Commercial Metals Co. (CMC) Receives $18.40 Average Price Target from Brokerages
Commercial Metals Co. (NYSE:CMC) has earned a consensus recommendation of “Hold” from the eleven analysts that are covering the company. One research analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $18.40.
CMC has been the subject of a number of analyst reports. Citigroup Inc. initiated 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 cut Commercial Metals from a “hold” rating to a “sell” rating in a research note on Wednesday, August 31st. Jefferies Group reaffirmed 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 cut Commercial Metals from a “buy” rating to a “hold” rating in a research note on Thursday, October 27th.
In related news, Director Anthony A. Massaro sold 2,421 shares of the company’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 sale, the director now owns 69,398 shares in the company, valued at $1,424,046.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Adam B. Batchelor sold 5,372 shares of the company’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 sale, the vice president now owns 21,852 shares in the company, valued at approximately $445,125.24. The disclosure for this sale can be found here. Insiders own 1.20% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the company. LS Investment Advisors LLC raised its stake in Commercial Metals by 68.9% in the second quarter. LS Investment Advisors LLC now owns 6,859 shares of the company’s stock valued at $116,000 after buying an additional 2,798 shares during the last quarter. Springbok Capital Management LLC raised its stake in 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 last quarter. Cantab Capital Partners LLP bought a new stake in Commercial Metals during the second quarter valued at about $168,000. Eqis Capital Management Inc. bought a new stake in Commercial Metals during the second quarter valued at about $206,000. Finally, Acrospire Investment Management LLC raised its stake in Commercial Metals by 130.2% in the third quarter. Acrospire Investment Management LLC now owns 12,730 shares of the company’s stock valued at $206,000 after buying an additional 7,200 shares during the last quarter. Institutional investors and hedge funds own 91.08% of the company’s stock.
Shares of Commercial Metals (NYSE:CMC) opened at 21.06 on Thursday. The firm has a 50-day moving average of $16.40 and a 200-day moving average of $16.58. The firm has a market capitalization of $2.43 billion, a PE ratio of 45.00 and a beta of 1.18. Commercial Metals has a 1-year low of $12.44 and a 1-year high of $21.46.
Commercial Metals (NYSE:CMC) last announced its quarterly earnings data on Thursday, October 27th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by $0.29. Commercial Metals had a return on equity of 7.66% and a net margin of 1.19%. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same period last year, the firm earned ($0.05) earnings per share. The firm’s revenue for the quarter was down 14.4% on a year-over-year basis. On average, equities research analysts anticipate that Commercial Metals will post $1.03 EPS for the current fiscal 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 given a dividend of $0.12 per share. The ex-dividend date of this dividend is Monday, November 7th. This represents a $0.48 annualized dividend and a dividend yield of 2.28%. Commercial Metals’s dividend payout ratio is currently 102.13%.
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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