Commercial Metals Co. (CMC) Stock Rating Upgraded by Bank of America Corp.
Commercial Metals Co. (NYSE:CMC) was upgraded by equities research analysts at Bank of America Corp. from a “neutral” rating to a “buy” rating in a report issued on Wednesday.
A number of other research analysts also recently commented on CMC. Citigroup Inc. started coverage on Commercial Metals in a research note on Monday, August 22nd. They set a “neutral” rating and a $16.00 price objective for the company. Zacks Investment Research downgraded Commercial Metals from a “hold” rating to a “sell” rating in a research note on Wednesday, August 31st. Jefferies Group restated a “hold” rating and set a $16.50 price objective on shares of Commercial Metals in a research note on Friday, September 16th. Credit Suisse Group AG set a $15.00 price objective on Commercial Metals and gave the stock a “hold” rating in a research note on Saturday, October 8th. Finally, TheStreet downgraded Commercial Metals from a “buy” rating to a “hold” rating in a research note on Thursday, October 27th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the stock. Commercial Metals has an average rating of “Hold” and an average price target of $17.63.
Commercial Metals (NYSE:CMC) opened at 20.35 on Wednesday. Commercial Metals has a 12 month low of $12.44 and a 12 month high of $20.99. The stock has a 50 day moving average price of $16.27 and a 200-day moving average price of $16.56. The stock has a market cap of $2.35 billion, a PE ratio of 43.48 and a beta of 1.18.
Commercial Metals (NYSE:CMC) last issued its quarterly earnings data on Thursday, October 27th. The company reported $0.01 EPS for the quarter, missing the Zacks’ consensus estimate of $0.30 by $0.29. The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.24 billion. Commercial Metals had a return on equity of 7.66% and a net margin of 1.19%. Commercial Metals’s quarterly revenue was down 14.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.05) earnings per share. On average, analysts expect that Commercial Metals will post $0.96 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 23rd. Stockholders of record on Wednesday, November 9th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Monday, November 7th. This represents a $0.48 annualized dividend and a dividend yield of 2.36%. Commercial Metals’s dividend payout ratio (DPR) is 102.13%.
Several hedge funds have recently made changes to their positions in CMC. Springbok Capital Management LLC raised its stake 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 valued at $137,000 after buying an additional 7,100 shares during the period. Invictus RG purchased a new stake in shares of Commercial Metals during the first quarter valued at $205,000. Renaissance Technologies LLC raised its stake 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 valued at $20,788,000 after buying an additional 1,082,700 shares during the period. Kennedy Capital Management Inc. raised its stake 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 valued at $3,888,000 after buying an additional 46,773 shares during the period. Finally, HBK Investments L P raised its stake 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 valued at $3,491,000 after buying an additional 166,250 shares during the period. Institutional investors and hedge funds own 91.57% of the company’s stock.
Commercial Metals Company Profile
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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