Jefferies Group LLC restated their hold rating on shares of Commercial Metals Company (NYSE:CMC) in a report published on Wednesday, June 28th. The brokerage currently has a $19.00 price objective on the basic materials company’s stock.
Several other research firms have also commented on CMC. Deutsche Bank AG reduced their price target on shares of Commercial Metals to $26.00 and set a buy rating for the company in a report on Tuesday, March 21st. Clarkson Capital lowered shares of Commercial Metals from a neutral rating to a sell rating in a report on Thursday, March 2nd. Zacks Investment Research lowered shares of Commercial Metals from a hold rating to a sell rating in a report on Tuesday, June 20th. Credit Suisse Group upgraded shares of Commercial Metals from a neutral rating to an outperform rating and boosted their price target for the company from $19.00 to $24.00 in a report on Tuesday, March 28th. Finally, Bank of America Corporation reiterated a neutral rating and set a $20.00 price objective (up previously from $19.00) on shares of Commercial Metals in a research note on Sunday, June 25th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company’s stock. Commercial Metals presently has an average rating of Hold and a consensus price target of $22.00.
Shares of Commercial Metals (CMC) traded down 4.90% during midday trading on Wednesday, reaching $18.42. The company had a trading volume of 3,515,093 shares. Commercial Metals has a one year low of $14.58 and a one year high of $24.64. The company has a 50 day moving average price of $19.43 and a 200-day moving average price of $19.45. The firm has a market capitalization of $2.13 billion, a P/E ratio of 28.47 and a beta of 1.23.
Commercial Metals (NYSE:CMC) last posted its quarterly earnings results on Thursday, June 22nd. The basic materials company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.23 by $0.11. Commercial Metals had a net margin of 1.57% and a return on equity of 7.84%. The business had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same quarter in the previous year, the business posted $0.31 EPS. The company’s quarterly revenue was up 12.6% compared to the same quarter last year. On average, analysts anticipate that Commercial Metals will post $0.93 EPS for the current fiscal year.
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The company also recently announced a quarterly dividend, which was paid on Thursday, July 20th. Investors of record on Thursday, July 6th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.61%. The ex-dividend date was Monday, July 3rd. Commercial Metals’s dividend payout ratio is currently 73.85%.
Several institutional investors have recently bought and sold shares of the stock. BlackRock Inc. boosted its position in Commercial Metals by 17,672.9% in the first quarter. BlackRock Inc. now owns 14,566,855 shares of the basic materials company’s stock valued at $278,663,000 after buying an additional 14,484,894 shares in the last quarter. Norges Bank purchased a new position in Commercial Metals during the fourth quarter valued at about $38,100,000. Systematic Financial Management LP boosted its position in Commercial Metals by 2,256.4% in the first quarter. Systematic Financial Management LP now owns 1,810,577 shares of the basic materials company’s stock valued at $34,636,000 after buying an additional 1,733,742 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Commercial Metals by 43.2% in the first quarter. Goldman Sachs Group Inc. now owns 3,986,048 shares of the basic materials company’s stock valued at $76,253,000 after buying an additional 1,201,973 shares in the last quarter. Finally, Deprince Race & Zollo Inc. purchased a new position in Commercial Metals during the first quarter valued at about $13,580,000. Hedge funds and other institutional investors own 89.40% of the company’s stock.
About Commercial Metals
Commercial Metals Company, together with its subsidiaries, manufactures, recycles and markets steel and metal products, related materials and services through a network. The Company’s Americas Recycling segment processes scrap metals for use as a raw material by manufacturers of new metal products. The Americas Mills segment consists of steel mills, commonly referred to as minimills that produce reinforcing bar (rebar), angles, flats and rounds.
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