Commercial Metals (CMC) Cut to Underperform at Bank of America

Bank of America downgraded shares of Commercial Metals (NYSE:CMC) from a neutral rating to an underperform rating in a report published on Wednesday.

Several other equities research analysts have also commented on CMC. ValuEngine upgraded shares of Commercial Metals from a hold rating to a buy rating in a research note on Thursday, March 1st. JPMorgan Chase & Co. upgraded shares of Commercial Metals from a neutral rating to an overweight rating in a research note on Friday, March 9th. Goldman Sachs Group started coverage on shares of Commercial Metals in a research note on Tuesday, March 20th. They issued a sell rating and a $25.00 price target on the stock. Zacks Investment Research upgraded shares of Commercial Metals from a hold rating to a buy rating and set a $27.00 price target on the stock in a research note on Tuesday, March 20th. Finally, Jefferies Financial Group restated a buy rating on shares of Commercial Metals in a research note on Friday, March 23rd. Four analysts have rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $24.11.

Shares of NYSE:CMC opened at $21.11 on Wednesday. Commercial Metals has a 52 week low of $17.05 and a 52 week high of $26.72. The company has a market capitalization of $2.47 billion, a price-to-earnings ratio of 20.30 and a beta of 1.37. The company has a current ratio of 3.90, a quick ratio of 2.73 and a debt-to-equity ratio of 0.78.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings results on Thursday, June 21st. The basic materials company reported $0.41 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.01). Commercial Metals had a net margin of 1.21% and a return on equity of 8.65%. The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same quarter in the previous year, the business posted $0.34 EPS. Commercial Metals’s revenue for the quarter was up 15.3% compared to the same quarter last year. sell-side analysts predict that Commercial Metals will post 1.47 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 19th. Stockholders of record on Thursday, July 5th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.27%. The ex-dividend date of this dividend is Tuesday, July 3rd. Commercial Metals’s dividend payout ratio (DPR) is presently 77.42%.

Several institutional investors have recently bought and sold shares of CMC. Lord Abbett & CO. LLC bought a new position in shares of Commercial Metals in the first quarter valued at approximately $37,462,000. Millennium Management LLC bought a new stake in Commercial Metals during the fourth quarter worth approximately $34,374,000. Systematic Financial Management LP boosted its holdings in Commercial Metals by 251.0% during the first quarter. Systematic Financial Management LP now owns 2,054,114 shares of the basic materials company’s stock worth $42,027,000 after buying an additional 1,468,866 shares in the last quarter. Prudential Financial Inc. boosted its holdings in Commercial Metals by 1,841.0% during the first quarter. Prudential Financial Inc. now owns 1,530,114 shares of the basic materials company’s stock worth $31,306,000 after buying an additional 1,451,282 shares in the last quarter. Finally, Rothschild Asset Management Inc. bought a new stake in Commercial Metals during the first quarter worth approximately $17,400,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

About Commercial Metals

Commercial Metals Company manufactures, recycles, and markets steel and metal products, and related materials and services in the United States and internationally. It operates through five segments: Americas Recycling, Americas Mills, Americas Fabrication, International Mill, and International Marketing and Distribution.

Analyst Recommendations for Commercial Metals (NYSE:CMC)

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