Commercial Metals Company (NYSE:CMC) Receives $79.45 Consensus Target Price from Analysts

Shares of Commercial Metals Company (NYSE:CMC) have been assigned a consensus rating of “Moderate Buy” from the fifteen ratings firms that are currently covering the stock, MarketBeat Ratings reports. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $79.4545.

Several brokerages have recently issued reports on CMC. Jefferies Financial Group raised Commercial Metals from a “buy” rating to a “buy” rating in a research report on Friday, June 5th. JPMorgan Chase & Co. reduced their price target on shares of Commercial Metals from $83.00 to $78.00 and set an “overweight” rating for the company in a research report on Tuesday, April 14th. Citigroup dropped their price objective on Commercial Metals from $85.00 to $75.00 and set a “buy” rating on the stock in a research note on Tuesday, July 7th. Weiss Ratings upgraded Commercial Metals from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, June 30th. Finally, Wall Street Zen downgraded Commercial Metals from a “strong-buy” rating to a “buy” rating in a research note on Saturday, April 4th.

Commercial Metals Stock Performance

Shares of CMC stock opened at $66.34 on Friday. The company has a debt-to-equity ratio of 0.73, a current ratio of 2.33 and a quick ratio of 1.54. The firm has a 50-day moving average of $70.57 and a 200-day moving average of $70.61. Commercial Metals has a one year low of $49.66 and a one year high of $84.87. The company has a market cap of $7.34 billion, a P/E ratio of 12.49, a P/E/G ratio of 0.39 and a beta of 1.54.

Commercial Metals (NYSE:CMC) last posted its quarterly earnings data on Thursday, June 25th. The basic materials company reported $1.73 EPS for the quarter, beating the consensus estimate of $1.70 by $0.03. The firm had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.40 billion. Commercial Metals had a net margin of 6.72% and a return on equity of 15.69%. The company’s revenue for the quarter was up 22.9% on a year-over-year basis. During the same quarter last year, the business posted $0.74 EPS. Equities research analysts forecast that Commercial Metals will post 6.63 EPS for the current fiscal year.

Commercial Metals Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Monday, July 6th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, July 6th. This represents a $0.80 annualized dividend and a yield of 1.2%. Commercial Metals’s dividend payout ratio is 15.07%.

Insiders Place Their Bets

In other Commercial Metals news, CEO Peter R. Matt bought 8,230 shares of Commercial Metals stock in a transaction dated Friday, July 10th. The stock was purchased at an average price of $61.30 per share, for a total transaction of $504,499.00. Following the completion of the purchase, the chief executive officer directly owned 181,522 shares of the company’s stock, valued at approximately $11,127,298.60. This trade represents a 4.75% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 0.62% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CMC. State Street Corp boosted its holdings in shares of Commercial Metals by 1.5% in the fourth quarter. State Street Corp now owns 6,361,477 shares of the basic materials company’s stock worth $440,341,000 after acquiring an additional 91,104 shares during the period. Boston Partners raised its stake in shares of Commercial Metals by 1.9% during the 3rd quarter. Boston Partners now owns 3,641,930 shares of the basic materials company’s stock valued at $208,629,000 after purchasing an additional 67,139 shares during the period. Geode Capital Management LLC lifted its holdings in Commercial Metals by 3.1% during the 4th quarter. Geode Capital Management LLC now owns 2,926,864 shares of the basic materials company’s stock worth $202,626,000 after purchasing an additional 86,749 shares in the last quarter. Invesco Ltd. lifted its holdings in Commercial Metals by 4.8% during the 3rd quarter. Invesco Ltd. now owns 1,661,027 shares of the basic materials company’s stock worth $95,144,000 after purchasing an additional 76,365 shares in the last quarter. Finally, Bank of America Corp DE boosted its stake in Commercial Metals by 87.4% in the 1st quarter. Bank of America Corp DE now owns 1,631,213 shares of the basic materials company’s stock worth $100,205,000 after purchasing an additional 760,985 shares during the period. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

About Commercial Metals

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.