Commercial Metals (NYSE:CMC) Price Target Raised to $64.00

Commercial Metals (NYSE:CMC) had its price objective raised by JPMorgan Chase & Co. from $63.00 to $64.00 in a research report released on Monday morning,Benzinga reports. The firm currently has a neutral rating on the basic materials company’s stock.

Several other analysts have also weighed in on CMC. Wells Fargo & Company upped their price objective on Commercial Metals from $61.00 to $64.00 and gave the company an “overweight” rating in a report on Friday, September 19th. Zacks Research upgraded Commercial Metals from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 14th. UBS Group upped their price objective on Commercial Metals from $48.00 to $56.00 and gave the company a “neutral” rating in a report on Wednesday, August 13th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Commercial Metals in a research report on Wednesday, October 8th. Finally, Bank of America boosted their target price on Commercial Metals from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, September 15th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $62.65.

Commercial Metals Trading Down 3.6%

Shares of Commercial Metals stock opened at $59.85 on Monday. The company has a quick ratio of 2.03, a current ratio of 2.78 and a debt-to-equity ratio of 0.31. The firm has a market cap of $6.64 billion, a price-to-earnings ratio of 78.74, a price-to-earnings-growth ratio of 1.99 and a beta of 1.32. The business has a fifty day simple moving average of $58.13 and a 200-day simple moving average of $51.75. Commercial Metals has a fifty-two week low of $37.92 and a fifty-two week high of $64.53.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings data on Thursday, October 16th. The basic materials company reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.32 by $0.05. The business had revenue of $2.11 billion during the quarter, compared to analyst estimates of $2.10 billion. Commercial Metals had a return on equity of 8.76% and a net margin of 1.09%.The company’s revenue was up 5.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.90 earnings per share. On average, equities analysts forecast that Commercial Metals will post 3.09 EPS for the current fiscal year.

Commercial Metals Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 13th. Stockholders of record on Thursday, October 30th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, October 30th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.2%. Commercial Metals’s payout ratio is 94.74%.

Insiders Place Their Bets

In other Commercial Metals news, Director John R. Mcpherson purchased 1,722 shares of the company’s stock in a transaction that occurred on Monday, October 20th. The shares were purchased at an average cost of $58.09 per share, with a total value of $100,030.98. Following the completion of the transaction, the director owned 6,722 shares of the company’s stock, valued at approximately $390,480.98. This represents a 34.44% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.46% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC raised its position in Commercial Metals by 12.4% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 25,853 shares of the basic materials company’s stock valued at $1,189,000 after buying an additional 2,846 shares during the period. GAMMA Investing LLC raised its position in Commercial Metals by 25.6% during the first quarter. GAMMA Investing LLC now owns 3,280 shares of the basic materials company’s stock valued at $151,000 after buying an additional 669 shares during the period. SG Americas Securities LLC raised its position in Commercial Metals by 460.1% during the first quarter. SG Americas Securities LLC now owns 12,383 shares of the basic materials company’s stock valued at $570,000 after buying an additional 10,172 shares during the period. State of Alaska Department of Revenue raised its position in Commercial Metals by 2.5% during the first quarter. State of Alaska Department of Revenue now owns 13,316 shares of the basic materials company’s stock valued at $612,000 after buying an additional 325 shares during the period. Finally, Millennium Management LLC raised its position in Commercial Metals by 124.3% during the first quarter. Millennium Management LLC now owns 926,718 shares of the basic materials company’s stock valued at $42,638,000 after buying an additional 513,630 shares during the period. 86.90% of the stock is owned by institutional investors and hedge funds.

Commercial Metals Company Profile

Commercial Metals Company manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, and internationally. It operates through two segments, North America and Europe. The company processes and sells ferrous and nonferrous scrap metals to steel mills and foundries, aluminum sheet and ingot manufacturers, brass and bronze ingot makers, copper refineries and mills, secondary lead smelters, specialty steel mills, high temperature alloy manufacturers, and other consumers.