Commercial Metals (NYSE:CMC) Hits New 12-Month High – Here’s What Happened

Commercial Metals (NYSE:CMC)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $64.53 and last traded at $63.80, with a volume of 15630 shares traded. The stock had previously closed at $63.32.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on 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 note on Friday, October 18th. The Goldman Sachs Group assumed coverage on Commercial Metals in a research note on Monday. They issued a “buy” rating and a $75.00 price target on the stock. Wolfe Research lowered Commercial Metals from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, October 9th. Finally, Jefferies Financial Group began coverage on Commercial Metals in a research note on Tuesday, September 3rd. They set a “buy” rating and a $65.00 price objective on the stock. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $67.20.

Commercial Metals Trading Down 0.5 %

The company has a 50 day moving average price of $56.45 and a 200 day moving average price of $54.86. The firm has a market cap of $7.18 billion, a price-to-earnings ratio of 15.29, a price-to-earnings-growth ratio of 2.74 and a beta of 1.15. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.78 and a current ratio of 3.94.

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

Commercial Metals Announces Dividend

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. The ex-dividend date was Thursday, October 31st. This represents a $0.72 annualized dividend and a dividend yield of 1.14%. Commercial Metals’s dividend payout ratio is presently 17.39%.

Institutional Investors Weigh In On Commercial Metals

Large investors have recently bought and sold shares of the stock. nVerses Capital LLC purchased a new stake in Commercial Metals during the third quarter worth approximately $66,000. Archer Investment Corp purchased a new stake in Commercial Metals during the second quarter worth approximately $77,000. GAMMA Investing LLC lifted its stake in Commercial Metals by 21.9% during the second quarter. GAMMA Investing LLC now owns 1,572 shares of the basic materials company’s stock worth $86,000 after purchasing an additional 282 shares during the last quarter. KBC Group NV lifted its stake in Commercial Metals by 15.9% during the third quarter. KBC Group NV now owns 3,099 shares of the basic materials company’s stock worth $170,000 after purchasing an additional 425 shares during the last quarter. Finally, Innealta Capital LLC acquired a new position in Commercial Metals during the second quarter worth approximately $195,000. Hedge funds and other institutional investors own 86.90% of the company’s stock.

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.