Commercial Metals (NYSE:CMC) Coverage Initiated by Analysts at Morgan Stanley

Morgan Stanley assumed coverage on shares of Commercial Metals (NYSE:CMC) in a research report sent to investors on Thursday morning, MarketBeat reports. The brokerage issued an equal weight rating and a $65.00 price objective on the basic materials company’s stock.

Several other brokerages also recently commented on CMC. Jefferies Financial Group assumed coverage on Commercial Metals in a report on Tuesday, September 3rd. They set a “buy” rating and a $65.00 target price for the company. UBS Group reaffirmed a “sell” rating and set a $56.00 price objective (down from $62.00) on shares of Commercial Metals in a research note on Thursday, December 12th. BMO Capital Markets set a $62.00 target price on shares of Commercial Metals and gave the stock a “market perform” rating in a research report on Friday, October 18th. Wolfe Research lowered shares of Commercial Metals from an “outperform” rating to a “peer perform” rating in a report on Wednesday, October 9th. Finally, The Goldman Sachs Group initiated coverage on shares of Commercial Metals in a research note on Monday, December 2nd. They issued a “buy” rating and a $75.00 price objective for the company. One analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Commercial Metals currently has a consensus rating of “Hold” and a consensus price target of $65.33.

Commercial Metals Price Performance

Shares of NYSE CMC opened at $49.53 on Thursday. The firm has a 50-day moving average of $57.90 and a two-hundred day moving average of $55.15. The company has a market capitalization of $5.65 billion, a price-to-earnings ratio of 11.96, a PEG ratio of 2.74 and a beta of 1.15. The company has a current ratio of 3.94, a quick ratio of 2.78 and a debt-to-equity ratio of 0.27. Commercial Metals has a twelve month low of $47.42 and a twelve month high of $64.53.

Commercial Metals (NYSE:CMC) last posted its quarterly earnings results on Thursday, October 17th. The basic materials company reported $0.90 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.01). The business had revenue of $2 billion during the quarter, compared to analyst estimates of $2.07 billion. Commercial Metals had a return on equity of 12.20% and a net margin of 6.13%. As a group, analysts expect that Commercial Metals will post 4.26 earnings per share for the current fiscal year.

Commercial Metals Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were issued a dividend of $0.18 per share. The ex-dividend date was Thursday, October 31st. This represents a $0.72 annualized dividend and a dividend yield of 1.45%. Commercial Metals’s dividend payout ratio is 17.39%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. nVerses Capital LLC bought a new stake in shares of Commercial Metals in the 3rd quarter valued at approximately $66,000. Archer Investment Corp bought a new stake in Commercial Metals in the second quarter worth approximately $77,000. KBC Group NV increased its stake in shares of Commercial Metals by 15.9% during the 3rd quarter. KBC Group NV now owns 3,099 shares of the basic materials company’s stock worth $170,000 after purchasing an additional 425 shares during the last quarter. Innealta Capital LLC bought a new position in shares of Commercial Metals during the 2nd quarter valued at $195,000. Finally, Highland Capital Management LLC acquired a new stake in shares of Commercial Metals in the 3rd quarter valued at $206,000. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Commercial Metals Company Profile

Commercial Metals Company manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, and internationally. It operates through two segments, North America and Europe. The company processes and sells ferrous and nonferrous scrap metals to steel mills and foundries, aluminum sheet and ingot manufacturers, brass and bronze ingot makers, copper refineries and mills, secondary lead smelters, specialty steel mills, high temperature alloy manufacturers, and other consumers.