Commercial Metals (NYSE:CMC) Given New $54.00 Price Target at BMO Capital Markets

Commercial Metals (NYSE:CMC) had its target price trimmed by BMO Capital Markets from $58.00 to $54.00 in a research report released on Friday morning,Benzinga reports. The brokerage currently has a market perform rating on the basic materials company’s stock.

A number of other brokerages have also weighed in on CMC. BNP Paribas lowered shares of Commercial Metals from an “outperform” rating to a “neutral” rating in a research note on Friday, January 3rd. Jefferies Financial Group cut their price objective on Commercial Metals from $65.00 to $62.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. The Goldman Sachs Group began coverage on Commercial Metals in a research report on Monday, December 2nd. They issued a “buy” rating and a $75.00 target price for the company. Morgan Stanley dropped their price target on Commercial Metals from $56.00 to $53.00 and set an “equal weight” rating on the stock in a research report on Friday, March 7th. Finally, UBS Group upgraded Commercial Metals from a “sell” rating to a “neutral” rating and decreased their price objective for the stock from $56.00 to $54.00 in a report on Friday, January 10th. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $61.17.

Commercial Metals Trading Down 1.5 %

CMC opened at $46.67 on Friday. Commercial Metals has a one year low of $42.62 and a one year high of $64.53. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.76 and a quick ratio of 1.94. The business has a 50 day simple moving average of $48.86 and a two-hundred day simple moving average of $52.72. The firm has a market capitalization of $5.30 billion, a price-to-earnings ratio of 42.04, a PEG ratio of 2.62 and a beta of 1.17.

Commercial Metals (NYSE:CMC) last announced its earnings results on Thursday, March 20th. The basic materials company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.05). The business had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.73 billion. Commercial Metals had a net margin of 1.70% and a return on equity of 9.88%. Commercial Metals’s revenue was down 5.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.88 EPS. Analysts predict that Commercial Metals will post 3.09 EPS for the current year.

Commercial Metals Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 9th. Shareholders of record on Monday, March 31st will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.54%. The ex-dividend date is Monday, March 31st. Commercial Metals’s dividend payout ratio (DPR) is 64.86%.

Hedge Funds Weigh In On Commercial Metals

A number of hedge funds have recently bought and sold shares of CMC. JPMorgan Chase & Co. increased its stake in Commercial Metals by 6.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,081,153 shares of the basic materials company’s stock valued at $59,420,000 after purchasing an additional 66,092 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Commercial Metals by 1.1% in the 3rd quarter. Principal Financial Group Inc. now owns 1,714,116 shares of the basic materials company’s stock worth $94,208,000 after acquiring an additional 17,931 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in Commercial Metals by 66.0% in the 4th quarter. Assenagon Asset Management S.A. now owns 71,151 shares of the basic materials company’s stock worth $3,529,000 after acquiring an additional 28,297 shares during the last quarter. Vestcor Inc boosted its stake in Commercial Metals by 108.0% during the 3rd quarter. Vestcor Inc now owns 18,103 shares of the basic materials company’s stock valued at $995,000 after purchasing an additional 9,400 shares during the last quarter. Finally, Covea Finance increased its holdings in shares of Commercial Metals by 44.2% in the 4th quarter. Covea Finance now owns 62,000 shares of the basic materials company’s stock worth $3,075,000 after purchasing an additional 19,000 shares in the last quarter. Institutional investors own 86.90% of the company’s stock.

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.