Citigroup upgraded shares of Commercial Metals (NYSE:CMC) to a buy rating in a research note released on Monday morning, TipRanks reports. The brokerage currently has $22.00 price objective on the basic materials company’s stock.
A number of other brokerages also recently issued reports on CMC. Zacks Investment Research raised Commercial Metals from a hold rating to a strong-buy rating and set a $15.00 price target on the stock in a research report on Tuesday, March 10th. Deutsche Bank raised Commercial Metals from a hold rating to a buy rating and upped their price target for the stock from $18.50 to $25.00 in a research report on Tuesday, November 26th. Credit Suisse Group cut their target price on Commercial Metals from $27.00 to $25.00 and set an outperform rating on the stock in a research report on Tuesday, March 17th. ValuEngine raised Commercial Metals from a strong sell rating to a sell rating in a research report on Friday, March 13th. Finally, Bank of America raised Commercial Metals from an underperform rating to a buy rating in a research report on Tuesday, March 17th. One analyst has rated the stock with a sell rating, three have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of Buy and an average price target of $20.61.
Shares of CMC stock opened at $14.69 on Monday. The business’s fifty day simple moving average is $17.74 and its 200-day simple moving average is $19.65. The company has a market cap of $1.61 billion, a PE ratio of 5.63, a PEG ratio of 1.58 and a beta of 1.71. The company has a current ratio of 3.21, a quick ratio of 2.11 and a debt-to-equity ratio of 0.65. Commercial Metals has a 12-month low of $10.76 and a 12-month high of $24.04.
Commercial Metals (NYSE:CMC) last issued its quarterly earnings results on Thursday, March 19th. The basic materials company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.03. The business had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.36 billion. Commercial Metals had a return on equity of 19.41% and a net margin of 5.30%. The business’s quarterly revenue was down 4.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.29 earnings per share. On average, equities analysts forecast that Commercial Metals will post 2.38 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 20th. Investors of record on Monday, April 6th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 3.27%. The ex-dividend date is Friday, April 3rd. Commercial Metals’s payout ratio is 23.08%.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in CMC. Sunbelt Securities Inc. acquired a new stake in Commercial Metals during the 3rd quarter worth about $458,000. Millennium Management LLC grew its position in Commercial Metals by 9.1% during the 3rd quarter. Millennium Management LLC now owns 1,046,612 shares of the basic materials company’s stock worth $18,190,000 after purchasing an additional 87,055 shares during the period. First Trust Advisors LP grew its position in Commercial Metals by 10.0% during the 3rd quarter. First Trust Advisors LP now owns 125,187 shares of the basic materials company’s stock worth $2,176,000 after purchasing an additional 11,418 shares during the period. Stifel Financial Corp acquired a new stake in Commercial Metals during the 3rd quarter worth about $455,000. Finally, Los Angeles Capital Management & Equity Research Inc. grew its position in Commercial Metals by 88.5% during the 4th quarter. Los Angeles Capital Management & Equity Research Inc. now owns 56,925 shares of the basic materials company’s stock worth $1,268,000 after purchasing an additional 26,730 shares during the period. 88.07% of the stock is currently owned by hedge funds and other institutional investors.
Commercial Metals Company Profile
Commercial Metals Company manufactures, recycles, and markets steel and metal products, and related materials and services in the United States and internationally. It operates through four segments: Americas Recycling, Americas Mills, Americas Fabrication, and International Mill. The Americas Recycling segment processes and sells 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.
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