Commercial Metals Company (CMC) Stock Rating Reaffirmed by Jefferies Group LLC

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.

Analyst Recommendations for Commercial Metals (NYSE:CMC)

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