Morgan Stanley Cuts Commercial Metals (NYSE:CMC) Price Target to $53.00

Commercial Metals (NYSE:CMC) had its price objective reduced by Morgan Stanley from $56.00 to $53.00 in a research note published on Friday,Benzinga reports. They currently have an equal weight rating on the basic materials company’s stock.

CMC has been the subject of a number of other reports. BMO Capital Markets reduced their price target on shares of Commercial Metals from $62.00 to $58.00 and set a “market perform” rating for the company in a research report on Friday, January 3rd. UBS Group upgraded shares of Commercial Metals from a “sell” rating to a “neutral” rating and reduced their price target for the company from $56.00 to $54.00 in a research report on Friday, January 10th. Jefferies Financial Group reduced their price target on shares of Commercial Metals from $65.00 to $62.00 and set a “buy” rating for the company in a research report on Monday, January 6th. The Goldman Sachs Group initiated coverage on shares of Commercial Metals in a report on Monday, December 2nd. They set a “buy” rating and a $75.00 price objective for the company. Finally, BNP Paribas downgraded shares of Commercial Metals from an “outperform” rating to a “neutral” rating in a report on Friday, January 3rd. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $61.83.

Commercial Metals Stock Down 1.3 %

Commercial Metals stock opened at $45.85 on Friday. Commercial Metals has a 1-year low of $43.81 and a 1-year high of $64.53. The firm has a market capitalization of $5.21 billion, a price-to-earnings ratio of 41.30, a P/E/G ratio of 2.62 and a beta of 1.17. The company has a current ratio of 2.76, a quick ratio of 1.94 and a debt-to-equity ratio of 0.29. The firm has a 50 day simple moving average of $49.49 and a 200 day simple moving average of $53.27.

Commercial Metals (NYSE:CMC) last released 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 firm had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.85 billion. Commercial Metals had a net margin of 1.70% and a return on equity of 9.88%. The business’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same period in the previous year, the business earned $1.49 EPS. On average, analysts predict that Commercial Metals will post 3.09 earnings per share for the current year.

Commercial Metals Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 30th. Shareholders of record on Thursday, January 16th were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.57%. The ex-dividend date was Thursday, January 16th. Commercial Metals’s dividend payout ratio is presently 64.86%.

Institutional Trading of Commercial Metals

Several hedge funds have recently added to or reduced their stakes in CMC. Park Square Financial Group LLC bought a new stake in Commercial Metals in the fourth quarter worth $33,000. Heck Capital Advisors LLC bought a new stake in Commercial Metals in the fourth quarter worth $34,000. V Square Quantitative Management LLC lifted its stake in Commercial Metals by 60.7% in the fourth quarter. V Square Quantitative Management LLC now owns 707 shares of the basic materials company’s stock worth $35,000 after purchasing an additional 267 shares during the last quarter. South Plains Financial Inc. bought a new stake in Commercial Metals in the fourth quarter worth $73,000. Finally, Jones Financial Companies Lllp lifted its stake in Commercial Metals by 22.0% in the fourth quarter. Jones Financial Companies Lllp now owns 1,646 shares of the basic materials company’s stock worth $82,000 after purchasing an additional 297 shares during the last quarter. 86.90% of the stock is 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.