Commercial Metals Company (NYSE:CMC - Get Free Report)'s stock price shot up 3.9% during trading on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $58.61 and last traded at $57.53. 520,389 shares changed hands during mid-day trading, a decline of 52% from the average session volume of 1,094,270 shares. The stock had previously closed at $55.35.
The basic materials company reported $1.37 EPS for the quarter, topping analysts' consensus estimates of $1.32 by $0.05. Commercial Metals had a net margin of 0.48% and a return on equity of 7.45%. The business had revenue of $2.11 billion for the quarter, compared to analysts' expectations of $2.10 billion. During the same quarter last year, the company earned $0.90 EPS. The business's revenue was up 5.9% on a year-over-year basis.
Commercial Metals Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 13th. Stockholders of record on Thursday, October 30th will be given a dividend of $0.18 per share. The ex-dividend date is Thursday, October 30th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.2%. Commercial Metals's dividend payout ratio (DPR) is 232.26%.
Analyst Upgrades and Downgrades
A number of research firms recently weighed in on CMC. JPMorgan Chase & Co. upped their price target on Commercial Metals from $54.00 to $63.00 and gave the stock a "neutral" rating in a report on Monday. UBS Group upped their target price on Commercial Metals from $48.00 to $56.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 13th. Bank of America increased their target price on Commercial Metals from $60.00 to $70.00 and gave the company a "buy" rating in a research report on Monday, September 15th. Wolfe Research raised shares of Commercial Metals from a "peer perform" rating to an "outperform" rating in a report on Friday, June 20th. Finally, Zacks Research upgraded shares of Commercial Metals from a "hold" rating to a "strong-buy" rating in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $61.75.
Get Our Latest Stock Analysis on Commercial Metals
Institutional Investors Weigh In On Commercial Metals
A number of large investors have recently modified their holdings of the business. National Bank of Canada FI lifted its stake in shares of Commercial Metals by 80.3% in the first quarter. National Bank of Canada FI now owns 548 shares of the basic materials company's stock worth $25,000 after buying an additional 244 shares in the last quarter. SBI Securities Co. Ltd. raised its holdings in Commercial Metals by 282.3% in the 2nd quarter. SBI Securities Co. Ltd. now owns 692 shares of the basic materials company's stock valued at $34,000 after acquiring an additional 511 shares during the last quarter. Signaturefd LLC lifted its stake in Commercial Metals by 51.4% in the 2nd quarter. Signaturefd LLC now owns 890 shares of the basic materials company's stock worth $44,000 after purchasing an additional 302 shares in the last quarter. Wayfinding Financial LLC acquired a new position in shares of Commercial Metals during the 1st quarter worth approximately $47,000. Finally, UMB Bank n.a. grew its position in shares of Commercial Metals by 77.8% in the second quarter. UMB Bank n.a. now owns 1,394 shares of the basic materials company's stock valued at $68,000 after purchasing an additional 610 shares in the last quarter. Hedge funds and other institutional investors own 86.90% of the company's stock.
Commercial Metals Stock Performance
The stock has a market cap of $6.48 billion, a price-to-earnings ratio of 186.87, a PEG ratio of 2.01 and a beta of 1.32. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.86 and a quick ratio of 2.00. The firm has a fifty day moving average of $57.80 and a 200 day moving average of $51.33.
Commercial Metals Company Profile
(
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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.
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