Commercial Metals (NYSE:CMC) Price Target Raised to $68.00

Commercial Metals (NYSE:CMC) had its price objective increased by Wells Fargo & Company from $64.00 to $68.00 in a report issued on Thursday morning,Benzinga reports. The brokerage currently has an overweight rating on the basic materials company’s stock.

A number of other equities analysts have also recently weighed in on the stock. Bank of America increased their price objective on shares of Commercial Metals from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, September 15th. The Goldman Sachs Group upped their price target on Commercial Metals from $69.00 to $76.00 and gave the stock a “buy” rating in a research note on Thursday, October 23rd. Jefferies Financial Group set a $70.00 price objective on Commercial Metals and gave the company a “hold” rating in a research note on Wednesday, October 22nd. Wall Street Zen upgraded Commercial Metals from a “buy” rating to a “strong-buy” rating in a report on Monday, October 20th. Finally, Citigroup upgraded Commercial Metals from a “neutral” rating to a “buy” rating and raised their target price for the company from $60.00 to $65.00 in a report on Friday, October 17th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $64.20.

Commercial Metals Stock Up 2.5%

Shares of NYSE:CMC opened at $58.85 on Thursday. The company has a market capitalization of $6.53 billion, a price-to-earnings ratio of 77.43, a PEG ratio of 1.94 and a beta of 1.34. Commercial Metals has a 12-month low of $37.92 and a 12-month high of $64.53. The business has a 50-day moving average price of $58.62 and a 200 day moving average price of $53.36. The company has a current ratio of 2.78, a quick ratio of 2.03 and a debt-to-equity ratio of 0.31.

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

Commercial Metals Dividend Announcement

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

Insider Buying and Selling

In related news, Director John R. Mcpherson purchased 1,722 shares of the business’s stock in a transaction on Monday, October 20th. The shares were bought at an average price of $58.09 per share, for a total transaction of $100,030.98. Following the acquisition, the director directly owned 6,722 shares in the company, valued at $390,480.98. This trade represents a 34.44% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.46% of the stock is owned by insiders.

Hedge Funds Weigh In On Commercial Metals

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Blue Trust Inc. raised its holdings in Commercial Metals by 2.3% in the third quarter. Blue Trust Inc. now owns 7,867 shares of the basic materials company’s stock valued at $451,000 after acquiring an additional 180 shares in the last quarter. Spire Wealth Management increased its position in shares of Commercial Metals by 42.4% in the 3rd quarter. Spire Wealth Management now owns 615 shares of the basic materials company’s stock valued at $35,000 after purchasing an additional 183 shares during the last quarter. Ashton Thomas Private Wealth LLC raised its holdings in shares of Commercial Metals by 4.0% in the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 4,755 shares of the basic materials company’s stock valued at $272,000 after purchasing an additional 184 shares in the last quarter. Captrust Financial Advisors lifted its position in shares of Commercial Metals by 4.4% during the 2nd quarter. Captrust Financial Advisors now owns 4,813 shares of the basic materials company’s stock worth $235,000 after purchasing an additional 202 shares during the last quarter. Finally, Flagship Harbor Advisors LLC lifted its position in shares of Commercial Metals by 4.7% during the 3rd quarter. Flagship Harbor Advisors LLC now owns 4,775 shares of the basic materials company’s stock worth $274,000 after purchasing an additional 213 shares during the last quarter. 86.90% of the stock is owned by institutional investors and hedge funds.

About Commercial Metals

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.