The Goldman Sachs Group Begins Coverage on Commercial Metals (NYSE:CMC)

The Goldman Sachs Group assumed coverage on shares of Commercial Metals (NYSE:CMC) in a research note released on Monday, Marketbeat reports. The firm issued a buy rating and a $75.00 target price on the basic materials company’s stock.

A number of other research firms have also recently weighed in on CMC. BMO Capital Markets set a $62.00 price objective on Commercial Metals and gave the stock a “market perform” rating in a research report on Friday, October 18th. Wolfe Research downgraded shares of Commercial Metals from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, October 9th. Finally, Jefferies Financial Group assumed coverage on shares of Commercial Metals in a report on Tuesday, September 3rd. They issued a “buy” rating and a $65.00 target price on the stock. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $67.20.

Commercial Metals Price Performance

CMC stock opened at $63.32 on Monday. The company has a current ratio of 3.94, a quick ratio of 2.78 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $7.22 billion, a P/E ratio of 14.90, a PEG ratio of 2.74 and a beta of 1.14. The business has a 50 day simple moving average of $56.45 and a 200-day simple moving average of $54.86. Commercial Metals has a twelve month low of $44.93 and a twelve month high of $63.75.

Commercial Metals (NYSE:CMC) last released its quarterly earnings results on Thursday, October 17th. The basic materials company reported $0.90 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.01). Commercial Metals had a net margin of 6.13% and a return on equity of 12.20%. The business had revenue of $2 billion during the quarter, compared to analysts’ expectations of $2.07 billion. As a group, equities analysts anticipate that Commercial Metals will post 4.26 EPS for the current year.

Commercial Metals Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were issued 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 1.14%. Commercial Metals’s dividend payout ratio is presently 17.39%.

Institutional Investors Weigh In On Commercial Metals

A number of institutional investors and hedge funds have recently modified their holdings of the company. nVerses Capital LLC acquired a new position in shares of Commercial Metals during the 3rd quarter worth $66,000. Archer Investment Corp purchased a new position in Commercial Metals during the 2nd quarter valued at about $77,000. GAMMA Investing LLC raised its position in Commercial Metals by 21.9% during the second quarter. GAMMA Investing LLC now owns 1,572 shares of the basic materials company’s stock worth $86,000 after acquiring an additional 282 shares during the last quarter. KBC Group NV lifted its holdings in shares of Commercial Metals by 15.9% in the third quarter. KBC Group NV now owns 3,099 shares of the basic materials company’s stock valued at $170,000 after purchasing an additional 425 shares in the last quarter. Finally, Innealta Capital LLC purchased a new stake in shares of Commercial Metals in the second quarter valued at about $195,000. Institutional investors and hedge funds 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.