Commercial Metals Company (NYSE:CMC) Receives $73.00 Average PT from Brokerages

Commercial Metals Company (NYSE:CMC) has received a consensus recommendation of “Moderate Buy” from the thirteen ratings firms that are currently covering the firm, MarketBeat reports. Five analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among brokers that have covered the stock in the last year is $72.00.

CMC has been the subject of a number of recent research reports. Wall Street Zen lowered shares of Commercial Metals from a “strong-buy” rating to a “buy” rating in a report on Saturday. Wells Fargo & Company reduced their target price on shares of Commercial Metals from $80.00 to $77.00 and set an “overweight” rating on the stock in a report on Friday, March 27th. Zacks Research cut shares of Commercial Metals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. Jefferies Financial Group set a $85.00 price target on shares of Commercial Metals and gave the stock a “buy” rating in a research note on Thursday, January 8th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Commercial Metals in a research report on Wednesday, January 21st.

Insider Buying and Selling

In other news, insider Jennifer J. Durbin sold 25,050 shares of the firm’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $79.97, for a total value of $2,003,248.50. Following the transaction, the insider owned 52,880 shares in the company, valued at approximately $4,228,813.60. This trade represents a 32.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Dennis V. Arriola bought 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 20th. The stock was purchased at an average cost of $74.69 per share, for a total transaction of $149,380.00. Following the completion of the purchase, the director owned 9,238 shares of the company’s stock, valued at $689,986.22. This trade represents a 27.63% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 0.62% of the stock is owned by insiders.

Institutional Investors Weigh In On Commercial Metals

Several institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada raised its stake in shares of Commercial Metals by 1.4% during the first quarter. Royal Bank of Canada now owns 90,989 shares of the basic materials company’s stock valued at $4,186,000 after acquiring an additional 1,219 shares during the last quarter. Amundi boosted its holdings in shares of Commercial Metals by 13.3% during the first quarter. Amundi now owns 2,480 shares of the basic materials company’s stock worth $114,000 after purchasing an additional 291 shares during the period. Jones Financial Companies Lllp grew its stake in shares of Commercial Metals by 614.9% in the first quarter. Jones Financial Companies Lllp now owns 11,767 shares of the basic materials company’s stock worth $541,000 after purchasing an additional 10,121 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in Commercial Metals by 5.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,033,514 shares of the basic materials company’s stock valued at $47,552,000 after purchasing an additional 56,875 shares during the period. Finally, Empowered Funds LLC increased its holdings in Commercial Metals by 1.8% during the 1st quarter. Empowered Funds LLC now owns 53,305 shares of the basic materials company’s stock valued at $2,453,000 after purchasing an additional 941 shares during the period. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Commercial Metals Trading Up 0.2%

Shares of CMC stock opened at $61.71 on Wednesday. The business has a 50-day moving average price of $71.11 and a two-hundred day moving average price of $66.73. Commercial Metals has a 12-month low of $37.92 and a 12-month high of $84.87. The company has a quick ratio of 1.55, a current ratio of 2.38 and a debt-to-equity ratio of 0.75. The firm has a market cap of $6.84 billion, a P/E ratio of 13.74, a price-to-earnings-growth ratio of 0.35 and a beta of 1.47.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings data on Thursday, March 26th. The basic materials company reported $1.16 earnings per share for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.12). The firm had revenue of $2.13 billion for the quarter, compared to analysts’ expectations of $2.10 billion. Commercial Metals had a net margin of 6.02% and a return on equity of 13.54%. The business’s quarterly revenue was up 21.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.26 earnings per share. Equities analysts anticipate that Commercial Metals will post 3.09 EPS for the current fiscal year.

Commercial Metals Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Monday, April 6th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.3%. The ex-dividend date is Monday, April 6th. This is a positive change from Commercial Metals’s previous quarterly dividend of $0.18. Commercial Metals’s dividend payout ratio is 16.04%.

Commercial Metals Company Profile

Commercial Metals Company (NYSE: CMC) is a leading global steel and metal recycler, manufacturer and fabricator based in Irving, Texas. The company operates an integrated network of scrap recycling facilities, electric arc furnace steel mills, metal fabrication plants and distribution centers. Through these operations, Commercial Metals collects and processes ferrous scrap to produce finished steel products and provides recycled metal to a variety of end markets.

In its steelmaking segment, CMC uses electric arc furnace technology to transform recycled scrap into reinforcing bar (rebar), merchant bar, coil and structural products.