Commercial Metals (NYSE:CMC) Given New $54.00 Price Target at JPMorgan Chase & Co.

Commercial Metals (NYSE:CMC) had its price objective hoisted by JPMorgan Chase & Co. from $52.00 to $54.00 in a report released on Monday morning,Benzinga reports. The firm currently has a neutral rating on the basic materials company’s stock.

Other analysts have also recently issued reports about the stock. Jefferies Financial Group reaffirmed a “buy” rating on shares of Commercial Metals in a research report on Friday, June 20th. Wolfe Research raised shares of Commercial Metals from a “peer perform” rating to an “outperform” rating in a research report on Friday, June 20th. BMO Capital Markets reaffirmed a “market perform” rating and set a $55.00 price target (down from $57.00) on shares of Commercial Metals in a research report on Tuesday, June 24th. UBS Group reaffirmed a “neutral” rating on shares of Commercial Metals in a research report on Friday, June 20th. Finally, Morgan Stanley set a $57.50 price objective on shares of Commercial Metals in a research report on Wednesday, June 25th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $57.50.

Commercial Metals Trading Down 0.5%

CMC stock opened at $51.82 on Monday. The company has a market cap of $5.80 billion, a price-to-earnings ratio of 167.17, a PEG ratio of 2.11 and a beta of 1.26. The company has a quick ratio of 2.00, a current ratio of 2.86 and a debt-to-equity ratio of 0.32. The business has a fifty day simple moving average of $48.84 and a 200-day simple moving average of $47.75. Commercial Metals has a 52 week low of $37.92 and a 52 week high of $64.53.

Commercial Metals (NYSE:CMC) last released its quarterly earnings data on Monday, June 23rd. The basic materials company reported $0.74 EPS for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.11). Commercial Metals had a return on equity of 7.45% and a net margin of 0.48%. The firm had revenue of $2.02 billion for the quarter, compared to analyst estimates of $2.04 billion. During the same quarter in the previous year, the company earned $1.02 earnings per share. The company’s quarterly revenue was down 2.8% on a year-over-year basis. On average, equities research analysts expect that Commercial Metals will post 3.09 EPS for the current year.

Commercial Metals Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 9th. Shareholders of record on Monday, June 30th were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.39%. The ex-dividend date of this dividend was Monday, June 30th. Commercial Metals’s dividend payout ratio (DPR) is 232.26%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Jones Financial Companies Lllp grew its stake in shares of Commercial Metals by 22.0% during the fourth quarter. Jones Financial Companies Lllp now owns 1,646 shares of the basic materials company’s stock valued at $82,000 after purchasing an additional 297 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Commercial Metals during the fourth quarter valued at approximately $11,052,000. Amundi grew its stake in shares of Commercial Metals by 29.9% during the fourth quarter. Amundi now owns 2,189 shares of the basic materials company’s stock valued at $108,000 after purchasing an additional 504 shares during the last quarter. HighTower Advisors LLC boosted its stake in Commercial Metals by 269.0% in the fourth quarter. HighTower Advisors LLC now owns 58,768 shares of the basic materials company’s stock valued at $2,915,000 after acquiring an additional 42,840 shares during the last quarter. Finally, Swiss National Bank boosted its stake in Commercial Metals by 0.7% in the fourth quarter. Swiss National Bank now owns 226,200 shares of the basic materials company’s stock valued at $11,220,000 after acquiring an additional 1,600 shares during the last quarter. Institutional investors and hedge funds own 86.90% of the company’s stock.

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.