Commercial Metals (NYSE:CMC) Research Coverage Started at Morgan Stanley

Morgan Stanley began coverage on shares of Commercial Metals (NYSE:CMC) in a research note released on Thursday morning, MarketBeat.com reports. The brokerage issued an equal weight rating and a $65.00 price objective on the basic materials company’s stock.

A number of other equities research analysts have also commented on the company. The Goldman Sachs Group started coverage on Commercial Metals in a research report on Monday, December 2nd. They issued a “buy” rating and a $75.00 target price on the stock. UBS Group reiterated a “sell” rating and issued a $56.00 price objective (down previously from $62.00) on shares of Commercial Metals in a research note on Thursday, December 12th. Jefferies Financial Group initiated coverage on shares of Commercial Metals in a research report on Tuesday, September 3rd. They set a “buy” rating and a $65.00 target price for the company. BMO Capital Markets set a $62.00 price target on Commercial Metals and gave the stock a “market perform” rating in a research report on Friday, October 18th. Finally, Wolfe Research lowered Commercial Metals from an “outperform” rating to a “peer perform” rating in a report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Commercial Metals currently has an average rating of “Hold” and an average price target of $65.33.

Commercial Metals Trading Up 1.5 %

Commercial Metals stock opened at $50.27 on Thursday. Commercial Metals has a one year low of $47.42 and a one year high of $64.53. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.78 and a current ratio of 3.94. The stock has a market cap of $5.73 billion, a PE ratio of 12.14, a price-to-earnings-growth ratio of 2.74 and a beta of 1.15. The stock has a 50-day moving average of $57.84 and a two-hundred day moving average of $55.11.

Commercial Metals (NYSE:CMC) last posted its quarterly earnings results on Thursday, October 17th. The basic materials company reported $0.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.01). Commercial Metals had a return on equity of 12.20% and a net margin of 6.13%. The company had revenue of $2 billion during the quarter, compared to analysts’ expectations of $2.07 billion. On average, research analysts anticipate that Commercial Metals will post 4.26 EPS for the current fiscal year.

Commercial Metals Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.43%. The ex-dividend date was Thursday, October 31st. Commercial Metals’s payout ratio is 17.39%.

Institutional Trading of Commercial Metals

A number of institutional investors have recently made changes to their positions in CMC. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in Commercial Metals in the 2nd quarter worth approximately $1,140,000. Raymond James & Associates grew its holdings in shares of Commercial Metals by 23.3% in the second quarter. Raymond James & Associates now owns 214,716 shares of the basic materials company’s stock valued at $11,807,000 after purchasing an additional 40,621 shares during the period. Raymond James Trust N.A. purchased a new position in Commercial Metals during the second quarter worth about $210,000. Bank of New York Mellon Corp grew its stake in shares of Commercial Metals by 1.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,296,284 shares of the basic materials company’s stock valued at $71,283,000 after buying an additional 18,205 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of Commercial Metals by 7.3% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 244,432 shares of the basic materials company’s stock worth $13,441,000 after buying an additional 16,654 shares during the last quarter. 86.90% of the stock is owned by institutional investors and hedge funds.

Commercial Metals Company Profile

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.