BMO Capital Markets Boosts Commercial Metals (NYSE:CMC) Price Target to $40.00

Commercial Metals (NYSE:CMC) had its price target increased by BMO Capital Markets from $34.00 to $40.00 in a research report released on Tuesday, The Fly reports.

Several other analysts have also recently issued reports on CMC. The Goldman Sachs Group raised shares of Commercial Metals from a sell rating to a neutral rating and upped their price objective for the company from $31.00 to $33.00 in a research note on Wednesday, October 6th. Deutsche Bank Aktiengesellschaft raised shares of Commercial Metals to a hold rating and increased their price target 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. JPMorgan Chase & Co. raised shares of Commercial Metals from a neutral rating to an overweight rating and set a $42.00 price target for the company in a research note on Friday, December 10th. Finally, Wolfe Research began coverage on shares of Commercial Metals in a research note on Tuesday, November 16th. They issued an outperform rating and a $41.00 price target for the company. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and an average target price of $37.00.

Shares of NYSE CMC opened at $37.92 on Tuesday. Commercial Metals has a 12-month low of $19.44 and a 12-month high of $38.72. The stock has a market cap of $4.61 billion, a PE ratio of 7.97 and a beta of 1.26. The company has a current ratio of 3.12, a quick ratio of 1.84 and a debt-to-equity ratio of 0.41. The company has a 50-day moving average of $34.47 and a 200 day moving average of $32.75.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings data on Monday, January 10th. The basic materials company reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.30 by $0.32. Commercial Metals had a net margin of 7.95% and a return on equity of 25.05%. The company had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $2.02 billion. During the same quarter in the prior year, the company earned $0.58 EPS. Commercial Metals’s revenue was up 42.4% compared to the same quarter last year. On average, sell-side analysts forecast that Commercial Metals will post 3.9 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 3rd. Stockholders of record on Thursday, January 20th will be issued a $0.14 dividend. The ex-dividend date is Wednesday, January 19th. This represents a $0.56 annualized dividend and a dividend yield of 1.48%. Commercial Metals’s dividend payout ratio is currently 11.76%.

In other news, CEO Barbara Smith sold 14,903 shares of the company’s stock in a transaction that occurred on Monday, November 22nd. The shares were sold at an average price of $36.77, for a total value of $547,983.31. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, COO Tracy L. Porter sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 19th. The stock was sold at an average price of $31.69, for a total transaction of $633,800.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 41,752 shares of company stock worth $1,434,237. Company insiders own 1.20% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its holdings in Commercial Metals by 0.4% during the 2nd quarter. BlackRock Inc. now owns 15,151,295 shares of the basic materials company’s stock worth $465,448,000 after buying an additional 64,934 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Commercial Metals by 3.1% during the 2nd quarter. Vanguard Group Inc. now owns 12,985,855 shares of the basic materials company’s stock worth $398,926,000 after buying an additional 386,121 shares in the last quarter. FMR LLC lifted its holdings in Commercial Metals by 4.8% during the 2nd quarter. FMR LLC now owns 10,646,814 shares of the basic materials company’s stock worth $327,070,000 after buying an additional 485,581 shares in the last quarter. State Street Corp lifted its holdings in Commercial Metals by 6.1% during the 2nd quarter. State Street Corp now owns 6,813,598 shares of the basic materials company’s stock worth $210,123,000 after buying an additional 388,750 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Commercial Metals by 3.7% during the 2nd quarter. Geode Capital Management LLC now owns 2,155,400 shares of the basic materials company’s stock worth $66,213,000 after buying an additional 76,303 shares in the last quarter. Institutional investors own 85.06% of the company’s stock.

Commercial Metals Company Profile

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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