Commercial Metals (NYSE:CMC) Price Target Lowered to $78.00 at Bank of America

Commercial Metals (NYSE:CMC) had its price objective decreased by Bank of America from $84.00 to $78.00 in a report published on Thursday morning,Benzinga reports. Bank of America currently has a buy rating on the basic materials company’s stock.

CMC has been the topic of a number of other research reports. Zacks Research lowered shares of Commercial Metals from a “hold” rating to a “strong sell” rating in a research note on Friday, June 12th. BMO Capital Markets cut their price objective on shares of Commercial Metals from $80.00 to $77.00 and set a “market perform” rating for the company in a research report on Monday, June 29th. Deutsche Bank Aktiengesellschaft upgraded Commercial Metals to a “buy” rating in a report on Friday, May 22nd. JPMorgan Chase & Co. lowered their target price on Commercial Metals from $83.00 to $78.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 14th. Finally, Wall Street Zen lowered Commercial Metals from a “strong-buy” rating to a “buy” rating in a research note on Saturday, April 4th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $79.45.

Commercial Metals Price Performance

NYSE:CMC opened at $60.06 on Thursday. Commercial Metals has a one year low of $49.66 and a one year high of $84.87. The company has a market cap of $6.64 billion, a P/E ratio of 11.31, a P/E/G ratio of 0.35 and a beta of 1.54. The firm’s fifty day moving average price is $71.01 and its two-hundred day moving average price is $70.81. The company has a debt-to-equity ratio of 0.73, a current ratio of 2.33 and a quick ratio of 1.54.

Commercial Metals (NYSE:CMC) last posted its earnings results on Thursday, June 25th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.70 by $0.03. The company had revenue of $2.48 billion during the quarter, compared to analysts’ expectations of $2.40 billion. Commercial Metals had a net margin of 6.72% and a return on equity of 15.69%. Commercial Metals’s quarterly revenue was up 22.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.74 EPS. Equities analysts expect that Commercial Metals will post 6.59 earnings per share for the current year.

Commercial Metals Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Monday, July 6th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Monday, July 6th. Commercial Metals’s payout ratio is 15.07%.

Institutional Investors Weigh In On Commercial Metals

A number of large investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada lifted its position in shares of Commercial Metals by 1.4% during the 1st quarter. Royal Bank of Canada now owns 90,989 shares of the basic materials company’s stock valued at $4,186,000 after acquiring an additional 1,219 shares during the period. Amundi increased its position in shares of Commercial Metals by 13.3% in the first quarter. Amundi now owns 2,480 shares of the basic materials company’s stock worth $114,000 after purchasing an additional 291 shares during the period. Jones Financial Companies Lllp increased its position in shares of Commercial Metals by 614.9% in the first quarter. Jones Financial Companies Lllp now owns 11,767 shares of the basic materials company’s stock worth $541,000 after purchasing an additional 10,121 shares during the period. Goldman Sachs Group Inc. raised its stake in Commercial Metals by 5.8% in the first quarter. Goldman Sachs Group Inc. now owns 1,033,514 shares of the basic materials company’s stock valued at $47,552,000 after purchasing an additional 56,875 shares in the last quarter. Finally, Empowered Funds LLC raised its stake in Commercial Metals by 1.8% in the first quarter. Empowered Funds LLC now owns 53,305 shares of the basic materials company’s stock valued at $2,453,000 after purchasing an additional 941 shares in the last quarter. Institutional investors and hedge funds own 86.90% of the company’s stock.

Commercial Metals Company Profile

Commercial Metals Company (NYSE: CMC) is a leading global steel and metal recycler, manufacturer and fabricator based in Irving, Texas. The company operates an integrated network of scrap recycling facilities, electric arc furnace steel mills, metal fabrication plants and distribution centers. Through these operations, Commercial Metals collects and processes ferrous scrap to produce finished steel products and provides recycled metal to a variety of end markets.

In its steelmaking segment, CMC uses electric arc furnace technology to transform recycled scrap into reinforcing bar (rebar), merchant bar, coil and structural products.