Commercial Metals (NYSE:CMC) Given New $58.00 Price Target at BMO Capital Markets

Commercial Metals (NYSE:CMC) had its price target cut by BMO Capital Markets from $62.00 to $58.00 in a research note released on Friday morning,Benzinga reports. They currently have a market perform rating on the basic materials company’s stock.

Several other analysts also recently weighed in on the company. BNP Paribas downgraded Commercial Metals from an “outperform” rating to a “neutral” rating in a research note on Friday. Wolfe Research cut shares of Commercial Metals from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, October 9th. The Goldman Sachs Group began coverage on shares of Commercial Metals in a report on Monday, December 2nd. They issued a “buy” rating and a $75.00 price objective for the company. UBS Group reissued a “sell” rating and set a $56.00 target price (down previously from $62.00) on shares of Commercial Metals in a research note on Thursday, December 12th. Finally, Morgan Stanley assumed coverage on shares of Commercial Metals in a research report on Thursday, December 19th. They set an “equal weight” rating and a $65.00 price target on the stock. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Commercial Metals currently has an average rating of “Hold” and a consensus price target of $64.67.

Commercial Metals Stock Down 0.5 %

CMC stock opened at $48.89 on Friday. The stock has a market cap of $5.57 billion, a PE ratio of 11.81, a price-to-earnings-growth ratio of 2.74 and a beta of 1.19. The firm’s 50-day simple moving average is $57.06 and its 200 day simple moving average is $55.03. Commercial Metals has a fifty-two week low of $47.42 and a fifty-two week high of $64.53. The company has a quick ratio of 2.78, a current ratio of 3.94 and a debt-to-equity ratio of 0.27.

Commercial Metals (NYSE:CMC) last announced 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). The firm had revenue of $2 billion during the quarter, compared to analyst estimates of $2.07 billion. Commercial Metals had a net margin of 6.13% and a return on equity of 12.20%. As a group, sell-side analysts predict that Commercial Metals will post 4.26 EPS for the current year.

Commercial Metals Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Thursday, January 16th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date of this dividend is Thursday, January 16th. Commercial Metals’s payout ratio is currently 17.39%.

Institutional Investors Weigh In On Commercial Metals

Institutional investors and hedge funds have recently bought and sold shares of the business. nVerses Capital LLC acquired a new position in shares of Commercial Metals in the 3rd quarter worth approximately $66,000. GAMMA Investing LLC boosted its holdings in 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 buying an additional 944 shares in the last quarter. KBC Group NV boosted its holdings in Commercial Metals by 15.9% during the third quarter. KBC Group NV now owns 3,099 shares of the basic materials company’s stock worth $170,000 after buying an additional 425 shares in the last quarter. Highland Capital Management LLC acquired a new position in Commercial Metals in the third quarter worth approximately $206,000. Finally, Harbor Capital Advisors Inc. increased its holdings 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 valued at $209,000 after buying an additional 870 shares in the last quarter. 86.90% of the stock is owned by institutional investors and hedge funds.

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.