Commercial Metals Company (CMC) Declares Quarterly Dividend of $0.12
Commercial Metals Company (NYSE:CMC) announced a quarterly dividend on Tuesday, October 24th, RTT News reports. Investors of record on Wednesday, November 8th will be paid a dividend of 0.12 per share by the basic materials company on Wednesday, November 22nd. This represents a $0.48 dividend on an annualized basis and a yield of 2.22%.
Commercial Metals has a payout ratio of 55.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Commercial Metals to earn $1.54 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 31.2%.
Commercial Metals (CMC) traded up 1.11% during midday trading on Tuesday, reaching $21.85. The company’s stock had a trading volume of 159,002 shares. The stock has a market cap of $2.53 billion, a P/E ratio of 33.77 and a beta of 1.22. The stock’s 50 day moving average is $19.20 and its 200 day moving average is $18.82. Commercial Metals has a 12-month low of $15.16 and a 12-month high of $24.64.
Several analysts have recently commented on CMC shares. Citigroup Inc. decreased their target price on Commercial Metals from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Friday, September 15th. Bank of America Corporation reaffirmed a “neutral” rating and issued a $21.00 target price (up previously from $20.00) on shares of Commercial Metals in a research report on Tuesday, September 5th. Zacks Investment Research cut Commercial Metals from a “hold” rating to a “strong sell” rating in a research report on Monday, September 4th. Macquarie started coverage on Commercial Metals in a research report on Wednesday, September 6th. They issued an “underperform” rating and a $16.00 target price for the company. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $19.00 target price on shares of Commercial Metals in a research report on Wednesday, June 28th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $21.00.
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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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