Commercial Metals (NYSE:CMC) Now Covered by KeyCorp

KeyCorp assumed coverage on shares of Commercial Metals (NYSE:CMC) in a report published on Wednesday. The firm issued a sector weight rating on the basic materials company’s stock.

A number of other research analysts have also recently issued reports on the stock. Wells Fargo & Company lifted their price objective on shares of Commercial Metals from $79.00 to $80.00 and gave the company an “overweight” rating in a research note on Monday, March 2nd. Morgan Stanley upped their target price on Commercial Metals from $68.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, January 9th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $84.00 target price on shares of Commercial Metals in a report on Tuesday, December 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of Commercial Metals in a research note on Wednesday, January 21st. Finally, Jefferies Financial Group set a $85.00 price target on Commercial Metals and gave the stock a “buy” rating in a report on Thursday, January 8th. Eight equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $72.80.

Commercial Metals Trading Down 2.1%

CMC opened at $62.49 on Wednesday. Commercial Metals has a twelve month low of $37.92 and a twelve month high of $84.87. The company has a 50-day simple moving average of $73.25 and a 200 day simple moving average of $66.56. The company has a quick ratio of 3.70, a current ratio of 4.47 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $6.93 billion, a price-to-earnings ratio of 16.11, a P/E/G ratio of 0.35 and a beta of 1.47.

Commercial Metals (NYSE:CMC) last released its earnings results on Thursday, January 8th. The basic materials company reported $1.84 EPS for the quarter, beating the consensus estimate of $1.55 by $0.29. The firm had revenue of $2.12 billion for the quarter, compared to analyst estimates of $2.06 billion. Commercial Metals had a net margin of 5.46% and a return on equity of 11.43%. The business’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same period last year, the firm earned $0.78 EPS. Analysts predict that Commercial Metals will post 3.09 EPS for the current fiscal year.

Commercial Metals Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Monday, April 6th will be paid a $0.20 dividend. This is an increase from Commercial Metals’s previous quarterly dividend of $0.18. This represents a $0.80 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Monday, April 6th. Commercial Metals’s payout ratio is currently 18.56%.

Insider Buying and Selling

In other Commercial Metals news, Director Dennis V. Arriola purchased 2,000 shares of the firm’s stock in a transaction on Tuesday, January 20th. The stock was purchased at an average cost of $74.69 per share, for a total transaction of $149,380.00. Following the transaction, the director owned 9,238 shares in the company, valued at $689,986.22. The trade was a 27.63% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Jennifer J. Durbin sold 25,050 shares of the firm’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $79.97, for a total transaction of $2,003,248.50. Following the transaction, the insider directly owned 52,880 shares of the company’s stock, valued at $4,228,813.60. The trade was a 32.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.62% of the stock is owned by company insiders.

Institutional Trading of Commercial Metals

Several institutional investors have recently modified their holdings of the business. Drummond Knight Asset Management Pty Ltd bought a new stake in shares of Commercial Metals in the 3rd quarter valued at about $15,579,000. Allspring Global Investments Holdings LLC raised its position in shares of Commercial Metals by 11.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 225,817 shares of the basic materials company’s stock worth $13,312,000 after acquiring an additional 22,587 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp raised its position in shares of Commercial Metals by 430.9% during the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 29,247 shares of the basic materials company’s stock worth $1,675,000 after acquiring an additional 23,738 shares during the last quarter. Rhumbline Advisers lifted its stake in shares of Commercial Metals by 1.3% in the second quarter. Rhumbline Advisers now owns 393,334 shares of the basic materials company’s stock worth $19,238,000 after acquiring an additional 5,147 shares during the period. Finally, Campbell & CO Investment Adviser LLC acquired a new position in shares of Commercial Metals in the third quarter worth approximately $910,000. Institutional investors own 86.90% of the company’s stock.

About Commercial Metals

Commercial Metals Company (NYSE: CMC) is a leading global steel and metal recycler, manufacturer and fabricator based in Irving, Texas. The company operates an integrated network of scrap recycling facilities, electric arc furnace steel mills, metal fabrication plants and distribution centers. Through these operations, Commercial Metals collects and processes ferrous scrap to produce finished steel products and provides recycled metal to a variety of end markets.

In its steelmaking segment, CMC uses electric arc furnace technology to transform recycled scrap into reinforcing bar (rebar), merchant bar, coil and structural products.