Commercial Metals (NYSE:CMC) Receives $62.33 Average Target Price from Brokerages

Shares of Commercial Metals (NYSE:CMC) have earned an average recommendation of “Hold” from the eight ratings firms that are currently covering the firm, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $62.33.

A number of equities analysts recently commented on CMC shares. BMO Capital Markets dropped their price objective on Commercial Metals from $62.00 to $58.00 and set a “market perform” rating on the stock in a report on Friday, January 3rd. Morgan Stanley dropped their price objective on Commercial Metals from $65.00 to $56.00 and set an “equal weight” rating on the stock in a report on Monday, February 3rd. BNP Paribas downgraded Commercial Metals from an “outperform” rating to a “neutral” rating in a report on Friday, January 3rd. The Goldman Sachs Group started coverage on Commercial Metals in a report on Monday, December 2nd. They issued a “buy” rating and a $75.00 price objective on the stock. Finally, UBS Group upgraded Commercial Metals from a “sell” rating to a “neutral” rating and dropped their price objective for the stock from $56.00 to $54.00 in a report on Friday, January 10th.

Institutional Investors Weigh In On Commercial Metals

Several hedge funds have recently modified their holdings of the business. State Street Corp boosted its position in shares of Commercial Metals by 0.4% in the third quarter. State Street Corp now owns 5,830,412 shares of the basic materials company’s stock valued at $320,439,000 after acquiring an additional 24,665 shares during the period. Boston Partners boosted its position in shares of Commercial Metals by 6.4% in the fourth quarter. Boston Partners now owns 4,055,150 shares of the basic materials company’s stock valued at $201,178,000 after acquiring an additional 243,921 shares during the period. Geode Capital Management LLC boosted its position in shares of Commercial Metals by 1.0% in the third quarter. Geode Capital Management LLC now owns 2,839,601 shares of the basic materials company’s stock valued at $156,093,000 after acquiring an additional 28,019 shares during the period. Victory Capital Management Inc. boosted its position in shares of Commercial Metals by 11.3% in the fourth quarter. Victory Capital Management Inc. now owns 2,422,427 shares of the basic materials company’s stock valued at $120,152,000 after acquiring an additional 245,468 shares during the period. Finally, Franklin Resources Inc. boosted its position in shares of Commercial Metals by 87.0% in the fourth quarter. Franklin Resources Inc. now owns 1,919,445 shares of the basic materials company’s stock valued at $95,204,000 after acquiring an additional 893,094 shares during the period. 86.90% of the stock is owned by institutional investors.

Commercial Metals Price Performance

Shares of CMC opened at $46.95 on Tuesday. The company has a market capitalization of $5.34 billion, a price-to-earnings ratio of 42.30, a P/E/G ratio of 2.62 and a beta of 1.18. Commercial Metals has a fifty-two week low of $45.50 and a fifty-two week high of $64.53. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.76 and a quick ratio of 1.94. The business’s 50-day moving average is $49.84 and its 200-day moving average is $53.49.

Commercial Metals (NYSE:CMC) last released its quarterly earnings data on Monday, January 6th. The basic materials company reported $0.78 EPS for the quarter, hitting analysts’ consensus estimates of $0.78. Commercial Metals had a return on equity of 9.88% and a net margin of 1.70%. The firm had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.85 billion. During the same quarter in the prior year, the company posted $1.49 earnings per share. The firm’s revenue was down 4.7% on a year-over-year basis. Equities research analysts expect that Commercial Metals will post 3.09 EPS for the current fiscal year.

Commercial Metals Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 30th. Shareholders of record on Thursday, January 16th were issued a dividend of $0.18 per share. The ex-dividend date was Thursday, January 16th. This represents a $0.72 annualized dividend and a yield of 1.53%. Commercial Metals’s dividend payout ratio (DPR) is presently 64.86%.

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.