Commercial Metals Co. (CMC) Rating Increased to Hold at Zacks Investment Research
Commercial Metals Co. (NYSE:CMC) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “Commercial Metals Company has three segments – manufacturing, recycling, and marketing and trading. Activities are primarily concerned with metals related activities. The manufacturing segment is the dominant and most rapidly expanding segment in terms of assets employed, capital expenditures, operating profit and number of employees. The recycling segment is engaged in processing secondary, or scrap, metals for further recycling into new metal products. The marketing and trading segment buys and sells primary and secondary metals, and fabricated metals. “
Several other brokerages also recently commented on CMC. Macquarie downgraded Commercial Metals from an “outperform” rating to a “neutral” rating in a research note on Monday, October 31st. Citigroup Inc. initiated coverage on Commercial Metals in a research note on Monday, August 22nd. They issued a “neutral” rating and a $16.00 target price for the company. Bank of America Corp. downgraded Commercial Metals to a “neutral” rating in a research note on Wednesday, July 20th. Clarkson Capital upgraded Commercial Metals from a “sell” rating to a “neutral” rating in a research note on Friday, November 4th. Finally, TheStreet downgraded Commercial Metals from a “buy” rating to a “hold” rating in a research note on Thursday, October 27th. One analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $17.63.
Commercial Metals (NYSE:CMC) opened at 20.35 on Wednesday. Commercial Metals has a 52-week low of $12.44 and a 52-week high of $20.99. The stock’s 50 day moving average price is $16.27 and its 200 day moving average price is $16.56. The firm has a market capitalization of $2.35 billion, a PE ratio of 43.48 and a beta of 1.18.
Commercial Metals (NYSE:CMC) last issued its earnings results on Thursday, October 27th. The company reported $0.01 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.30 by $0.29. The firm earned $1.20 billion during the quarter, compared to analyst estimates of $1.24 billion. Commercial Metals had a net margin of 1.19% and a return on equity of 7.66%. The business’s quarterly revenue was down 14.4% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.05) earnings per share. On average, analysts predict that Commercial Metals will post $0.96 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 23rd. Stockholders of record on Wednesday, November 9th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Monday, November 7th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.36%. Commercial Metals’s payout ratio is presently 102.13%.
Several institutional investors have recently made changes to their positions in CMC. Springbok Capital Management LLC increased its position in shares of Commercial Metals by 710.0% in the first quarter. Springbok Capital Management LLC now owns 8,100 shares of the company’s stock worth $137,000 after buying an additional 7,100 shares during the last quarter. Invictus RG acquired a new position in shares of Commercial Metals during the first quarter worth $205,000. Renaissance Technologies LLC increased its position in shares of Commercial Metals by 760.9% in the first quarter. Renaissance Technologies LLC now owns 1,225,000 shares of the company’s stock worth $20,788,000 after buying an additional 1,082,700 shares during the last quarter. Kennedy Capital Management Inc. increased its position in shares of Commercial Metals by 25.7% in the first quarter. Kennedy Capital Management Inc. now owns 229,095 shares of the company’s stock worth $3,888,000 after buying an additional 46,773 shares during the last quarter. Finally, HBK Investments L P increased its position in shares of Commercial Metals by 421.4% in the first quarter. HBK Investments L P now owns 205,700 shares of the company’s stock worth $3,491,000 after buying an additional 166,250 shares during the last quarter. Hedge funds and other institutional investors own 91.57% of the company’s stock.
About Commercial Metals
Commercial Metals Company (CMC) manufactures, recycles and markets steel and metal products, related materials and services. CMC has a network of steel mills (minimills), steel fabrication and processing facilities, warehouses, metal recycling facilities. It has five business segments: Americas Recycling, Americas Mills, Americas Fabrication, International Mill, and International Marketing and Distribution.
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