Commercial Metals (NYSE:CMC) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Commercial Metals (NYSE:CMC) from a hold rating to a buy rating in a research report report published on Wednesday morning.

Several other research firms have also recently commented on CMC. BMO Capital Markets lifted their target price on shares of Commercial Metals from $52.00 to $60.00 and gave the stock a market perform rating in a research report on Friday, March 22nd. UBS Group assumed coverage on shares of Commercial Metals in a report on Tuesday, January 16th. They issued a buy rating and a $65.00 price target on the stock.

Commercial Metals Price Performance

Commercial Metals stock opened at $57.22 on Wednesday. Commercial Metals has a 52 week low of $39.85 and a 52 week high of $59.81. The company’s 50 day moving average price is $54.93 and its two-hundred day moving average price is $49.81. The company has a quick ratio of 2.69, a current ratio of 4.19 and a debt-to-equity ratio of 0.27. The stock has a market cap of $6.62 billion, a P/E ratio of 9.93 and a beta of 1.33.

Commercial Metals (NYSE:CMC) last posted its earnings results on Thursday, March 21st. The basic materials company reported $0.88 EPS for the quarter, missing the consensus estimate of $0.93 by ($0.05). Commercial Metals had a return on equity of 17.72% and a net margin of 8.09%. The firm had revenue of $1.85 billion for the quarter, compared to the consensus estimate of $1.80 billion. During the same period in the prior year, the business earned $1.44 EPS. Commercial Metals’s quarterly revenue was down 8.4% compared to the same quarter last year. On average, equities analysts predict that Commercial Metals will post 5.34 earnings per share for the current year.

Commercial Metals Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 10th. Investors of record on Monday, April 1st were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.26%. The ex-dividend date of this dividend was Thursday, March 28th. This is a boost from Commercial Metals’s previous quarterly dividend of $0.16. Commercial Metals’s payout ratio is 12.50%.

Insider Buying and Selling

In related news, CAO Lindsay L. Sloan sold 600 shares of Commercial Metals stock in a transaction that occurred on Friday, January 26th. The shares were sold at an average price of $51.52, for a total value of $30,912.00. Following the sale, the chief accounting officer now owns 12,338 shares of the company’s stock, valued at approximately $635,653.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Commercial Metals news, Chairman Barbara Smith sold 35,704 shares of the business’s stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $57.88, for a total transaction of $2,066,547.52. Following the sale, the chairman now owns 36,196 shares of the company’s stock, valued at approximately $2,095,024.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Lindsay L. Sloan sold 600 shares of the business’s stock in a transaction on Friday, January 26th. The shares were sold at an average price of $51.52, for a total transaction of $30,912.00. Following the sale, the chief accounting officer now directly owns 12,338 shares in the company, valued at approximately $635,653.76. The disclosure for this sale can be found here. In the last quarter, insiders have sold 320,089 shares of company stock valued at $16,383,553. 1.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Commercial Metals

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Steward Partners Investment Advisory LLC raised its holdings in Commercial Metals by 3.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 6,987 shares of the basic materials company’s stock valued at $337,000 after acquiring an additional 201 shares during the period. SummerHaven Investment Management LLC grew its position in shares of Commercial Metals by 1.8% during the 4th quarter. SummerHaven Investment Management LLC now owns 13,154 shares of the basic materials company’s stock valued at $658,000 after purchasing an additional 228 shares in the last quarter. Janney Montgomery Scott LLC grew its position in shares of Commercial Metals by 1.1% during the 3rd quarter. Janney Montgomery Scott LLC now owns 23,471 shares of the basic materials company’s stock valued at $1,160,000 after purchasing an additional 247 shares in the last quarter. Congress Asset Management Co. MA grew its position in shares of Commercial Metals by 0.4% during the 4th quarter. Congress Asset Management Co. MA now owns 67,943 shares of the basic materials company’s stock valued at $3,400,000 after purchasing an additional 251 shares in the last quarter. Finally, Inspire Investing LLC grew its position in shares of Commercial Metals by 4.4% during the 3rd quarter. Inspire Investing LLC now owns 6,237 shares of the basic materials company’s stock valued at $308,000 after purchasing an additional 261 shares in the last quarter. 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.