Commercial Metals (NYSE:CMC) Coverage Initiated by Analysts at The Goldman Sachs Group

The Goldman Sachs Group started coverage on shares of Commercial Metals (NYSE:CMC) in a report released on Monday, MarketBeat.com reports. The brokerage issued a buy rating and a $75.00 target price on the basic materials company’s stock.

Several other equities analysts have also recently commented on CMC. Wolfe Research cut shares of Commercial Metals from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, October 9th. Jefferies Financial Group assumed coverage on shares of Commercial Metals in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $65.00 price target for the company. Finally, BMO Capital Markets set a $62.00 price target on shares of Commercial Metals and gave the company a “market perform” rating in a research report on Friday, October 18th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $67.20.

Commercial Metals Stock Performance

NYSE:CMC opened at $62.19 on Monday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.78 and a current ratio of 3.94. The stock has a market capitalization of $7.09 billion, a P/E ratio of 15.26, a PEG ratio of 2.82 and a beta of 1.15. The company has a 50 day moving average price of $56.81 and a 200 day moving average price of $54.94. Commercial Metals has a fifty-two week low of $44.93 and a fifty-two week high of $64.53.

Commercial Metals (NYSE:CMC) last posted its quarterly earnings data on Thursday, October 17th. The basic materials company reported $0.90 earnings per share for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.01). Commercial Metals had a return on equity of 12.20% and a net margin of 6.13%. The company had revenue of $2 billion for the quarter, compared to analysts’ expectations of $2.07 billion. Equities research analysts forecast that Commercial Metals will post 4.26 EPS for the current year.

Commercial Metals Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were issued a $0.18 dividend. The ex-dividend date was Thursday, October 31st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.16%. Commercial Metals’s payout ratio is 17.39%.

Institutional Investors Weigh In On Commercial Metals

A number of hedge funds and other institutional investors have recently modified their holdings of the company. First Dallas Securities Inc. raised its holdings in shares of Commercial Metals by 0.8% in the 2nd quarter. First Dallas Securities Inc. now owns 22,234 shares of the basic materials company’s stock valued at $1,222,000 after purchasing an additional 185 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in Commercial Metals by 0.7% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 26,778 shares of the basic materials company’s stock worth $1,473,000 after acquiring an additional 187 shares in the last quarter. Tectonic Advisors LLC raised its stake in Commercial Metals by 1.6% during the 3rd quarter. Tectonic Advisors LLC now owns 17,774 shares of the basic materials company’s stock worth $977,000 after acquiring an additional 272 shares in the last quarter. SummerHaven Investment Management LLC raised its stake in Commercial Metals by 2.1% during the 2nd quarter. SummerHaven Investment Management LLC now owns 13,615 shares of the basic materials company’s stock worth $749,000 after acquiring an additional 276 shares in the last quarter. Finally, Assetmark Inc. raised its stake in Commercial Metals by 6.4% during the 3rd quarter. Assetmark Inc. now owns 4,602 shares of the basic materials company’s stock worth $253,000 after acquiring an additional 277 shares in the last quarter. 86.90% of the stock is currently owned by institutional investors and hedge funds.

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.