Commercial Metals (CMC) Given a $23.00 Price Target by Macquarie Analysts

Macquarie set a $23.00 price target on Commercial Metals (NYSE:CMC) in a research report sent to investors on Friday. The brokerage currently has a hold rating on the basic materials company’s stock.

CMC has been the topic of several other research reports. ValuEngine cut Commercial Metals from a hold rating to a sell rating in a research report on Friday, October 12th. Goldman Sachs Group raised Commercial Metals from a sell rating to a neutral rating and set a $24.00 price objective on the stock in a research report on Monday, August 13th. Deutsche Bank cut Commercial Metals to a buy rating in a research report on Tuesday, October 2nd. Finally, Seaport Global Securities initiated coverage on Commercial Metals in a research report on Thursday, October 11th. They issued a neutral rating and a $20.00 price objective on the stock. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and an average price target of $23.78.

Shares of NYSE:CMC opened at $17.84 on Friday. The company has a market cap of $2.08 billion, a P/E ratio of 11.97 and a beta of 1.32. The company has a debt-to-equity ratio of 0.76, a quick ratio of 2.75 and a current ratio of 3.83. Commercial Metals has a 12-month low of $17.26 and a 12-month high of $26.72.



Commercial Metals (NYSE:CMC) last announced its earnings results on Thursday, October 25th. The basic materials company reported $0.51 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.08. The company had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.29 billion. Commercial Metals had a return on equity of 12.11% and a net margin of 2.88%. As a group, research analysts predict that Commercial Metals will post 2.21 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 21st. Shareholders of record on Wednesday, November 7th will be given a $0.12 dividend. The ex-dividend date is Tuesday, November 6th. This represents a $0.48 annualized dividend and a yield of 2.69%. Commercial Metals’s dividend payout ratio is currently 32.21%.

Hedge funds have recently bought and sold shares of the business. Envestnet Asset Management Inc. lifted its position in shares of Commercial Metals by 6,417.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 133,345 shares of the basic materials company’s stock valued at $2,815,000 after buying an additional 131,299 shares during the last quarter. Voya Investment Management LLC lifted its position in shares of Commercial Metals by 2.9% during the 2nd quarter. Voya Investment Management LLC now owns 2,133,160 shares of the basic materials company’s stock valued at $45,031,000 after buying an additional 60,443 shares during the last quarter. Global X Management Co LLC lifted its position in shares of Commercial Metals by 18.7% during the 2nd quarter. Global X Management Co LLC now owns 28,397 shares of the basic materials company’s stock valued at $599,000 after buying an additional 4,481 shares during the last quarter. OppenheimerFunds Inc. lifted its position in shares of Commercial Metals by 4.2% during the 2nd quarter. OppenheimerFunds Inc. now owns 74,946 shares of the basic materials company’s stock valued at $1,583,000 after buying an additional 3,041 shares during the last quarter. Finally, Mesirow Financial Investment Management Equity Management lifted its position in shares of Commercial Metals by 2.0% during the 2nd quarter. Mesirow Financial Investment Management Equity Management now owns 458,448 shares of the basic materials company’s stock valued at $9,677,000 after buying an additional 9,015 shares during the last quarter. 89.28% of the stock is currently owned by institutional investors and hedge funds.

About Commercial Metals

Commercial Metals Company manufactures, recycles, and markets steel and metal products, and related materials and services in the United States and internationally. It operates through five segments: Americas Recycling, Americas Mills, Americas Fabrication, International Mill, and International Marketing and Distribution.

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Analyst Recommendations for Commercial Metals (NYSE:CMC)

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