BMO Capital Markets Cuts Commercial Metals (NYSE:CMC) Price Target to $58.00

Commercial Metals (NYSE:CMC) had its price objective cut by BMO Capital Markets from $62.00 to $58.00 in a research note published on Friday morning,Benzinga reports. They currently have a market perform rating on the basic materials company’s stock.

Several other research firms have also weighed in on CMC. UBS Group reaffirmed a “sell” rating and issued a $56.00 price objective (down from $62.00) on shares of Commercial Metals in a research note on Thursday, December 12th. Wolfe Research lowered shares of Commercial Metals from an “outperform” rating to a “peer perform” rating in a report on Wednesday, October 9th. Morgan Stanley began coverage on shares of Commercial Metals in a research note on Thursday, December 19th. They set an “equal weight” rating and a $65.00 price objective for the company. The Goldman Sachs Group assumed coverage on shares of Commercial Metals in a research note on Monday, December 2nd. They issued a “buy” rating and a $75.00 target price on the stock. Finally, BNP Paribas downgraded Commercial Metals from an “outperform” rating to a “neutral” rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Commercial Metals currently has a consensus rating of “Hold” and a consensus price target of $64.67.

Commercial Metals Stock Down 0.5 %

CMC stock opened at $48.89 on Friday. Commercial Metals has a one year low of $47.42 and a one year high of $64.53. The stock has a market capitalization of $5.57 billion, a P/E ratio of 11.81, a PEG ratio of 2.74 and a beta of 1.19. The company has a 50 day moving average price of $57.06 and a two-hundred day moving average price of $55.03. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.78 and a current ratio of 3.94.

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

Commercial Metals Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Thursday, January 16th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date is Thursday, January 16th. Commercial Metals’s dividend payout ratio is presently 17.39%.

Institutional Trading of Commercial Metals

Institutional investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. boosted its holdings in shares of 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 valued at $94,208,000 after buying an additional 17,931 shares during the period. Vestcor Inc lifted its holdings in Commercial Metals by 108.0% in the third quarter. Vestcor Inc now owns 18,103 shares of the basic materials company’s stock worth $995,000 after acquiring an additional 9,400 shares during the last quarter. Seizert Capital Partners LLC boosted its stake in Commercial Metals by 32.5% in the third quarter. Seizert Capital Partners LLC now owns 75,873 shares of the basic materials company’s stock valued at $4,170,000 after acquiring an additional 18,600 shares during the period. JPMorgan Chase & Co. boosted its stake in Commercial Metals by 6.5% in the third quarter. JPMorgan Chase & Co. now owns 1,081,153 shares of the basic materials company’s stock valued at $59,420,000 after acquiring an additional 66,092 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Commercial Metals by 1.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,462,317 shares of the basic materials company’s stock valued at $80,369,000 after purchasing an additional 18,262 shares during 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.