Commercial Metals (NYSE:CMC) Price Target Cut to $58.00 by Analysts at BMO Capital Markets

Commercial Metals (NYSE:CMC) had its price objective reduced by BMO Capital Markets from $62.00 to $58.00 in a research report sent to investors on Friday,Benzinga reports. BMO Capital Markets currently has a market perform rating on the basic materials company’s stock.

A number of other analysts also recently issued reports on CMC. BNP Paribas downgraded Commercial Metals from an “outperform” rating to a “neutral” rating in a research report on Friday. The Goldman Sachs Group started coverage on Commercial Metals in a research report on Monday, December 2nd. They set a “buy” rating and a $75.00 price target on the stock. Wolfe Research cut Commercial Metals from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, October 9th. UBS Group reissued a “sell” rating and issued a $56.00 target price (down from $62.00) on shares of Commercial Metals in a research note on Thursday, December 12th. Finally, Morgan Stanley initiated coverage on shares of Commercial Metals in a research report on Thursday, December 19th. They set an “equal weight” rating and a $65.00 price target on the stock. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $64.67.

Commercial Metals Price Performance

Shares of CMC opened at $48.89 on Friday. The company has a quick ratio of 2.78, a current ratio of 3.94 and a debt-to-equity ratio of 0.27. Commercial Metals has a twelve month low of $47.42 and a twelve month high of $64.53. The stock has a market capitalization of $5.57 billion, a P/E ratio of 11.81, a P/E/G ratio of 2.74 and a beta of 1.19. The company has a 50 day moving average of $57.06 and a 200-day moving average of $54.97.

Commercial Metals (NYSE:CMC) last announced its earnings results on Thursday, October 17th. The basic materials company reported $0.90 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.01). Commercial Metals had a return on equity of 12.20% and a net margin of 6.13%. The business had revenue of $2 billion for the quarter, compared to analyst estimates of $2.07 billion. As a group, equities research analysts forecast that Commercial Metals will post 4.26 EPS for the current fiscal year.

Commercial Metals Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Thursday, January 16th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, January 16th. This represents a $0.72 dividend on an annualized basis and a yield of 1.47%. Commercial Metals’s dividend payout ratio (DPR) is 17.39%.

Hedge Funds Weigh In On Commercial Metals

Several large investors have recently modified their holdings of the stock. nVerses Capital LLC bought a new position in shares of Commercial Metals during the third quarter worth approximately $66,000. GAMMA Investing LLC increased its position in Commercial Metals by 56.6% during the 4th quarter. GAMMA Investing LLC now owns 2,611 shares of the basic materials company’s stock worth $130,000 after buying an additional 944 shares during the period. KBC Group NV lifted its holdings in shares of Commercial Metals by 15.9% during the third quarter. KBC Group NV now owns 3,099 shares of the basic materials company’s stock worth $170,000 after buying an additional 425 shares in the last quarter. Highland Capital Management LLC acquired a new stake in shares of Commercial Metals during the third quarter worth $206,000. Finally, Harbor Capital Advisors Inc. boosted its position in shares of Commercial Metals by 29.7% in the third quarter. Harbor Capital Advisors Inc. now owns 3,798 shares of the basic materials company’s stock valued at $209,000 after acquiring an additional 870 shares during the period. 86.90% of the stock is owned by institutional investors.

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.