Commercial Metals (CMC) Receives New Coverage from Analysts at Longbow Research

Longbow Research assumed coverage on shares of Commercial Metals (NYSE:CMC) in a report issued on Friday. The brokerage issued a buy rating and a $27.00 price target on the basic materials company’s stock.

A number of other analysts also recently commented on the company. Citigroup downgraded Commercial Metals from a buy rating to a neutral rating and decreased their price target for the company from $26.72 to $22.00 in a research report on Tuesday. Deutsche Bank decreased their price target on Commercial Metals from $27.00 to $26.00 and set a buy rating for the company in a research report on Thursday, March 29th. Zacks Investment Research downgraded Commercial Metals from a buy rating to a hold rating in a research report on Tuesday, March 27th. Jefferies Group reaffirmed a buy rating on shares of Commercial Metals in a research report on Friday, March 23rd. Finally, ValuEngine downgraded Commercial Metals from a buy rating to a hold rating in a research report on Friday, March 23rd. Four research analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $23.44.

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Shares of CMC traded down $0.82 on Friday, reaching $19.35. 2,067,583 shares of the company’s stock traded hands, compared to its average volume of 2,312,163. The company has a current ratio of 3.11, a quick ratio of 2.12 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $2,352.46, a price-to-earnings ratio of 31.21, a PEG ratio of 0.34 and a beta of 1.34. Commercial Metals has a 52-week low of $17.05 and a 52-week high of $26.72.

Commercial Metals (NYSE:CMC) last issued its quarterly earnings results on Thursday, March 22nd. The basic materials company reported $0.26 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.26. The company had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.19 billion. Commercial Metals had a return on equity of 8.05% and a net margin of 1.15%. Commercial Metals’s revenue was up 22.3% on a year-over-year basis. During the same period last year, the business posted $0.25 earnings per share. equities research analysts predict that Commercial Metals will post 1.41 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 19th. Shareholders of record on Wednesday, April 4th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.48%. The ex-dividend date of this dividend is Tuesday, April 3rd. Commercial Metals’s dividend payout ratio (DPR) is 77.42%.

In other Commercial Metals news, EVP Tracy L. Porter sold 13,601 shares of the stock in a transaction on Thursday, January 18th. The stock was sold at an average price of $25.04, for a total transaction of $340,569.04. Following the completion of the transaction, the executive vice president now directly owns 10 shares of the company’s stock, valued at $250.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Adam R. Hickey sold 20,000 shares of the stock in a transaction on Monday, February 26th. The shares were sold at an average price of $25.50, for a total value of $510,000.00. Following the transaction, the chief accounting officer now directly owns 15,632 shares of the company’s stock, valued at $398,616. The disclosure for this sale can be found here. Over the last three months, insiders have sold 60,536 shares of company stock valued at $1,541,915. 1.50% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in CMC. Strs Ohio grew its holdings in Commercial Metals by 176.5% during the fourth 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 period. Cerebellum GP LLC bought a new position in Commercial Metals during the fourth quarter valued at $129,000. Global X Management Co. LLC boosted its holdings in shares of Commercial Metals by 75.2% in the fourth quarter. Global X Management Co. LLC now owns 8,040 shares of the basic materials company’s stock worth $171,000 after acquiring an additional 3,450 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Commercial Metals by 38.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,092 shares of the basic materials company’s stock worth $173,000 after acquiring an additional 2,239 shares during the period. Finally, CoreCommodity Management LLC bought a new position in shares of Commercial Metals in the fourth quarter worth $223,000. 88.23% of the stock is owned by institutional investors and hedge funds.

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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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