The steel stocks herein all showed signs of buying to start the week, with Commercial Metal Co. (CMC) reporting earnings on Thursday before the opening bell. United States Steel Corp. (X), Cleveland-Cliffs Inc. (CLF), Nucor Corp. (NUE), and number one ranked Steel Dynamics (STLD) follow with earnings reports at the end of October. All five steel stocks closed higher on Monday.
Steel Stocks Report Earnings
With its next quarterly earnings report due Oct. 13, Commercial Metals (CMC) is currently about 10% under a 44.45 buy point in a flat base.
In its most recent earnings report June 18, revenue grew 36.4% on a year-over-year basis. That makes 7 consecutive quarters where the company beat estimates, with the last quarter gaining 151%.
Of the 8 analysts following the company, the majority are looking for earnings growth of 79% for the quarter, and 147% growth for the full year. (chart legend – left panel)
The company has a 99 Composite Rating and holds the No. 1 rank among its peers in the Metal-Fabricators industry group.
RS Line is rising at 93 and on the blue dot scan indicating a potential breakout is imminent.
Steel Dynamics (STLD) holds the No. 1 rank among its peers in the Steel-Producers industry group. The posted 98% earnings growth in its most recent report, down from 187% in the June quarter. Sales gains came in at 39%.
Tenaris Sa ADR (TS) holds the No. 2 rank among its peers in the Steel-Producers industry group.
Nucor Corp. (NUE) stock holds the No. 3 rank among its peers in the Steel-Producers industry group.
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Vinny
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