Commercial Metals (NYSE:CMC) Receives $64.67 Consensus Target Price from Brokerages

Shares of Commercial Metals (NYSE:CMC) have been assigned an average recommendation of “Hold” from the eight research firms that are covering the stock, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average twelve-month target price among brokers that have covered the stock in the last year is $63.83.

Several equities research analysts have recently issued reports on the stock. The Goldman Sachs Group initiated 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. BNP Paribas lowered shares of Commercial Metals from an “outperform” rating to a “neutral” rating in a research report on Friday, January 3rd. Jefferies Financial Group cut their target price on Commercial Metals from $65.00 to $62.00 and set a “buy” rating for the company in a research note on Monday, January 6th. BMO Capital Markets reduced their target price on Commercial Metals from $62.00 to $58.00 and set a “market perform” rating on the stock in a research report on Friday, January 3rd. Finally, Wolfe Research cut Commercial Metals from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, October 9th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. nVerses Capital LLC bought a new stake in shares of Commercial Metals in the 3rd quarter worth approximately $66,000. GAMMA Investing LLC lifted its position in shares of Commercial Metals by 56.6% in the 4th quarter. GAMMA Investing LLC now owns 2,611 shares of the basic materials company’s stock valued at $130,000 after acquiring an additional 944 shares in the last quarter. KBC Group NV grew its holdings in shares of Commercial Metals by 15.9% during the third quarter. KBC Group NV now owns 3,099 shares of the basic materials company’s stock valued at $170,000 after buying an additional 425 shares in the last quarter. Highland Capital Management LLC purchased a new position in Commercial Metals during the third quarter valued at approximately $206,000. Finally, Harbor Capital Advisors Inc. increased its stake in shares of Commercial Metals by 29.7% in the third quarter. Harbor Capital Advisors Inc. now owns 3,798 shares of the basic materials company’s stock worth $209,000 after acquiring an additional 870 shares during the last quarter. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

Commercial Metals Stock Performance

Shares of CMC stock opened at $47.02 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 firm has a market cap of $5.34 billion, a price-to-earnings ratio of 11.36, a PEG ratio of 2.74 and a beta of 1.19. Commercial Metals has a 52-week low of $45.50 and a 52-week high of $64.53. The company’s 50 day moving average is $56.46 and its 200 day moving average is $54.83.

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

Commercial Metals Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Thursday, January 16th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.53%. The ex-dividend date of this dividend is Thursday, January 16th. Commercial Metals’s payout ratio is currently 64.86%.

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.