Commercial Metals (NYSE:CMC) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Commercial Metals (NYSE:CMC) have received an average recommendation of “Moderate Buy” from the five research firms that are covering the stock, MarketBeat reports. Two research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $65.25.

A number of research analysts have commented on the company. Wolfe Research downgraded Commercial Metals from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, October 9th. BMO Capital Markets set a $62.00 price target on Commercial Metals and gave the company a “market perform” rating in a research note on Friday, October 18th. Finally, Jefferies Financial Group assumed coverage on Commercial Metals in a report on Tuesday, September 3rd. They issued a “buy” rating and a $65.00 price objective on the stock.

Commercial Metals Stock Performance

CMC stock opened at $59.35 on Friday. The firm has a 50 day simple moving average of $54.47 and a 200 day simple moving average of $54.57. Commercial Metals has a 52 week low of $43.52 and a 52 week high of $63.40. The stock has a market cap of $6.76 billion, a P/E ratio of 14.34, a P/E/G ratio of 2.61 and a beta of 1.14. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.78 and a current ratio of 3.94.

Commercial Metals (NYSE:CMC) last issued its earnings results on Thursday, October 17th. The basic materials company reported $0.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.01). Commercial Metals had a net margin of 6.13% and a return on equity of 12.20%. The company had revenue of $2 billion for the quarter, compared to analyst estimates of $2.07 billion. Research analysts anticipate that Commercial Metals will post 4.35 earnings per share for the current fiscal year.

Commercial Metals Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were given a $0.18 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.21%. Commercial Metals’s dividend payout ratio is currently 17.39%.

Institutional Investors Weigh In On Commercial Metals

A number of large investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC raised its holdings in Commercial Metals by 1.0% in the 3rd quarter. Geode Capital Management LLC now owns 2,839,601 shares of the basic materials company’s stock worth $156,093,000 after acquiring an additional 28,019 shares during the period. Vestcor Inc grew its position in shares of Commercial Metals by 108.0% in the third quarter. Vestcor Inc now owns 18,103 shares of the basic materials company’s stock valued at $995,000 after purchasing an additional 9,400 shares during the last quarter. Barclays PLC increased its stake in shares of Commercial Metals by 67.5% in the third quarter. Barclays PLC now owns 210,769 shares of the basic materials company’s stock worth $11,584,000 after purchasing an additional 84,905 shares during the period. Public Employees Retirement System of Ohio lifted its position in shares of Commercial Metals by 191.4% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 56,990 shares of the basic materials company’s stock worth $3,132,000 after purchasing an additional 37,433 shares during the last quarter. Finally, Orion Portfolio Solutions LLC boosted its stake in Commercial Metals by 1.3% during the 3rd quarter. Orion Portfolio Solutions LLC now owns 32,707 shares of the basic materials company’s stock valued at $1,798,000 after purchasing an additional 419 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.