Commercial Metals Co. (CMC) Rating Increased to Buy at TheStreet
Commercial Metals Co. (NYSE:CMC) was upgraded by research analysts at TheStreet from a “hold” rating to a “buy” rating in a report issued on Monday.
CMC has been the topic of a number of other reports. Jefferies Group reiterated a “hold” rating and set a $16.50 target price on shares of Commercial Metals in a research note on Friday, September 16th. Citigroup Inc. upgraded Commercial Metals from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $16.00 to $20.00 in a research note on Wednesday, November 9th. Zacks Investment Research cut Commercial Metals from a “hold” rating to a “sell” rating in a research note on Wednesday, August 31st. DA Davidson cut Commercial Metals from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $19.00 to $22.00 in a research note on Friday, November 11th. They noted that the move was a valuation call. Finally, Credit Suisse Group AG set a $15.00 price objective on Commercial Metals and gave the company a “hold” rating in a research note on Saturday, October 8th. One analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $18.00.
Shares of Commercial Metals (NYSE:CMC) opened at 21.52 on Monday. The firm’s 50-day moving average is $16.40 and its 200-day moving average is $16.58. The firm has a market capitalization of $2.48 billion, a P/E ratio of 45.98 and a beta of 1.18. Commercial Metals has a 52 week low of $12.44 and a 52 week high of $21.54.
Commercial Metals (NYSE:CMC) last released its earnings results 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 business 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%. The company’s revenue for the quarter was down 14.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.05) earnings per share. Equities analysts anticipate that Commercial Metals will post $1.01 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 23rd. Shareholders of record on Wednesday, November 9th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date of this dividend is Monday, November 7th. Commercial Metals’s payout ratio is presently 102.13%.
In other news, Director Anthony A. Massaro sold 2,421 shares of the business’s stock in a transaction dated Friday, November 11th. The stock was sold at an average price of $20.52, for a total transaction of $49,678.92. Following the completion of the transaction, the director now owns 69,398 shares of the company’s stock, valued at $1,424,046.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Adam B. Batchelor sold 5,372 shares of the business’s stock in a transaction dated Friday, November 11th. The stock was sold at an average price of $20.37, for a total value of $109,427.64. Following the transaction, the vice president now directly owns 21,852 shares of the company’s stock, valued at approximately $445,125.24. The disclosure for this sale can be found here. Company insiders own 1.20% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Commercial Metals by 29.4% in the second quarter. Vanguard Group Inc. now owns 12,720,314 shares of the company’s stock valued at $214,973,000 after buying an additional 2,888,816 shares during the last quarter. Acadian Asset Management LLC raised its position in shares of Commercial Metals by 451.8% in the second quarter. Acadian Asset Management LLC now owns 2,412,060 shares of the company’s stock valued at $40,762,000 after buying an additional 1,974,925 shares during the last quarter. Mesirow Financial Investment Management Equity Management acquired a new position in shares of Commercial Metals during the second quarter valued at approximately $18,396,000. Renaissance Technologies LLC raised 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 valued at $20,788,000 after buying an additional 1,082,700 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Commercial Metals by 27.1% in the third quarter. Bank of New York Mellon Corp now owns 3,647,418 shares of the company’s stock valued at $59,052,000 after buying an additional 777,588 shares during the last quarter. 91.08% of the stock is owned by institutional investors.
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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