Shares of Commercial Metals Company (NYSE:CMC – Get Free Report) have received a consensus recommendation of “Moderate Buy” from the fifteen brokerages that are currently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is $78.73.
A number of brokerages recently issued reports on CMC. BMO Capital Markets decreased their price target on shares of Commercial Metals from $75.00 to $73.00 and set a “market perform” rating for the company in a research note on Monday. Wells Fargo & Company reissued an “underperform” rating and issued a $70.00 price objective on shares of Commercial Metals in a research report on Friday. Zacks Research upgraded shares of Commercial Metals from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Bank of America reduced their price objective on shares of Commercial Metals from $84.00 to $78.00 and set a “buy” rating on the stock in a report on Thursday, July 9th. Finally, Wall Street Zen cut shares of Commercial Metals from a “buy” rating to a “hold” rating in a research report on Saturday.
Check Out Our Latest Report on CMC
Insider Transactions at Commercial Metals
In other Commercial Metals news, Director John McPherson acquired 1,390 shares of the stock in a transaction dated Thursday, August 13th. The stock was acquired at an average cost of $71.92 per share, with a total value of $99,968.80. Following the transaction, the director owned 21,927 shares in the company, valued at $1,576,989.84. The trade was a 6.77% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.62% of the stock is owned by company insiders.
Hedge Funds Weigh In On Commercial Metals
Several institutional investors have recently bought and sold shares of CMC. BlackRock Inc. acquired a new stake in shares of Commercial Metals in the second quarter valued at approximately $954,989,000. Bank of America Corp DE bought a new stake in shares of Commercial Metals during the second quarter valued at approximately $84,320,000. Bank of New York Mellon Corp acquired a new position in shares of Commercial Metals during the second quarter worth approximately $59,572,000. Jupiter Topco LLC acquired a new position in shares of Commercial Metals during the second quarter worth approximately $36,800,000. Finally, NFJ Investment Group LLC bought a new position in Commercial Metals in the 2nd quarter worth approximately $34,122,000. 86.90% of the stock is owned by institutional investors and hedge funds.
Commercial Metals Trading Up 0.1%
Shares of Commercial Metals stock opened at $64.58 on Friday. The firm has a market capitalization of $7.10 billion, a PE ratio of 11.00, a P/E/G ratio of 0.26 and a beta of 1.53. Commercial Metals has a twelve month low of $55.97 and a twelve month high of $84.87. The firm’s 50-day moving average price is $66.48 and its 200 day moving average price is $68.39. The company has a current ratio of 2.34, a quick ratio of 1.66 and a debt-to-equity ratio of 0.71.
Commercial Metals (NYSE:CMC – Get Free Report) last released its quarterly earnings results on Thursday, October 15th. The basic materials company reported $2.09 EPS for the quarter, beating the consensus estimate of $1.95 by $0.14. Commercial Metals had a net margin of 6.98% and a return on equity of 17.00%. The firm had revenue of $2.66 billion for the quarter, compared to analyst estimates of $2.56 billion. During the same quarter in the previous year, the company earned $1.37 EPS. The business’s revenue for the quarter was up 25.7% compared to the same quarter last year. On average, sell-side analysts predict that Commercial Metals will post 7.32 EPS for the current fiscal year.
Commercial Metals announced that its board has authorized a share buyback plan on Wednesday, August 5th that allows the company to buy back $600.00 million in shares. This repurchase authorization allows the basic materials company to reacquire up to 7.5% of its shares through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
Commercial Metals Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 11th. Investors of record on Wednesday, October 28th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Wednesday, October 28th. Commercial Metals’s dividend payout ratio is 13.63%.
About Commercial Metals
Commercial Metals Company (NYSE:CMC) is a steel and metals manufacturer, recycler and fabricator headquartered in Irving, Texas. The company produces and sells steel products used in construction, infrastructure and industrial applications, including reinforcing bar, wire rod, merchant bar, structural steel and related products.
CMC operates an integrated recycling and manufacturing model. Its recycling facilities collect and process ferrous and nonferrous scrap metal, which is used as raw material in the company’s electric-arc-furnace steel mills.
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