Commercial Metals (CMC) Lowered to Neutral at Bank of America

Bank of America lowered shares of Commercial Metals (NYSE:CMC) from a buy rating to a neutral rating in a research note published on Wednesday, March 14th, MarketBeat reports. They currently have $28.00 price target on the basic materials company’s stock, up from their previous price target of $25.36. The analysts noted that the move was a valuation call.

CMC has been the topic of several other research reports. Zacks Investment Research lowered shares of Commercial Metals from a hold rating to a sell rating in a research report on Thursday, December 28th. JPMorgan Chase upgraded shares of Commercial Metals from a neutral rating to an overweight rating in a research report on Friday, March 9th. Finally, ValuEngine upgraded shares of Commercial Metals from a hold rating to a buy rating in a research report on Thursday, March 1st. Four equities research analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus price target of $23.44.

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Shares of NYSE CMC traded down $0.82 during trading on Wednesday, hitting $19.35. The company had a trading volume of 2,067,583 shares, compared to its average volume of 2,312,163. Commercial Metals has a fifty-two week low of $17.05 and a fifty-two week high of $26.72. The firm has a market cap of $2,256.83, a price-to-earnings ratio of 31.21, a price-to-earnings-growth ratio of 0.33 and a beta of 1.34. The company has a quick ratio of 2.12, a current ratio of 3.11 and a debt-to-equity ratio of 0.55.

Commercial Metals (NYSE:CMC) last announced its earnings results on Thursday, March 22nd. The basic materials company reported $0.26 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.26. Commercial Metals had a net margin of 1.15% and a return on equity of 8.05%. The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same quarter last year, the business earned $0.25 earnings per share. The company’s revenue for the quarter was up 22.3% compared to the same quarter last year. equities research analysts anticipate that Commercial Metals will post 1.41 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 19th. Investors of record on Wednesday, April 4th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Tuesday, April 3rd. This represents a $0.48 dividend on an annualized basis and a yield of 2.48%. Commercial Metals’s payout ratio is presently 77.42%.

In other Commercial Metals news, EVP Tracy L. Porter sold 13,601 shares of the business’s stock in a transaction dated Thursday, January 18th. The shares were sold at an average price of $25.04, for a total value of $340,569.04. Following the transaction, the executive vice president now directly owns 10 shares in the company, valued at approximately $250.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Adam R. Hickey sold 20,000 shares of the business’s stock in a transaction dated Friday, March 2nd. The shares were sold at an average price of $25.85, for a total transaction of $517,000.00. Following the completion of the transaction, the vice president now owns 15,632 shares in the company, valued at $404,087.20. The disclosure for this sale can be found here. Insiders have sold 60,536 shares of company stock worth $1,541,915 over the last 90 days. 1.50% of the stock is currently owned by company insiders.

Large investors have recently bought and sold shares of the business. Strs Ohio boosted its holdings in Commercial Metals by 176.5% in the 4th quarter. Strs Ohio now owns 4,700 shares of the basic materials company’s stock valued at $100,000 after purchasing an additional 3,000 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in Commercial Metals in the 3rd quarter valued at about $101,000. Cerebellum GP LLC acquired a new position in Commercial Metals in the 4th quarter valued at about $129,000. Global X Management Co. LLC boosted its holdings in Commercial Metals by 75.2% in the 4th quarter. Global X Management Co. LLC now owns 8,040 shares of the basic materials company’s stock valued at $171,000 after purchasing an additional 3,450 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Commercial Metals by 38.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,092 shares of the basic materials company’s stock valued at $173,000 after purchasing an additional 2,239 shares during the last quarter. Institutional investors own 88.23% of the company’s stock.

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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.

Analyst Recommendations for Commercial Metals (NYSE:CMC)

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