Commercial Metals Company (NYSE:CMC) Raised to “Buy” at Jefferies Group LLC

Jefferies Group LLC upgraded shares of Commercial Metals Company (NYSE:CMC) from a hold rating to a buy rating in a research report report published on Tuesday, October 17th, MarketBeat.com reports. Jefferies Group also issued estimates for Commercial Metals’ FY2018 earnings at $2.06 EPS.

Other analysts have also recently issued reports about the stock. Citigroup Inc. lowered their price target on shares of Commercial Metals from $22.00 to $21.00 and set a buy rating on the stock in a report on Friday, September 15th. Bank of America Corporation restated a neutral rating and issued a $20.00 price target (up from $19.00) on shares of Commercial Metals in a report on Sunday, June 25th. Clarkson Capital reiterated a sell rating and issued a $16.00 target price on shares of Commercial Metals in a research note on Tuesday, August 15th. BidaskClub cut shares of Commercial Metals from a hold rating to a sell rating in a research note on Tuesday, August 1st. Finally, Zacks Investment Research cut shares of Commercial Metals from a hold rating to a strong sell rating in a research note on Monday, September 4th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. The company has an average rating of Hold and a consensus target price of $21.00.

Shares of Commercial Metals (NYSE:CMC) traded down 0.947% on Tuesday, hitting $19.345. 659,001 shares of the stock traded hands. The stock’s 50 day moving average price is $19.35 and its 200 day moving average price is $18.86. Commercial Metals has a 52-week low of $15.16 and a 52-week high of $24.64. The stock has a market cap of $2.24 billion, a P/E ratio of 29.900 and a beta of 1.22.

Commercial Metals (NYSE:CMC) last released its quarterly earnings results on Thursday, October 26th. The basic materials company reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.13). Commercial Metals had a net margin of 1.57% and a return on equity of 7.84%. The firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.21 billion. During the same quarter in the prior year, the business posted $0.01 earnings per share. The firm’s quarterly revenue was up 14.4% on a year-over-year basis. On average, equities analysts expect that Commercial Metals will post $0.85 EPS for the current fiscal year.

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The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 22nd. Investors of record on Wednesday, November 8th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date is Tuesday, November 7th. Commercial Metals’s dividend payout ratio (DPR) is presently 73.85%.

A number of hedge funds and other institutional investors have recently made changes to their positions in CMC. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Commercial Metals by 9.8% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,853 shares of the basic materials company’s stock valued at $114,000 after acquiring an additional 522 shares during the period. Point72 Asia Hong Kong Ltd lifted its stake in Commercial Metals by 367.8% during the 1st quarter. Point72 Asia Hong Kong Ltd now owns 6,591 shares of the basic materials company’s stock valued at $126,000 after acquiring an additional 5,182 shares during the period. Riverhead Capital Management LLC lifted its stake in Commercial Metals by 56.6% during the 2nd quarter. Riverhead Capital Management LLC now owns 6,892 shares of the basic materials company’s stock valued at $134,000 after acquiring an additional 2,492 shares during the period. LS Investment Advisors LLC lifted its stake in Commercial Metals by 20.2% during the 2nd quarter. LS Investment Advisors LLC now owns 9,197 shares of the basic materials company’s stock valued at $179,000 after acquiring an additional 1,548 shares during the period. Finally, Cim Investment Mangement Inc. acquired a new stake in Commercial Metals during the 2nd quarter valued at approximately $202,000. Institutional investors and hedge funds own 90.33% of the company’s stock.

About Commercial Metals

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.

Analyst Recommendations for Commercial Metals (NYSE:CMC)

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