Commercial Metals Co. (CMC) Trading Down 4.7%
Commercial Metals Co. (NYSE:CMC) dropped 4.7% on Tuesday . The company traded as low as $16.88 and last traded at $16.90, with a volume of 969,813 shares traded. The stock had previously closed at $17.73.
CMC has been the topic of a number of analyst reports. Jefferies Group lowered shares of Commercial Metals from a “buy” rating to a “hold” rating and set a $16.50 target price on the stock. in a report on Monday, March 21st. Zacks Investment Research upgraded shares of Commercial Metals from a “sell” rating to a “hold” rating in a report on Thursday, March 24th. Credit Suisse Group AG lowered their target price on shares of Commercial Metals from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Monday, March 28th. Credit Agricole SA lowered shares of Commercial Metals from a “buy” rating to a “sell” rating and lowered their target price for the stock from $17.00 to $15.00 in a report on Monday, March 28th. Finally, DA Davidson upped their target price on shares of Commercial Metals from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Monday, March 28th. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. Commercial Metals presently has an average rating of “Hold” and a consensus price target of $16.79.
The company’s 50 day moving average is $17.11 and its 200-day moving average is $16.06. The stock has a market capitalization of $1.95 billion and a PE ratio of 15.48.
Commercial Metals (NYSE:CMC) last announced its quarterly earnings results on Thursday, June 23rd. The company reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.05. During the same quarter in the previous year, the business posted $0.58 earnings per share. The firm earned $1.23 billion during the quarter. The firm’s revenue was down 18.5% on a year-over-year basis. Equities research analysts forecast that Commercial Metals Co. will post $0.98 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, July 21st. Stockholders of record on Thursday, July 7th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.82%. The ex-dividend date of this dividend is Tuesday, July 5th.
In related news, VP Adam R. Hickey sold 5,000 shares of the business’s stock in a transaction dated Friday, May 13th. The shares were sold at an average price of $17.00, for a total transaction of $85,000.00. Following the sale, the vice president now owns 27,885 shares of the company’s stock, valued at $474,045. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Tracy L. Porter sold 9,760 shares of the business’s stock in a transaction dated Wednesday, April 20th. The stock was sold at an average price of $18.16, for a total transaction of $177,241.60. Following the sale, the senior vice president now directly owns 1,210 shares in the company, valued at approximately $21,973.60. The disclosure for this sale can be found here.
A number of large investors have bought and sold shares of the company. Liberty Mutual Group Asset Management Inc. raised its stake 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 valued at $1,022,000 after buying an additional 25,360 shares during the last quarter. Mutual of America Capital Management LLC raised its stake in Commercial Metals by 2.6% in the fourth quarter. Mutual of America Capital Management LLC now owns 78,812 shares of the company’s stock valued at $1,079,000 after buying an additional 2,031 shares during the last quarter. New York State Common Retirement Fund raised its stake in Commercial Metals by 5.7% in the fourth quarter. New York State Common Retirement Fund now owns 111,600 shares of the company’s stock valued at $1,528,000 after buying an additional 6,000 shares during the last quarter. Trexquant Investment LP acquired a new stake in Commercial Metals during the fourth quarter valued at approximately $1,542,000. Finally, LSV Asset Management raised its stake 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 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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