Commercial Metals (NYSE:CMC) Stock Rating Lowered by Bank of America

Bank of America cut shares of Commercial Metals (NYSE:CMC) from a buy rating to a neutral rating in a report published on Friday morning, Anlyst Ratings reports. The firm currently has $24.00 price target on the basic materials company’s stock.

Other analysts have also issued research reports about the stock. Cowen boosted their price objective on shares of Commercial Metals from $20.00 to $22.00 and gave the stock a market perform rating in a research report on Monday, August 17th. ValuEngine raised shares of Commercial Metals from a strong sell rating to a sell rating in a research report on Tuesday, October 6th. BMO Capital Markets boosted their price objective on shares of Commercial Metals from $15.00 to $22.00 and gave the stock a market perform rating in a research report on Friday, June 19th. Credit Suisse Group boosted their price objective on shares of Commercial Metals from $24.00 to $25.00 and gave the stock an outperform rating in a research report on Friday, June 19th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Commercial Metals from $20.00 to $24.00 in a research report on Monday, June 22nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $23.50.

Commercial Metals stock opened at $21.11 on Friday. The stock has a market capitalization of $2.51 billion, a PE ratio of 9.06, a price-to-earnings-growth ratio of 3.17 and a beta of 1.40. Commercial Metals has a twelve month low of $10.76 and a twelve month high of $24.04. The company has a quick ratio of 2.39, a current ratio of 2.97 and a debt-to-equity ratio of 0.56. The company has a 50 day moving average of $21.03 and a 200-day moving average of $19.17.

Commercial Metals (NYSE:CMC) last released its quarterly earnings results on Thursday, October 15th. The basic materials company reported $0.79 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.22. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.38 billion. Commercial Metals had a net margin of 5.10% and a return on equity of 17.74%. The business’s quarterly revenue was down 8.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.76 earnings per share. Equities analysts anticipate that Commercial Metals will post 1.93 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Thursday, October 29th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.27%. The ex-dividend date of this dividend is Wednesday, October 28th. Commercial Metals’s payout ratio is presently 18.18%.

Several institutional investors and hedge funds have recently modified their holdings of CMC. Optimum Investment Advisors bought a new position in shares of Commercial Metals in the second quarter valued at about $40,000. Point72 Hong Kong Ltd acquired a new position in shares of Commercial Metals in the second quarter valued at about $88,000. Steward Partners Investment Advisory LLC grew its stake in shares of Commercial Metals by 167.9% in the second quarter. Steward Partners Investment Advisory LLC now owns 4,902 shares of the basic materials company’s stock valued at $100,000 after acquiring an additional 3,072 shares in the last quarter. Advisor Group Holdings Inc. acquired a new position in shares of Commercial Metals in the first quarter valued at about $104,000. Finally, Ellevest Inc. grew its stake in shares of Commercial Metals by 86.7% in the second quarter. Ellevest Inc. now owns 5,188 shares of the basic materials company’s stock valued at $106,000 after acquiring an additional 2,409 shares in the last quarter. 87.86% of the stock is currently owned by institutional investors.

Commercial Metals Company Profile

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 four segments: Americas Recycling, Americas Mills, Americas Fabrication, and International Mill. The Americas Recycling segment processes and sells 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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Analyst Recommendations for Commercial Metals (NYSE:CMC)

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