UBS Group upgraded shares of Commercial Metals (NYSE:CMC – Free Report) from a sell rating to a neutral rating in a report released on Friday, Marketbeat reports. UBS Group currently has $54.00 price target on the basic materials company’s stock, down from their prior price target of $56.00.
CMC has been the topic of a number of other reports. BMO Capital Markets lowered their price target on Commercial Metals from $62.00 to $58.00 and set a “market perform” rating on the stock in a research note on Friday, January 3rd. The Goldman Sachs Group assumed coverage on shares of Commercial Metals in a research note on Monday, December 2nd. They set a “buy” rating and a $75.00 target price on the stock. Wolfe Research cut shares of Commercial Metals from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, October 9th. Jefferies Financial Group lowered their price target on shares of Commercial Metals from $65.00 to $62.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Finally, BNP Paribas cut shares of Commercial Metals from an “outperform” rating to a “neutral” rating in a research note on Friday, January 3rd. Six investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Commercial Metals presently has an average rating of “Hold” and an average price target of $63.83.
Get Our Latest Analysis on Commercial Metals
Commercial Metals Trading Down 1.2 %
Commercial Metals (NYSE:CMC – Get Free Report) last announced its earnings results on Monday, January 6th. The basic materials company reported $0.78 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.78. The business had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.85 billion. Commercial Metals had a net margin of 6.13% and a return on equity of 12.20%. The company’s revenue for the quarter was down 4.7% compared to the same quarter last year. During the same quarter last year, the business earned $1.49 earnings per share. On average, equities research analysts forecast that Commercial Metals will post 4.26 earnings per share for the current fiscal year.
Commercial Metals Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Thursday, January 16th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date of this dividend is Thursday, January 16th. Commercial Metals’s dividend payout ratio (DPR) is 64.86%.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently modified their holdings of the company. Fulton Bank N.A. increased its stake in Commercial Metals by 36.3% during the 4th quarter. Fulton Bank N.A. now owns 7,635 shares of the basic materials company’s stock worth $379,000 after buying an additional 2,032 shares during the period. Nordea Investment Management AB grew its stake in shares of Commercial Metals by 3.4% in the fourth quarter. Nordea Investment Management AB now owns 248,166 shares of the basic materials company’s stock worth $12,381,000 after acquiring an additional 8,226 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Commercial Metals by 56.6% during the fourth quarter. GAMMA Investing LLC now owns 2,611 shares of the basic materials company’s stock worth $130,000 after acquiring an additional 944 shares during the period. JPMorgan Chase & Co. raised its stake 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 acquiring an additional 66,092 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in Commercial Metals by 1.1% in the third quarter. Principal Financial Group Inc. now owns 1,714,116 shares of the basic materials company’s stock valued at $94,208,000 after purchasing an additional 17,931 shares during the period. 86.90% of the stock is currently owned by hedge funds and other institutional investors.
Commercial Metals Company Profile
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.
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