Commercial Metals (NYSE:CMC) Given Consensus Rating of “Moderate Buy” by Analysts

Commercial Metals (NYSE:CMC) has received a consensus rating of “Moderate Buy” from the five brokerages that are presently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $65.25.

CMC has been the topic of several research analyst reports. Bank of America cut their target price on shares of Commercial Metals from $70.00 to $69.00 and set a “buy” rating on the stock in a research note on Wednesday, June 26th. Wolfe Research downgraded Commercial Metals from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, October 9th. Jefferies Financial Group started coverage on Commercial Metals in a research note on Tuesday, September 3rd. They set a “buy” rating and a $65.00 price target on the stock. Finally, BMO Capital Markets set a $62.00 price objective on Commercial Metals and gave the company a “market perform” rating in a report on Friday.

Institutional Trading of Commercial Metals

A number of institutional investors and hedge funds have recently modified their holdings of the business. Russell Investments Group Ltd. grew its stake in Commercial Metals by 11.7% in the 1st quarter. Russell Investments Group Ltd. now owns 198,675 shares of the basic materials company’s stock valued at $11,676,000 after purchasing an additional 20,751 shares during the period. Boston Partners grew its position in Commercial Metals by 23,390.7% during the first quarter. Boston Partners now owns 3,076,337 shares of the basic materials company’s stock valued at $180,752,000 after buying an additional 3,063,241 shares during the period. BNP Paribas Financial Markets increased its holdings in Commercial Metals by 61.9% during the first quarter. BNP Paribas Financial Markets now owns 67,054 shares of the basic materials company’s stock worth $3,941,000 after buying an additional 25,642 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its position in Commercial Metals by 388.4% in the first quarter. Jacobs Levy Equity Management Inc. now owns 298,621 shares of the basic materials company’s stock worth $17,550,000 after acquiring an additional 237,477 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its stake in Commercial Metals by 11.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 630,836 shares of the basic materials company’s stock valued at $37,075,000 after acquiring an additional 67,068 shares during the last quarter. 86.90% of the stock is owned by hedge funds and other institutional investors.

Commercial Metals Price Performance

Shares of NYSE CMC opened at $53.48 on Wednesday. The firm has a fifty day simple moving average of $53.02 and a 200 day simple moving average of $54.39. Commercial Metals has a twelve month low of $39.85 and a twelve month high of $61.26. The company has a quick ratio of 2.83, a current ratio of 4.24 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $6.15 billion, a PE ratio of 11.14 and a beta of 1.14.

Commercial Metals Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date of this dividend is Thursday, October 31st. Commercial Metals’s payout ratio is 15.00%.

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.