Commercial Metals (NYSE:CMC) Price Target Cut to $54.00 by Analysts at BMO Capital Markets

Commercial Metals (NYSE:CMC) had its target price reduced by BMO Capital Markets from $58.00 to $54.00 in a report published on Friday,Benzinga reports. BMO Capital Markets currently has a market perform rating on the basic materials company’s stock.

Several other equities research analysts have also commented on the stock. The Goldman Sachs Group initiated coverage on shares of Commercial Metals in a research note on Monday, December 2nd. They set a “buy” rating and a $75.00 price target on the stock. Morgan Stanley dropped their price objective on shares of Commercial Metals from $56.00 to $53.00 and set an “equal weight” rating on the stock in a research note on Friday, March 7th. UBS Group upgraded shares of Commercial Metals from a “sell” rating to a “neutral” rating and dropped their price objective for the company from $56.00 to $54.00 in a research note on Friday, January 10th. BNP Paribas lowered shares of Commercial Metals from an “outperform” rating to a “neutral” rating in a research note on Friday, January 3rd. Finally, Jefferies Financial Group dropped their price objective on shares of Commercial Metals from $65.00 to $62.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Six investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Commercial Metals has a consensus rating of “Hold” and an average target price of $61.17.

Commercial Metals Price Performance

Shares of NYSE:CMC opened at $46.67 on Friday. The company’s fifty day moving average price is $48.86 and its 200 day moving average price is $52.75. Commercial Metals has a 12 month low of $42.62 and a 12 month high of $64.53. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.76 and a quick ratio of 1.94. The firm has a market capitalization of $5.30 billion, a P/E ratio of 42.04, a P/E/G ratio of 2.62 and a beta of 1.17.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings results on Thursday, March 20th. The basic materials company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.05). Commercial Metals had a return on equity of 9.88% and a net margin of 1.70%. The company had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same quarter in the prior year, the business earned $0.88 earnings per share. Commercial Metals’s revenue was down 5.1% compared to the same quarter last year. As a group, sell-side analysts predict that Commercial Metals will post 3.09 earnings per share for the current fiscal year.

Commercial Metals Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 9th. Stockholders of record on Monday, March 31st will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.54%. The ex-dividend date is Monday, March 31st. Commercial Metals’s payout ratio is 120.00%.

Institutional Trading of Commercial Metals

Several hedge funds and other institutional investors have recently made changes to their positions in CMC. Atria Investments Inc purchased a new stake in shares of Commercial Metals in the third quarter valued at about $290,000. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in Commercial Metals during the third quarter worth about $1,008,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Commercial Metals during the third quarter worth about $5,662,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in Commercial Metals by 11.2% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 244,376 shares of the basic materials company’s stock worth $13,431,000 after buying an additional 24,606 shares in the last quarter. Finally, Intech Investment Management LLC boosted its holdings in Commercial Metals by 87.8% during the third quarter. Intech Investment Management LLC now owns 36,392 shares of the basic materials company’s stock worth $2,000,000 after buying an additional 17,010 shares in the last quarter. Hedge funds and other institutional investors 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.