Metals

Commercial Metals (NYSE:CMC) Sets New 52-Week High Following Analyst Upgrade

Commercial Metals (NYSE:CMCGet Rating) reached a new 52-week high during trading on Thursday after KeyCorp raised their price target on the stock from $50.00 to $57.00. KeyCorp currently has an overweight rating on the stock. Commercial Metals traded as high as $56.60 and last traded at $55.67, with a volume of 2604 shares trading hands. The stock had previously closed at $56.17.

Several other research firms have also issued reports on CMC. StockNews.com lowered shares of Commercial Metals from a “buy” rating to a “hold” rating in a research report on Tuesday, January 3rd. Citigroup lifted their price target on shares of Commercial Metals from $42.00 to $44.00 and gave the stock a “neutral” rating in a research report on Friday, October 14th. Bank of America assumed coverage on shares of Commercial Metals in a research note on Wednesday, January 4th. They issued a “neutral” rating and a $55.00 price objective for the company. BMO Capital Markets raised their price objective on shares of Commercial Metals from $49.00 to $56.00 and gave the stock a “market perform” rating in a research note on Tuesday. Finally, The Goldman Sachs Group raised their price objective on shares of Commercial Metals from $48.00 to $53.00 and gave the stock a “neutral” rating in a research note on Tuesday. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $49.78.

Insider Buying and Selling

In related news, SVP Ty L. Garrison sold 696 shares of the business’s stock in a transaction that occurred on Thursday, October 20th. The shares were sold at an average price of $43.75, for a total transaction of $30,450.00. Following the completion of the sale, the senior vice president now directly owns 133,939 shares of the company’s stock, valued at $5,859,831.25. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Commercial Metals news, CEO Barbara Smith sold 150,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 3rd. The shares were sold at an average price of $48.11, for a total value of $7,216,500.00. Following the completion of the sale, the chief executive officer now owns 227,651 shares of the company’s stock, valued at $10,952,289.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Ty L. Garrison sold 696 shares of the company’s stock in a transaction that occurred on Thursday, October 20th. The shares were sold at an average price of $43.75, for a total transaction of $30,450.00. Following the completion of the sale, the senior vice president now directly owns 133,939 shares of the company’s stock, valued at approximately $5,859,831.25. The disclosure for this sale can be found here. Insiders sold a total of 177,400 shares of company stock valued at $8,461,778 over the last ninety days. Insiders own 1.20% of the company’s stock.

Institutional Investors Weigh In On Commercial Metals

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Commercial Metals by 1.1% in the first quarter. Vanguard Group Inc. now owns 13,226,374 shares of the basic materials company’s stock valued at $550,481,000 after purchasing an additional 142,062 shares in the last quarter. FMR LLC increased its position in shares of Commercial Metals by 5.1% during the second quarter. FMR LLC now owns 10,124,695 shares of the basic materials company’s stock worth $335,128,000 after acquiring an additional 493,455 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Commercial Metals by 1.9% during the third quarter. Dimensional Fund Advisors LP now owns 7,645,358 shares of the basic materials company’s stock worth $271,260,000 after acquiring an additional 140,355 shares in the last quarter. State Street Corp increased its position in shares of Commercial Metals by 22.3% during the first quarter. State Street Corp now owns 7,494,116 shares of the basic materials company’s stock worth $312,971,000 after acquiring an additional 1,367,997 shares in the last quarter. Finally, Berkley W R Corp increased its position in shares of Commercial Metals by 14.4% during the second quarter. Berkley W R Corp now owns 2,869,104 shares of the basic materials company’s stock worth $94,967,000 after acquiring an additional 361,600 shares in the last quarter. Institutional investors own 84.30% of the company’s stock.

Commercial Metals Price Performance

The company’s 50-day moving average price is $48.43 and its 200-day moving average price is $42.46. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.54 and a quick ratio of 1.67. The company has a market cap of $6.54 billion, a P/E ratio of 5.64 and a beta of 1.29.

Commercial Metals (NYSE:CMCGet Rating) last issued its quarterly earnings data on Thursday, October 13th. The basic materials company reported $2.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.23 by $0.22. Commercial Metals had a net margin of 13.66% and a return on equity of 34.01%. The company had revenue of $2.41 billion during the quarter, compared to the consensus estimate of $2.38 billion. As a group, sell-side analysts predict that Commercial Metals will post 6.93 earnings per share for the current fiscal year.

Commercial Metals Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 2nd. Investors of record on Thursday, January 19th will be issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 1.15%. The ex-dividend date is Wednesday, January 18th. Commercial Metals’s payout ratio is 6.43%.

About Commercial Metals

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Commercial Metals Company manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, and internationally. 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.

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