Brokerages Set Commercial Metals (NYSE:CMC) Price Target at $61.17

Shares of Commercial Metals (NYSE:CMC) have received an average rating of “Hold” from the eight analysts that are currently covering the firm, Marketbeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $60.33.

A number of research analysts recently commented on CMC shares. The Goldman Sachs Group began coverage on Commercial Metals in a research report on Monday, December 2nd. They issued a “buy” rating and a $75.00 price target on the stock. BNP Paribas lowered shares of Commercial Metals from an “outperform” rating to a “neutral” rating in a report on Friday, January 3rd. UBS Group cut their price target on shares of Commercial Metals from $54.00 to $49.00 and set a “neutral” rating for the company in a report on Monday. Jefferies Financial Group decreased their price objective on shares of Commercial Metals from $65.00 to $62.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Finally, Morgan Stanley cut their target price on Commercial Metals from $56.00 to $53.00 and set an “equal weight” rating for the company in a research note on Friday, March 7th.

Commercial Metals Stock Performance

NYSE CMC opened at $48.89 on Friday. Commercial Metals has a 12-month low of $42.62 and a 12-month high of $64.53. The firm has a 50-day moving average price of $48.87 and a two-hundred day moving average price of $52.74. The company has a market capitalization of $5.56 billion, a P/E ratio of 44.04, a P/E/G ratio of 2.62 and a beta of 1.17. The company has a quick ratio of 1.94, a current ratio of 2.76 and a debt-to-equity ratio of 0.29.

Commercial Metals (NYSE:CMC) last issued its quarterly earnings results on Thursday, March 20th. The basic materials company reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.05). The company had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.73 billion. Commercial Metals had a return on equity of 9.88% and a net margin of 1.70%. The company’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.88 EPS. Analysts anticipate that Commercial Metals will post 3.09 earnings per share for the current year.

Commercial Metals Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 9th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.18 per share. The ex-dividend date is Monday, March 31st. This represents a $0.72 annualized dividend and a dividend yield of 1.47%. Commercial Metals’s dividend payout ratio (DPR) is presently 120.00%.

Institutional Investors Weigh In On Commercial Metals

A number of hedge funds and other institutional investors have recently bought and sold shares of CMC. Norges Bank acquired a new stake in shares of Commercial Metals during the fourth quarter valued at about $69,261,000. Franklin Resources Inc. boosted its position in Commercial Metals by 87.0% during the 4th quarter. Franklin Resources Inc. now owns 1,919,445 shares of the basic materials company’s stock worth $95,204,000 after buying an additional 893,094 shares during the period. Jacobs Levy Equity Management Inc. boosted its position in Commercial Metals by 122.8% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,245,535 shares of the basic materials company’s stock worth $68,455,000 after buying an additional 686,519 shares during the period. Balyasny Asset Management L.P. grew its holdings in Commercial Metals by 15,350.0% during the 4th quarter. Balyasny Asset Management L.P. now owns 568,095 shares of the basic materials company’s stock worth $28,178,000 after acquiring an additional 564,418 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in Commercial Metals by 45.8% in the 4th quarter. JPMorgan Chase & Co. now owns 1,576,316 shares of the basic materials company’s stock valued at $78,185,000 after acquiring an additional 495,163 shares during the period. 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.