Commercial Metals (NYSE:CMC) Price Target Raised to $80.00

Commercial Metals (NYSE:CMC) had its price objective hoisted by Wells Fargo & Company from $79.00 to $80.00 in a research note released on Monday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the basic materials company’s stock.

CMC has been the subject of several other reports. The Goldman Sachs Group reiterated a “buy” rating and issued a $84.00 price target on shares of Commercial Metals in a research note on Tuesday, December 30th. Citigroup boosted their target price on shares of Commercial Metals from $65.00 to $85.00 and gave the company a “buy” rating in a report on Monday, January 12th. Wall Street Zen upgraded Commercial Metals from a “buy” rating to a “strong-buy” rating in a research note on Friday, November 28th. Morgan Stanley boosted their price objective on Commercial Metals from $68.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, January 9th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Commercial Metals in a research report on Wednesday, January 21st. Eight equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, Commercial Metals currently has a consensus rating of “Moderate Buy” and an average price target of $72.80.

Commercial Metals Stock Performance

Shares of Commercial Metals stock opened at $71.25 on Monday. The company has a current ratio of 4.47, a quick ratio of 3.70 and a debt-to-equity ratio of 0.77. Commercial Metals has a 12 month low of $37.92 and a 12 month high of $84.87. The stock’s fifty day simple moving average is $75.82 and its 200 day simple moving average is $65.96. The company has a market capitalization of $7.90 billion, a PE ratio of 18.36, a PEG ratio of 0.39 and a beta of 1.47.

Commercial Metals (NYSE:CMC) last released its quarterly earnings results on Thursday, January 8th. The basic materials company reported $1.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.55 by $0.29. The firm had revenue of $2.12 billion for the quarter, compared to the consensus estimate of $2.06 billion. Commercial Metals had a return on equity of 11.43% and a net margin of 5.46%.The company’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same quarter last year, the business posted $0.78 EPS. On average, research analysts predict that Commercial Metals will post 3.09 EPS for the current year.

Commercial Metals Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, February 2nd. Investors of record on Monday, January 19th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, January 16th. This represents a $0.72 annualized dividend and a dividend yield of 1.0%. Commercial Metals’s dividend payout ratio (DPR) is 18.56%.

Insider Activity at Commercial Metals

In other Commercial Metals news, insider Jennifer J. Durbin sold 25,050 shares of the company’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $79.97, for a total transaction of $2,003,248.50. Following the completion of the sale, the insider directly owned 52,880 shares of the company’s stock, valued at approximately $4,228,813.60. This represents a 32.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Dennis V. Arriola acquired 2,000 shares of Commercial Metals stock in a transaction dated Tuesday, January 20th. The stock was purchased at an average cost of $74.69 per share, with a total value of $149,380.00. Following the completion of the purchase, the director owned 9,238 shares of the company’s stock, valued at approximately $689,986.22. This represents a 27.63% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 0.62% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Commercial Metals

Several institutional investors have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd raised its holdings in shares of Commercial Metals by 617.2% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 832 shares of the basic materials company’s stock valued at $58,000 after purchasing an additional 716 shares in the last quarter. Corient Private Wealth LLC boosted its holdings in Commercial Metals by 0.7% during the fourth quarter. Corient Private Wealth LLC now owns 23,554 shares of the basic materials company’s stock worth $1,630,000 after buying an additional 155 shares in the last quarter. Mercer Global Advisors Inc. ADV raised its stake in shares of Commercial Metals by 7.7% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 13,803 shares of the basic materials company’s stock worth $955,000 after buying an additional 986 shares during the period. Vident Advisory LLC purchased a new position in Commercial Metals in the 4th quarter valued at about $1,113,000. Finally, NewEdge Advisors LLC increased its position in shares of Commercial Metals by 4,517.3% during the fourth quarter. NewEdge Advisors LLC now owns 3,463 shares of the basic materials company’s stock worth $240,000 after purchasing an additional 3,388 shares in the last quarter. Institutional investors own 86.90% of the company’s stock.

Commercial Metals Company Profile

Commercial Metals Company (NYSE: CMC) is a leading global steel and metal recycler, manufacturer and fabricator based in Irving, Texas. The company operates an integrated network of scrap recycling facilities, electric arc furnace steel mills, metal fabrication plants and distribution centers. Through these operations, Commercial Metals collects and processes ferrous scrap to produce finished steel products and provides recycled metal to a variety of end markets.

In its steelmaking segment, CMC uses electric arc furnace technology to transform recycled scrap into reinforcing bar (rebar), merchant bar, coil and structural products.