Commercial Metals (NYSE:CMC) shares were up 5.8% during mid-day trading on Monday . The company traded as high as $26.25 and last traded at $25.97. Approximately 3,398,000 shares were traded during mid-day trading, an increase of 63% from the average daily volume of 2,089,867 shares. The stock had previously closed at $24.54.
A number of research analysts have recently issued reports on CMC shares. Bank of America raised shares of Commercial Metals from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $21.00 to $24.00 in a research report on Thursday, December 7th. Jefferies Group cut their price objective on shares of Commercial Metals from $26.00 to $24.00 and set a “buy” rating on the stock in a research report on Monday, October 30th. Finally, Zacks Investment Research downgraded shares of Commercial Metals from a “buy” rating to a “hold” rating in a research report on Friday, October 27th. Four equities research analysts have rated the stock with a sell rating and five have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $21.88.
The company has a market cap of $3,028.93, a PE ratio of 27.05 and a beta of 1.27. The company has a quick ratio of 2.07, a current ratio of 3.20 and a debt-to-equity ratio of 0.56.
Commercial Metals (NYSE:CMC) last released its earnings results on Wednesday, January 3rd. The basic materials company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.14. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.18 billion. Commercial Metals had a net margin of 1.53% and a return on equity of 8.08%. Commercial Metals’s revenue was up 24.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.06 EPS. research analysts expect that Commercial Metals will post 1.41 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, January 31st. Shareholders of record on Tuesday, January 16th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.85%. The ex-dividend date was Friday, January 12th. Commercial Metals’s dividend payout ratio is presently 72.73%.
In other Commercial Metals news, EVP Tracy L. Porter sold 13,601 shares of the business’s stock in a transaction that occurred on Thursday, January 18th. The shares were sold at an average price of $25.04, for a total transaction of $340,569.04. Following the sale, the executive vice president now owns 10 shares of the company’s stock, valued at approximately $250.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Tracy L. Porter sold 6,935 shares of the business’s stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $25.14, for a total transaction of $174,345.90. Following the sale, the executive vice president now directly owns 10 shares in the company, valued at approximately $251.40. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in CMC. Millennium Management LLC acquired a new stake in Commercial Metals during the 4th quarter valued at approximately $34,374,000. Deprince Race & Zollo Inc. lifted its stake in Commercial Metals by 58.8% during the 3rd quarter. Deprince Race & Zollo Inc. now owns 3,018,145 shares of the basic materials company’s stock valued at $57,435,000 after acquiring an additional 1,117,876 shares during the period. BlueCrest Capital Management Ltd lifted its stake in Commercial Metals by 1,334.4% during the 4th quarter. BlueCrest Capital Management Ltd now owns 649,676 shares of the basic materials company’s stock valued at $13,851,000 after acquiring an additional 604,384 shares during the period. Systematic Financial Management LP acquired a new stake in Commercial Metals during the 4th quarter valued at approximately $12,477,000. Finally, Russell Investments Group Ltd. lifted its stake in Commercial Metals by 4,203.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 589,535 shares of the basic materials company’s stock valued at $11,218,000 after acquiring an additional 575,835 shares during the period. Institutional investors and hedge funds own 89.29% of the company’s stock.
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About Commercial Metals
Commercial Metals Company, together with its subsidiaries, manufactures, recycles and markets steel and metal products, related materials and services through a network. The Company’s Americas Recycling segment processes scrap metals for use as a raw material by manufacturers of new metal products. The Americas Mills segment consists of steel mills, commonly referred to as minimills that produce reinforcing bar (rebar), angles, flats and rounds.
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