Brokerages Set Commercial Metals (NYSE:CMC) PT at $64.67

Commercial Metals (NYSE:CMC) has been given a consensus recommendation of “Hold” by the eight research firms that are covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating on the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $64.17.

Several brokerages have issued reports on CMC. Morgan Stanley assumed coverage on Commercial Metals in a research report on Thursday, December 19th. They set an “equal weight” rating and a $65.00 target price for the company. Wolfe Research downgraded shares of Commercial Metals from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, October 9th. Jefferies Financial Group reduced their price objective on shares of Commercial Metals from $65.00 to $62.00 and set a “buy” rating for the company in a research note on Monday. The Goldman Sachs Group initiated coverage on shares of Commercial Metals in a research note on Monday, December 2nd. They issued a “buy” rating and a $75.00 price objective for the company. Finally, BNP Paribas downgraded Commercial Metals from an “outperform” rating to a “neutral” rating in a research report on Friday, January 3rd.

Commercial Metals Price Performance

NYSE:CMC opened at $47.65 on Monday. The company has a quick ratio of 2.78, a current ratio of 3.94 and a debt-to-equity ratio of 0.27. The business’s 50-day simple moving average is $56.73 and its two-hundred day simple moving average is $54.92. The stock has a market cap of $5.43 billion, a PE ratio of 11.51, a P/E/G ratio of 2.74 and a beta of 1.19. Commercial Metals has a 52 week low of $47.41 and a 52 week high of $64.53.

Commercial Metals (NYSE:CMC) last released its quarterly earnings results on Monday, January 6th. The basic materials company reported $0.78 EPS for the quarter, hitting the consensus estimate of $0.78. The company had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.85 billion. Commercial Metals had a return on equity of 12.20% and a net margin of 6.13%. The firm’s revenue was down 4.7% on a year-over-year basis. During the same quarter last year, the business posted $1.49 earnings per share. As a group, analysts forecast that Commercial Metals will post 4.26 EPS for the current fiscal year.

Commercial Metals Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Thursday, January 16th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date of this dividend is Thursday, January 16th. Commercial Metals’s dividend payout ratio is presently 17.39%.

Institutional Investors Weigh In On Commercial Metals

Large investors have recently modified their holdings of the business. JPMorgan Chase & Co. grew its holdings in shares of Commercial Metals by 6.5% in the third quarter. JPMorgan Chase & Co. now owns 1,081,153 shares of the basic materials company’s stock valued at $59,420,000 after purchasing an additional 66,092 shares during the period. Principal Financial Group Inc. boosted its stake in Commercial Metals by 1.1% during the third quarter. Principal Financial Group Inc. now owns 1,714,116 shares of the basic materials company’s stock worth $94,208,000 after buying an additional 17,931 shares during the period. Vestcor Inc boosted its stake in Commercial Metals by 108.0% during the third quarter. Vestcor Inc now owns 18,103 shares of the basic materials company’s stock worth $995,000 after buying an additional 9,400 shares during the period. Seizert Capital Partners LLC boosted its stake in Commercial Metals by 32.5% during the third quarter. Seizert Capital Partners LLC now owns 75,873 shares of the basic materials company’s stock worth $4,170,000 after buying an additional 18,600 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in Commercial Metals by 1.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,462,317 shares of the basic materials company’s stock worth $80,369,000 after buying an additional 18,262 shares during the period. Hedge funds and other institutional investors own 86.90% of the company’s stock.

About Commercial Metals

Commercial Metals Company manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, and internationally. It operates through two segments, North America and Europe. The company processes and sells ferrous and nonferrous scrap metals to steel mills and foundries, aluminum sheet and ingot manufacturers, brass and bronze ingot makers, copper refineries and mills, secondary lead smelters, specialty steel mills, high temperature alloy manufacturers, and other consumers.