Bank of America Cuts Commercial Metals (NYSE:CMC) Price Target to $69.00

Commercial Metals (NYSE:CMC) had its price objective trimmed by Bank of America from $70.00 to $69.00 in a research report report published on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the basic materials company’s stock.

Several other brokerages also recently weighed in on CMC. StockNews.com downgraded shares of Commercial Metals from a buy rating to a hold rating in a research note on Thursday, June 20th. BMO Capital Markets increased their target price on shares of Commercial Metals from $52.00 to $60.00 and gave the company a market perform rating in a research note on Friday, March 22nd. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Hold and an average target price of $60.50.

Commercial Metals Stock Performance

CMC opened at $54.98 on Wednesday. The firm has a market cap of $6.32 billion, a P/E ratio of 11.45 and a beta of 1.27. Commercial Metals has a 1-year low of $39.85 and a 1-year high of $59.81. The company has a 50 day simple moving average of $54.59 and a two-hundred day simple moving average of $53.57. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.24 and a quick ratio of 2.83.

Commercial Metals (NYSE:CMC) last issued its earnings results on Thursday, June 20th. The basic materials company reported $1.02 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.02. Commercial Metals had a net margin of 6.95% and a return on equity of 14.62%. The firm had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.02 billion. During the same quarter in the prior year, the business earned $2.02 earnings per share. Commercial Metals’s revenue for the quarter was down 11.4% on a year-over-year basis. Equities analysts forecast that Commercial Metals will post 4.71 earnings per share for the current fiscal year.

Commercial Metals Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 10th. Investors of record on Monday, July 1st will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.31%. The ex-dividend date of this dividend is Monday, July 1st. Commercial Metals’s dividend payout ratio is presently 15.00%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Commercial Metals by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 12,641,427 shares of the basic materials company’s stock worth $632,577,000 after acquiring an additional 191,345 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Commercial Metals by 2.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 7,611,020 shares of the basic materials company’s stock valued at $380,859,000 after buying an additional 160,228 shares in the last quarter. Boston Partners boosted its holdings in shares of Commercial Metals by 23,390.7% in the 1st quarter. Boston Partners now owns 3,076,337 shares of the basic materials company’s stock valued at $180,752,000 after buying an additional 3,063,241 shares in the last quarter. Norges Bank bought a new stake in shares of Commercial Metals in the 4th quarter valued at about $94,722,000. Finally, Victory Capital Management Inc. boosted its holdings in shares of Commercial Metals by 241.3% in the 4th quarter. Victory Capital Management Inc. now owns 1,809,841 shares of the basic materials company’s stock valued at $90,564,000 after buying an additional 1,279,617 shares in the last quarter. 86.90% of the stock is currently owned by institutional investors.

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.