -76.2%
Largest owners
Shares Value Change
BLK Blackrock 15.09M $465.27M +8.3%
Vanguard 12.6M $388.58M +3.5%
FMR 10.16M $313.37M -5.7%
Dimensional Fund Advisors 8.38M $258.42M -2.3%
STT State Street 6.42M $198.9M +13.1%
Alliancebernstein 5.27M $162.39M +1065.4%
Fuller & Thaler Asset Management 3.86M $118.92M +6.6%
JHG Janus Henderson 2.77M $85.44M -6.7%
BK Bank Of New York Mellon 2.25M $69.46M +6.4%
NTRS Northern Trust 2.24M $69.15M -20.1%
Largest transactions
Shares Bought/sold Change
Alliancebernstein 5.27M +4.81M +1065.4%
Norges Bank 0 -1.7M EXIT
BLK Blackrock 15.09M +1.16M +8.3%
Aqr Capital Management 910.46K -959.27K -51.3%
Wasatch Advisors 888.68K +888.68K NEW
Royce & Associates 781.21K +781.21K NEW
STT State Street 6.42M +744.36K +13.1%
D. E. Shaw & Co. 1.44M -688.61K -32.4%
Deprince Race & Zollo 0 -630.92K EXIT
FMR 10.16M -613.62K -5.7%

Financial report summary

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Competition
Gerdau
Risks
  • We are vulnerable to the economic conditions in the regions in which our operations are concentrated.
  • Rapid and significant changes in the price of metals could adversely impact our business, results of operations and financial condition.
  • Excess capacity and over-production by foreign producers in our industry as well as the startup of new steel-making capacity in the U.S. could result in lower domestic prices, which would adversely affect our sales, margins and profitability.
  • We are involved, and may in the future become involved, in various environmental matters that may result in fines, penalties or judgments being assessed against us or liability imposed upon us which we cannot presently estimate or reasonably foresee and which may have a material impact on our business, results of operations and financial condition.
  • Increased regulation associated with climate change and greenhouse gas emissions could impose significant additional costs on both our steelmaking and metals recycling operations.
  • Physical impacts of climate change could have a material adverse effect on our costs and operations.
  • The potential impact of our customers' non-compliance with existing commercial contracts and commitments, due to insolvency or for any other reason, may adversely affect our business, results of operations and financial condition.
  • The agreements governing our notes and our other debt contain financial covenants and impose restrictions on our business.
  • We may not be able to successfully identify, consummate or integrate acquisitions, and acquisitions may adversely affect our financial leverage.
  • New and clarifying guidance with regard to interpretation of certain provisions of the Tax Cuts and Jobs Act may adversely affect our business, results of operations, financial condition and cash flow.
  • Impairment of long-lived assets in the future could have a material adverse effect on our business, results of operations and financial condition.
  • Increases in the value of the U.S. dollar relative to other currencies may adversely affect our business, results of operations and financial condition.
  • Operating internationally carries risks and uncertainties which could adversely affect our business, results of operations and financial condition.
  • We rely on the availability of large amounts of electricity and natural gas. Disruptions in delivery or substantial increases in energy costs, including crude oil prices, could adversely affect our business, results of operations and financial condition.
  • We may have difficulty competing with companies that have a lower cost structure or access to greater financial resources.
  • Information technology interruptions and breaches in data security could adversely impact our business, results of operations and financial condition.
  • Our mills require continual capital investments that we may not be able to sustain.
  • Unexpected equipment failures may lead to production curtailments or shutdowns, which may adversely affect our business, results of operations and financial condition.
  • Competition from other materials may have a material adverse effect on our business, results of operations and financial condition.
  • Hedging transactions may expose us to losses or limit our potential gains.
  • We are subject to litigation and legal compliance risks which could adversely affect our business, results of operations and financial condition.
  • Our operations present significant risk of injury or death.
  • Health care legislation could result in substantially increased costs and adversely affect our workforce.
Management Discussion
  • As a vertically integrated organization, we manufacture, recycle and fabricate steel and metal products, related materials and services through a network including seven electric arc furnace ("EAF") mini mills, two EAF micro mills, a rerolling mill, steel fabrication and processing plants, construction-related product warehouses, and metal recycling facilities in the U.S. and Poland. Our operations are conducted through two reportable segments: North America and Europe.
  • When considering our results for the period, we evaluate our operating performance by comparing net sales, in the aggregate and for both of our segments, in the current period to net sales in the corresponding period. In doing so, we focus on changes in average selling price per ton and tons shipped for each of our product categories as these are the two variables that typically have the greatest impact on our results of operations. We group our products into three categories: raw materials, steel products and downstream products. Raw materials include ferrous and nonferrous scrap, steel products include rebar, merchant and other steel products, such as billets and wire rod, and downstream products include fabricated rebar and steel fence post.
  • We use adjusted EBITDA from continuing operations to compare and evaluate the financial performance of our segments. Adjusted EBITDA is the sum of the Company's earnings from continuing operations before interest expense, income taxes, depreciation and amortization and impairment expense. Although there are many factors that can impact a segment’s adjusted EBITDA and, therefore, our overall earnings, changes in metal margin of our steel products and downstream products period-over-period is a consistent area of focus for our Company and industry. Metal margin is an important metric used by
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