Commercial Metals Company (NYSE:CMC) had its target price decreased by Jefferies Group LLC from $26.00 to $24.00 in a report released on Monday. Jefferies Group LLC currently has a buy rating on the basic materials company’s stock. Jefferies Group also issued estimates for Commercial Metals’ Q1 2018 earnings at $0.13 EPS, Q2 2018 earnings at $0.26 EPS, Q3 2018 earnings at $0.55 EPS, Q4 2018 earnings at $0.59 EPS, FY2018 earnings at $1.53 EPS and FY2019 earnings at $2.09 EPS.
CMC has been the subject of several other research reports. Zacks Investment Research raised Commercial Metals from a sell rating to a hold rating and set a $24.00 price objective for the company in a research report on Tuesday, October 17th. BidaskClub cut Commercial Metals from a hold rating to a sell rating in a research report on Tuesday, August 1st. Citigroup Inc. cut their price objective on Commercial Metals from $22.00 to $21.00 and set a buy rating for the company in a research report on Friday, September 15th. Clarkson Capital reissued a sell rating and set a $16.00 price objective on shares of Commercial Metals in a research report on Tuesday, August 15th. Finally, Macquarie assumed coverage on Commercial Metals in a research report on Wednesday, September 6th. They set an underperform rating and a $16.00 price objective for the company. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. Commercial Metals currently has an average rating of Hold and a consensus price target of $21.56.
Commercial Metals (NYSE:CMC) last posted its quarterly earnings data on Thursday, October 26th. The basic materials company reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.13). Commercial Metals had a return on equity of 6.50% and a net margin of 0.95%. The business had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.21 billion. During the same period in the prior year, the firm posted $0.01 EPS. Commercial Metals’s revenue for the quarter was up 14.4% on a year-over-year basis.
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The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 22nd. Shareholders of record on Wednesday, November 8th will be issued a $0.12 dividend. The ex-dividend date is Tuesday, November 7th. This represents a $0.48 annualized dividend and a yield of 2.45%. Commercial Metals’s dividend payout ratio (DPR) is 120.00%.
Institutional investors have recently bought and sold shares of the business. Comerica Bank raised its holdings in Commercial Metals by 30.7% in the 2nd quarter. Comerica Bank now owns 153,530 shares of the basic materials company’s stock valued at $3,071,000 after acquiring an additional 36,049 shares in the last quarter. Bank of America Corp DE raised its holdings in Commercial Metals by 42.5% in the 1st quarter. Bank of America Corp DE now owns 545,774 shares of the basic materials company’s stock valued at $10,440,000 after acquiring an additional 162,791 shares in the last quarter. Arizona State Retirement System raised its holdings in Commercial Metals by 1.5% in the 2nd quarter. Arizona State Retirement System now owns 48,800 shares of the basic materials company’s stock valued at $948,000 after acquiring an additional 700 shares in the last quarter. Bank of Nova Scotia raised its holdings in Commercial Metals by 22.7% in the 1st quarter. Bank of Nova Scotia now owns 69,200 shares of the basic materials company’s stock valued at $1,324,000 after acquiring an additional 12,800 shares in the last quarter. Finally, Royce & Associates LP raised its holdings in Commercial Metals by 10.8% in the 2nd quarter. Royce & Associates LP now owns 1,651,577 shares of the basic materials company’s stock valued at $32,090,000 after acquiring an additional 161,000 shares in the last quarter. 90.38% of the stock is owned by hedge funds and other institutional investors.
About Commercial Metals
Commercial Metals Company, together with its subsidiaries, manufactures, recycles and markets steel and metal products, related materials and services through a network. The Company’s Americas Recycling segment processes scrap metals for use as a raw material by manufacturers of new metal products. The Americas Mills segment consists of steel mills, commonly referred to as minimills that produce reinforcing bar (rebar), angles, flats and rounds.
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