Commercial Metals (CMC) PT Raised to $22.00 at Citigroup

Commercial Metals (NYSE:CMC) had its price objective lifted by Citigroup from $19.00 to $22.00 in a research note published on Tuesday morning. The firm currently has a hold rating on the basic materials company’s stock.

A number of other equities research analysts also recently issued reports on the company. ValuEngine upgraded Commercial Metals from a sell rating to a hold rating in a research report on Thursday, November 1st. Macquarie set a $23.00 price objective on Commercial Metals and gave the company a hold rating in a research report on Friday, October 26th. Seaport Global Securities began coverage on Commercial Metals in a research report on Thursday, October 11th. They set a neutral rating and a $20.00 price objective on the stock. Deutsche Bank downgraded Commercial Metals to a buy rating in a research report on Tuesday, October 2nd. Finally, Goldman Sachs Group upgraded Commercial Metals from a sell rating to a neutral rating and set a $24.00 price objective on the stock in a research report on Monday, August 13th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $24.13.

CMC stock traded down $0.63 during midday trading on Tuesday, reaching $19.52. 928,054 shares of the company traded hands, compared to its average volume of 1,733,006. Commercial Metals has a 52-week low of $17.26 and a 52-week high of $26.72. The company has a debt-to-equity ratio of 0.76, a current ratio of 3.83 and a quick ratio of 2.75. The company has a market cap of $2.38 billion, a PE ratio of 13.10 and a beta of 1.26.

Commercial Metals (NYSE:CMC) last issued its quarterly earnings data on Thursday, October 25th. The basic materials company reported $0.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.08. Commercial Metals had a return on equity of 12.11% and a net margin of 2.88%. The business had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.29 billion. Equities research analysts expect that Commercial Metals will post 2.25 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 21st. Stockholders of record on Wednesday, November 7th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, November 6th. This represents a $0.48 annualized dividend and a dividend yield of 2.46%. Commercial Metals’s payout ratio is 32.21%.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Arizona State Retirement System raised its holdings in shares of Commercial Metals by 3.0% in the second quarter. Arizona State Retirement System now owns 81,233 shares of the basic materials company’s stock worth $1,715,000 after buying an additional 2,354 shares during the period. OppenheimerFunds Inc. raised its holdings in shares of Commercial Metals by 4.2% in the second quarter. OppenheimerFunds Inc. now owns 74,946 shares of the basic materials company’s stock worth $1,583,000 after buying an additional 3,041 shares during the period. Mutual of America Capital Management LLC raised its holdings in shares of Commercial Metals by 3.4% in the second quarter. Mutual of America Capital Management LLC now owns 100,336 shares of the basic materials company’s stock worth $2,118,000 after buying an additional 3,279 shares during the period. Tower Research Capital LLC TRC raised its holdings in shares of Commercial Metals by 79.2% in the second quarter. Tower Research Capital LLC TRC now owns 8,647 shares of the basic materials company’s stock worth $182,000 after buying an additional 3,822 shares during the period. Finally, American International Group Inc. raised its holdings in shares of Commercial Metals by 1.2% in the third quarter. American International Group Inc. now owns 313,020 shares of the basic materials company’s stock worth $6,423,000 after buying an additional 3,830 shares during the period. Hedge funds and other institutional investors own 89.01% of the company’s stock.

Commercial Metals Company Profile

Commercial Metals Company manufactures, recycles, and markets steel and metal products, and related materials and services in the United States and internationally. It operates through five segments: Americas Recycling, Americas Mills, Americas Fabrication, International Mill, and International Marketing and Distribution.

Featured Story: Stock Symbols and CUSIP Explained

Analyst Recommendations for Commercial Metals (NYSE:CMC)

Receive News & Ratings for Commercial Metals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Commercial Metals and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply