Commercial Metals Downgraded to “Underperform” at Zacks (CMC)
Commercial Metals (NYSE:CMC) was downgraded by Zacks from a “neutral” rating to an “underperform” rating in a research report issued on Wednesday. They currently have a $16.70 target price on the stock. Zacks‘s target price would indicate a potential downside of 5.17% from the stock’s previous close.
Separately, analysts at DA Davidson reiterated a “buy” rating on shares of Commercial Metals in a research note on Monday. They now have a $23.00 price target on the stock, down previously from $25.00. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $20.16.
Shares of Commercial Metals (NYSE:CMC) traded up 0.85% during mid-day trading on Wednesday, hitting $17.76. 1,013,065 shares of the company’s stock traded hands. Commercial Metals has a 1-year low of $14.24 and a 1-year high of $21.20. The stock has a 50-day moving average of $18.07 and a 200-day moving average of $19.06. The company has a market cap of $2.090 billion and a P/E ratio of 24.46.
Commercial Metals (NYSE:CMC) last announced its earnings results on Friday, June 27th. The company reported $0.29 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.30 by $0.01. The company had revenue of $1.80 billion for the quarter, compared to the consensus estimate of $1.85 billion. During the same quarter last year, the company posted $0.16 earnings per share. Commercial Metals’s revenue was up 3.0% compared to the same quarter last year. On average, analysts predict that Commercial Metals will post $0.92 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, July 24th. Investors of record on Thursday, July 10th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.73%. The ex-dividend date is Tuesday, July 8th.
Commercial Metals Company and its subsidiaries manufacture, recycle and market steel and metal products, related materials and services through a network, including steel minimills, steel fabrication and processing plants, construction-related product warehouses, a copper tube minimill, metal recycling facilities and marketing and distribution in the United States and in international markets.
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