Commercial Metals Co. (CMC) Shares Down 4.7%
Commercial Metals Co. (NYSE:CMC) fell 4.7% during trading on Tuesday . The company traded as low as $16.88 and last traded at $16.90, with a volume of 969,813 shares changing hands. The stock had previously closed at $17.73.
A number of brokerages recently commented on CMC. Credit Suisse Group AG dropped their target price on Commercial Metals from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Monday, March 28th. Jefferies Group restated a “buy” rating on shares of Commercial Metals in a research report on Saturday, June 4th. Credit Agricole SA lowered Commercial Metals from a “buy” rating to a “sell” rating and lowered their price objective for the stock from $17.00 to $15.00 in a research report on Monday, March 28th. Bank of America Corp. lowered Commercial Metals from a “neutral” rating to an “underperform” rating and set a $17.00 price objective on the stock. in a research report on Thursday, June 2nd. Finally, Zacks Investment Research upgraded Commercial Metals from a “sell” rating to a “hold” rating in a research report on Thursday, March 24th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $16.79.
The firm has a market cap of $1.90 billion and a PE ratio of 15.03. The stock’s 50-day moving average price is $17.09 and its 200 day moving average price is $16.07.
Commercial Metals (NYSE:CMC) last released its quarterly earnings results on Thursday, June 23rd. The company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.25 by $0.05. During the same quarter last year, the business posted $0.58 earnings per share. The firm had revenue of $1.23 billion for the quarter. The firm’s revenue for the quarter was down 18.5% compared to the same quarter last year. Equities research analysts expect that Commercial Metals Co. will post $0.98 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, July 21st. Shareholders of record on Thursday, July 7th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.87%. The ex-dividend date is Tuesday, July 5th.
In other Commercial Metals news, Director Anthony A. Massaro sold 2,367 shares of Commercial Metals stock in a transaction that occurred on Tuesday, July 5th. The stock was sold at an average price of $16.36, for a total transaction of $38,724.12. Following the transaction, the director now owns 69,252 shares of the company’s stock, valued at $1,132,962.72. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Adam R. Hickey sold 5,000 shares of Commercial Metals stock in a transaction that occurred on Friday, May 13th. The stock was sold at an average price of $17.00, for a total value of $85,000.00. Following the transaction, the vice president now directly owns 27,885 shares in the company, valued at approximately $474,045. The disclosure for this sale can be found here.
Other hedge funds and institutional investors have recently added to or reduced their stakes in the company. Shell Asset Management Co. purchased a new position in Commercial Metals during the fourth quarter valued at approximately $1,960,000. California State Teachers Retirement System raised its position in Commercial Metals by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 214,422 shares of the company’s stock valued at $2,935,000 after buying an additional 3,360 shares during the period. California Public Employees Retirement System raised its position in Commercial Metals by 1.6% in the fourth quarter. California Public Employees Retirement System now owns 298,000 shares of the company’s stock valued at $4,080,000 after buying an additional 4,700 shares during the period. LSV Asset Management raised its position in Commercial Metals by 12.0% in the fourth quarter. LSV Asset Management now owns 121,200 shares of the company’s stock valued at $1,659,000 after buying an additional 13,000 shares during the period. Finally, Liberty Mutual Group Asset Management Inc. raised its position in Commercial Metals by 51.6% in the fourth quarter. Liberty Mutual Group Asset Management Inc. now owns 74,537 shares of the company’s stock worth $1,022,000 after buying an additional 25,360 shares during the last quarter.
Commercial Metals Company (CMC) manufactures, recycles and markets steel and metal products, related materials and services. CMC has a network of steel mills (minimills), steel fabrication and processing facilities, warehouses, metal recycling facilities. It has five business segments: Americas Recycling, Americas Mills, Americas Fabrication, International Mill, and International Marketing and Distribution.
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