Commercial Metals (NYSE:CMC) Sees Large Volume Increase Following Dividend Announcement

Commercial Metals (NYSE:CMC) saw unusually-high trading volume on Thursday following a dividend announcement from the company. Approximately 53,176 shares traded hands during trading, a decline of 95% from the previous session’s volume of 1,138,939 shares.The stock last traded at $31.34 and had previously closed at $32.49.

The newly announced dividend which will be paid on Wednesday, November 10th. Investors of record on Wednesday, October 27th will be given a dividend of $0.14 per share. The ex-dividend date is Tuesday, October 26th. This is a boost from Commercial Metals’s previous quarterly dividend of $0.12. This represents a $0.56 annualized dividend and a dividend yield of 1.79%. Commercial Metals’s dividend payout ratio (DPR) is 18.18%.

CMC has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft raised Commercial Metals to a “hold” rating and increased their price objective for the company from $32.00 to $36.00 in a research report on Wednesday, September 15th. They noted that the move was a valuation call. JPMorgan Chase & Co. initiated coverage on Commercial Metals in a research report on Wednesday, June 16th. They set a “neutral” rating and a $39.00 price objective on the stock. Zacks Investment Research cut Commercial Metals from a “buy” rating to a “hold” rating and set a $34.00 price objective on the stock. in a research report on Thursday, September 2nd. BMO Capital Markets raised their target price on Commercial Metals from $26.00 to $32.00 and gave the stock a “hold” rating in a research report on Thursday, July 1st. Finally, The Goldman Sachs Group raised Commercial Metals from a “sell” rating to a “neutral” rating and raised their target price for the stock from $31.00 to $33.00 in a research report on Wednesday, October 6th. One investment analyst has rated the stock with a sell rating and eight have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $29.50.

The firm has a 50 day moving average price of $32.18 and a 200 day moving average price of $31.42. The company has a quick ratio of 1.97, a current ratio of 2.95 and a debt-to-equity ratio of 0.47. The stock has a market cap of $3.77 billion, a P/E ratio of 11.99 and a beta of 1.30.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Ameritas Investment Company LLC bought a new position in shares of Commercial Metals in the first quarter worth about $27,000. Koshinski Asset Management Inc. bought a new position in shares of Commercial Metals in the third quarter worth about $32,000. Point72 Hong Kong Ltd raised its stake in shares of Commercial Metals by 63.8% in the first quarter. Point72 Hong Kong Ltd now owns 1,094 shares of the basic materials company’s stock worth $34,000 after buying an additional 426 shares during the period. Parisi Gray Wealth Management bought a new position in shares of Commercial Metals in the second quarter worth about $46,000. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of Commercial Metals by 71.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,566 shares of the basic materials company’s stock worth $48,000 after buying an additional 652 shares during the period. 87.74% of the stock is currently owned by hedge funds and other institutional investors.

Commercial Metals Company Profile (NYSE:CMC)

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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