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.
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.
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