Shares of Commercial Metals Company (NYSE:CMC – Get Free Report) have been assigned an average rating of “Moderate Buy” from the fifteen research firms that are currently covering the firm, MarketBeat.com reports. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average 12 month price target among analysts that have covered the stock in the last year is $81.1818.
CMC has been the topic of several recent analyst reports. Barclays lifted their target price on Commercial Metals from $75.00 to $80.00 and gave the company an “equal weight” rating in a research note on Friday, August 7th. Wells Fargo & Company increased their price objective on shares of Commercial Metals from $77.00 to $80.00 and gave the company an “equal weight” rating in a report on Friday, June 26th. The Goldman Sachs Group reiterated a “buy” rating and set a $85.00 price objective on shares of Commercial Metals in a research report on Thursday, August 6th. Deutsche Bank Aktiengesellschaft raised shares of Commercial Metals to a “buy” rating in a report on Friday, May 22nd. Finally, Zacks Research upgraded shares of Commercial Metals from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th.
Check Out Our Latest Stock Report on Commercial Metals
Insider Activity
Hedge Funds Weigh In On Commercial Metals
Institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada raised its holdings in shares of Commercial Metals by 1.4% during the 1st quarter. Royal Bank of Canada now owns 90,989 shares of the basic materials company’s stock worth $4,186,000 after acquiring an additional 1,219 shares in the last quarter. Amundi increased its position in Commercial Metals by 13.3% in the first quarter. Amundi now owns 2,480 shares of the basic materials company’s stock worth $114,000 after purchasing an additional 291 shares during the last quarter. Jones Financial Companies Lllp increased its position in Commercial Metals by 614.9% in the first quarter. Jones Financial Companies Lllp now owns 11,767 shares of the basic materials company’s stock worth $541,000 after purchasing an additional 10,121 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Commercial Metals by 5.8% during the first quarter. Goldman Sachs Group Inc. now owns 1,033,514 shares of the basic materials company’s stock valued at $47,552,000 after purchasing an additional 56,875 shares in the last quarter. Finally, Empowered Funds LLC raised its stake in Commercial Metals by 1.8% during the first quarter. Empowered Funds LLC now owns 53,305 shares of the basic materials company’s stock valued at $2,453,000 after purchasing an additional 941 shares in the last quarter. Hedge funds and other institutional investors own 86.90% of the company’s stock.
Commercial Metals Trading Down 0.2%
Shares of Commercial Metals stock opened at $67.48 on Friday. Commercial Metals has a fifty-two week low of $53.08 and a fifty-two week high of $84.87. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.54 and a current ratio of 2.33. The company has a market capitalization of $7.46 billion, a P/E ratio of 12.71, a P/E/G ratio of 0.39 and a beta of 1.52. The company has a fifty day moving average of $67.90 and a 200 day moving average of $69.19.
Commercial Metals (NYSE:CMC – Get Free Report) last posted its quarterly earnings results on Thursday, June 25th. The basic materials company reported $1.73 EPS for the quarter, beating analysts’ consensus estimates of $1.70 by $0.03. Commercial Metals had a return on equity of 15.69% and a net margin of 6.72%.The business had revenue of $2.48 billion for the quarter, compared to analysts’ expectations of $2.40 billion. During the same period last year, the firm earned $0.74 earnings per share. The business’s quarterly revenue was up 22.9% on a year-over-year basis. On average, sell-side analysts anticipate that Commercial Metals will post 6.64 earnings per share for the current fiscal year.
Commercial Metals Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Monday, July 6th were paid a $0.20 dividend. The ex-dividend date was Monday, July 6th. This represents a $0.80 annualized dividend and a yield of 1.2%. Commercial Metals’s payout ratio is presently 15.07%.
Commercial Metals announced that its Board of Directors has approved a stock repurchase program on Wednesday, August 5th that authorizes the company to repurchase $600.00 million in outstanding shares. This repurchase authorization authorizes the basic materials company to reacquire up to 7.5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.
About Commercial Metals
Commercial Metals Company (NYSE: CMC) is a leading global steel and metal recycler, manufacturer and fabricator based in Irving, Texas. The company operates an integrated network of scrap recycling facilities, electric arc furnace steel mills, metal fabrication plants and distribution centers. Through these operations, Commercial Metals collects and processes ferrous scrap to produce finished steel products and provides recycled metal to a variety of end markets.
In its steelmaking segment, CMC uses electric arc furnace technology to transform recycled scrap into reinforcing bar (rebar), merchant bar, coil and structural products.
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