Commercial Metals Company (NYSE:CMC) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Commercial Metals Company (NYSE:CMC) have received a consensus rating of “Moderate Buy” from the fifteen brokerages that are currently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, five have given a hold recommendation, eight have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is $79.4545.

A number of brokerages have recently commented on CMC. Morgan Stanley increased their price target on shares of Commercial Metals from $83.00 to $88.00 and gave the stock an “overweight” rating in a report on Monday, June 22nd. Jefferies Financial Group raised shares of Commercial Metals from a “buy” rating to a “buy” rating in a report on Friday, June 5th. Citigroup cut their target price on shares of Commercial Metals from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday. BNP Paribas Exane raised Commercial Metals from a “neutral” rating to an “outperform” rating and set a $75.00 target price on the stock in a research note on Wednesday. Finally, Wells Fargo & Company raised their price target on Commercial Metals from $77.00 to $80.00 and gave the company an “equal weight” rating in a research report on Friday, June 26th.

Hedge Funds Weigh In On Commercial Metals

Large investors have recently modified their holdings of the company. Lazard Asset Management LLC lifted its position in Commercial Metals by 0.6% in the 4th quarter. Lazard Asset Management LLC now owns 23,199 shares of the basic materials company’s stock worth $1,606,000 after buying an additional 133 shares during the last quarter. NewEdge Advisors LLC grew its position in Commercial Metals by 4.2% during the first quarter. NewEdge Advisors LLC now owns 3,610 shares of the basic materials company’s stock valued at $222,000 after acquiring an additional 147 shares during the last quarter. Ashton Thomas Private Wealth LLC raised its stake in shares of Commercial Metals by 3.1% during the fourth quarter. Ashton Thomas Private Wealth LLC now owns 4,904 shares of the basic materials company’s stock worth $339,000 after acquiring an additional 149 shares in the last quarter. Corient Private Wealth LLC raised its stake in shares of Commercial Metals by 0.7% during the fourth quarter. Corient Private Wealth LLC now owns 23,554 shares of the basic materials company’s stock worth $1,630,000 after acquiring an additional 155 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC lifted its holdings in shares of Commercial Metals by 4.0% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 4,164 shares of the basic materials company’s stock worth $256,000 after acquiring an additional 160 shares during the last quarter. 86.90% of the stock is owned by hedge funds and other institutional investors.

Commercial Metals Stock Down 3.3%

Shares of NYSE CMC opened at $60.06 on Friday. The company has a current ratio of 2.33, a quick ratio of 1.54 and a debt-to-equity ratio of 0.73. The business has a 50-day moving average of $71.01 and a 200-day moving average of $70.81. The firm has a market capitalization of $6.64 billion, a price-to-earnings ratio of 11.31, a PEG ratio of 0.35 and a beta of 1.54. Commercial Metals has a 12 month low of $49.66 and a 12 month high of $84.87.

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

Commercial Metals Announces Dividend

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

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.