Commercial Metals (NYSE:CMC) Increases Dividend to $0.14 Per Share

Commercial Metals (NYSE:CMC) announced a quarterly dividend on Wednesday, October 13th, Zacks reports. Investors of record on Wednesday, October 27th will be given a dividend of 0.14 per share by the basic materials company on Wednesday, November 10th. This represents a $0.56 annualized dividend and a yield of 1.72%. The ex-dividend date is Tuesday, October 26th. This is a positive change from Commercial Metals’s previous quarterly dividend of $0.12.

Commercial Metals has a dividend payout ratio of 14.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Commercial Metals to earn $2.92 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 16.4%.

NYSE CMC opened at $32.49 on Thursday. Commercial Metals has a one year low of $18.67 and a one year high of $36.49. The stock has a 50-day moving average of $32.18 and a 200 day moving average of $31.42. The company has a market capitalization of $3.92 billion, a price-to-earnings ratio of 11.99 and a beta of 1.30. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.97 and a current ratio of 2.95.

A hedge fund recently raised its stake in Commercial Metals stock. Morgan Stanley raised its holdings in Commercial Metals (NYSE:CMC) by 76.8% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 846,328 shares of the basic materials company’s stock after acquiring an additional 367,685 shares during the quarter. Morgan Stanley owned approximately 0.70% of Commercial Metals worth $25,999,000 as of its most recent filing with the Securities & Exchange Commission. Institutional investors own 87.74% of the company’s stock.

A number of research analysts recently issued reports on the company. Zacks Investment Research downgraded Commercial Metals from a “buy” rating to a “hold” rating and set a $34.00 price objective for the company. in a research note on Thursday, September 2nd. The Goldman Sachs Group upgraded Commercial Metals from a “sell” rating to a “neutral” rating and boosted their price objective for the company from $31.00 to $33.00 in a research note on Wednesday, October 6th. BMO Capital Markets boosted their price objective on Commercial Metals from $26.00 to $32.00 and gave the company a “hold” rating in a research note on Thursday, July 1st. Deutsche Bank Aktiengesellschaft upgraded Commercial Metals to a “hold” rating and boosted their price objective for the company from $32.00 to $36.00 in a research note on Wednesday, September 15th. They noted that the move was a valuation call. Finally, JPMorgan Chase & Co. assumed coverage on Commercial Metals in a research note on Wednesday, June 16th. They set a “neutral” rating and a $39.00 price objective for the company. One analyst has rated the stock with a sell rating and eight have given a hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $29.50.

About Commercial Metals

Commercial Metals Co engages in the manufacture, recycling, and marketing of steel and metal products. It operates through the following segments: North America and Europe. The North America segment is a vertically integrated network of recycling facilities, steel mills and fabrication operations. The Europe segment is a vertically integrated network of recycling facilities, an EAF mini mill and fabrication operations located in Poland.

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Dividend History for Commercial Metals (NYSE:CMC)

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