Commercial Metals (NYSE:CMC) Hits New 52-Week High – Here’s What Happened

Shares of Commercial Metals Company (NYSE:CMC) reached a new 52-week high on Friday . The company traded as high as $72.02 and last traded at $71.77, with a volume of 585665 shares traded. The stock had previously closed at $69.22.

Analysts Set New Price Targets

A number of research analysts have commented on CMC shares. Wells Fargo & Company increased their price objective on shares of Commercial Metals from $68.00 to $79.00 and gave the company an “overweight” rating in a research note on Monday, December 15th. Morgan Stanley raised shares of Commercial Metals from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $57.50 to $68.00 in a research report on Friday, October 24th. The Goldman Sachs Group reissued a “buy” rating and issued a $84.00 price objective on shares of Commercial Metals in a report on Tuesday. Bank of America increased their target price on Commercial Metals from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Monday, September 15th. Finally, Wall Street Zen raised Commercial Metals from a “buy” rating to a “strong-buy” rating in a research report on Friday, November 28th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $68.30.

Commercial Metals Stock Performance

The firm has a market cap of $7.97 billion, a price-to-earnings ratio of 94.44, a PEG ratio of 0.38 and a beta of 1.49. The stock’s fifty day moving average is $64.16 and its two-hundred day moving average is $58.32. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.03 and a current ratio of 2.78.

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

Commercial Metals Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 13th. Investors of record on Thursday, October 30th were issued a $0.18 dividend. The ex-dividend date of this dividend was Thursday, October 30th. This represents a $0.72 annualized dividend and a yield of 1.0%. Commercial Metals’s dividend payout ratio is presently 94.74%.

Insider Transactions at Commercial Metals

In other news, Director John R. Mcpherson purchased 1,722 shares of the firm’s stock in a transaction on Monday, October 20th. The stock was purchased at an average cost of $58.09 per share, with a total value of $100,030.98. Following the purchase, the director owned 6,722 shares in the company, valued at $390,480.98. This trade represents a 34.44% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.62% of the stock is owned by corporate insiders.

Institutional Trading of Commercial Metals

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Root Financial Partners LLC purchased a new position in shares of Commercial Metals in the third quarter worth approximately $25,000. Rothschild Investment LLC boosted its position in Commercial Metals by 169.6% during the 3rd quarter. Rothschild Investment LLC now owns 515 shares of the basic materials company’s stock worth $29,000 after acquiring an additional 324 shares during the period. Spire Wealth Management boosted its position in Commercial Metals by 42.4% during the 3rd quarter. Spire Wealth Management now owns 615 shares of the basic materials company’s stock worth $35,000 after acquiring an additional 183 shares during the period. SBI Securities Co. Ltd. grew its stake in Commercial Metals by 282.3% during the 2nd quarter. SBI Securities Co. Ltd. now owns 692 shares of the basic materials company’s stock valued at $34,000 after acquiring an additional 511 shares in the last quarter. Finally, Signaturefd LLC grew its position in Commercial Metals by 51.4% during the second quarter. Signaturefd LLC now owns 890 shares of the basic materials company’s stock valued at $44,000 after purchasing an additional 302 shares in the last quarter. Institutional investors and hedge funds own 86.90% of the company’s stock.

Commercial Metals Company Profile

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.