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.
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.
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.
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