Commercial Metals (NYSE:CMC) Given New $62.00 Price Target at Jefferies Financial Group

Commercial Metals (NYSE:CMC) had its price objective lowered by Jefferies Financial Group from $65.00 to $62.00 in a research report sent to investors on Monday,Benzinga reports. The brokerage currently has a buy rating on the basic materials company’s stock.

CMC has been the subject of several other reports. BNP Paribas downgraded shares of Commercial Metals from an “outperform” rating to a “neutral” rating in a research note on Friday. UBS Group restated a “sell” rating and set a $56.00 target price (down from $62.00) on shares of Commercial Metals in a report on Thursday, December 12th. The Goldman Sachs Group assumed 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. BMO Capital Markets lowered their price objective on Commercial Metals from $62.00 to $58.00 and set a “market perform” rating for the company in a research report on Friday. Finally, Morgan Stanley assumed coverage on shares of Commercial Metals in a report on Thursday, December 19th. They issued an “equal weight” rating and a $65.00 target price on the stock. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $64.17.

Commercial Metals Price Performance

CMC opened at $50.51 on Monday. The stock has a market capitalization of $5.76 billion, a P/E ratio of 12.20, a PEG ratio of 2.74 and a beta of 1.19. The company has a current ratio of 3.94, a quick ratio of 2.78 and a debt-to-equity ratio of 0.27. Commercial Metals has a 12-month low of $47.42 and a 12-month high of $64.53. The stock has a 50-day moving average price of $56.99 and a 200-day moving average price of $55.01.

Commercial Metals (NYSE:CMC) last issued its quarterly earnings results on Monday, January 6th. The basic materials company reported $0.78 EPS for the quarter, meeting analysts’ consensus estimates of $0.78. The business had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.85 billion. Commercial Metals had a net margin of 6.13% and a return on equity of 12.20%. The business’s quarterly revenue was down 4.7% on a year-over-year basis. During the same period last year, the business earned $1.49 earnings per share. Equities analysts predict that Commercial Metals will post 4.26 earnings per share for the current fiscal year.

Commercial Metals Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Thursday, January 16th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.43%. The ex-dividend date of this dividend is Thursday, January 16th. Commercial Metals’s dividend payout ratio (DPR) is currently 17.39%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. nVerses Capital LLC bought a new position in Commercial Metals in the third quarter worth about $66,000. GAMMA Investing LLC grew its holdings in shares of 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 acquiring an additional 944 shares during the period. KBC Group NV raised its position in shares of Commercial Metals by 15.9% in the 3rd quarter. KBC Group NV now owns 3,099 shares of the basic materials company’s stock worth $170,000 after acquiring an additional 425 shares in the last quarter. Highland Capital Management LLC purchased a new position in shares of Commercial Metals in the 3rd quarter valued at approximately $206,000. Finally, Harbor Capital Advisors Inc. lifted its stake in shares of Commercial Metals by 29.7% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 3,798 shares of the basic materials company’s stock valued at $209,000 after purchasing an additional 870 shares during the period. 86.90% of the stock is currently owned by institutional investors.

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.