JPMorgan Chase upgraded shares of Commercial Metals (NYSE:CMC) from a neutral rating to an overweight rating in a research report released on Friday, March 9th, MarketBeat reports.
Several other brokerages also recently issued reports on CMC. Bank of America raised shares of Commercial Metals from a neutral rating to a buy rating and boosted their price target for the company from $21.00 to $24.00 in a report on Thursday, December 7th. Zacks Investment Research downgraded shares of Commercial Metals from a hold rating to a sell rating in a report on Thursday, December 28th. Finally, ValuEngine raised shares of Commercial Metals from a hold rating to a buy rating in a report on Thursday, March 1st. Four investment analysts have rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. Commercial Metals has an average rating of Hold and a consensus price target of $22.88.
Shares of NYSE:CMC traded down $0.54 during midday trading on Friday, reaching $19.92. The company had a trading volume of 1,522,286 shares, compared to its average volume of 2,099,853. The company has a current ratio of 3.11, a quick ratio of 2.12 and a debt-to-equity ratio of 0.55. The firm has a market cap of $2,386.28, a PE ratio of 32.13, a price-to-earnings-growth ratio of 0.34 and a beta of 1.34. Commercial Metals has a one year low of $17.05 and a one year high of $26.72.
Commercial Metals (NYSE:CMC) last released its earnings results on Thursday, March 22nd. The basic materials company reported $0.26 earnings per share for the quarter, meeting the consensus estimate of $0.26. Commercial Metals had a net margin of 1.15% and a return on equity of 8.05%. The firm had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.19 billion. During the same quarter in the previous year, the firm earned $0.25 earnings per share. The firm’s revenue for the quarter was up 22.3% compared to the same quarter last year. equities research analysts forecast that Commercial Metals will post 1.43 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 19th. Shareholders of record on Wednesday, April 4th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Tuesday, April 3rd. This represents a $0.48 annualized dividend and a yield of 2.41%. Commercial Metals’s payout ratio is presently 77.42%.
In other news, EVP Tracy L. Porter sold 6,935 shares of the company’s stock in a transaction dated Tuesday, January 16th. The stock was sold at an average price of $25.14, for a total value of $174,345.90. Following the transaction, the executive vice president now owns 10 shares in the company, valued at approximately $251.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Adam R. Hickey sold 20,000 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $25.50, for a total value of $510,000.00. Following the completion of the transaction, the chief accounting officer now owns 15,632 shares in the company, valued at approximately $398,616. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 60,536 shares of company stock worth $1,541,915. Corporate insiders own 1.50% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in CMC. Strs Ohio grew its stake in shares of Commercial Metals by 176.5% in the 4th quarter. Strs Ohio now owns 4,700 shares of the basic materials company’s stock valued at $100,000 after buying an additional 3,000 shares in the last quarter. Canada Pension Plan Investment Board bought a new stake in shares of Commercial Metals in the 3rd quarter valued at approximately $101,000. Cerebellum GP LLC bought a new stake in shares of Commercial Metals in the 4th quarter valued at approximately $129,000. Global X Management Co. LLC grew its stake in shares of Commercial Metals by 75.2% in the 4th quarter. Global X Management Co. LLC now owns 8,040 shares of the basic materials company’s stock valued at $171,000 after buying an additional 3,450 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Commercial Metals by 38.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,092 shares of the basic materials company’s stock worth $173,000 after purchasing an additional 2,239 shares during the period. 88.23% of the stock is owned by institutional investors and hedge funds.
Commercial Metals Company Profile
Commercial Metals Company, together with its subsidiaries, manufactures, recycles and markets steel and metal products, related materials and services through a network. The Company’s Americas Recycling segment processes scrap metals for use as a raw material by manufacturers of new metal products. The Americas Mills segment consists of steel mills, commonly referred to as minimills that produce reinforcing bar (rebar), angles, flats and rounds.
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