JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Commercial Metals (NYSE:CMC) Stock

Commercial Metals (NYSE:CMC - Free Report) had its price objective boosted by JPMorgan Chase & Co. from $52.00 to $54.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have a neutral rating on the basic materials company's stock.

A number of other equities analysts have also issued reports on CMC. BMO Capital Markets reissued a "market perform" rating and set a $55.00 price target (down previously from $57.00) on shares of Commercial Metals in a report on Tuesday, June 24th. Wolfe Research raised Commercial Metals from a "peer perform" rating to an "outperform" rating in a report on Friday, June 20th. UBS Group reaffirmed a "neutral" rating on shares of Commercial Metals in a report on Friday, June 20th. Morgan Stanley set a $57.50 price objective on Commercial Metals in a report on Wednesday, June 25th. Finally, Jefferies Financial Group reaffirmed a "buy" rating on shares of Commercial Metals in a report on Friday, June 20th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $57.50.

Commercial Metals Stock Performance

Shares of CMC traded up $1.35 during midday trading on Monday, reaching $52.59. 875,262 shares of the stock were exchanged, compared to its average volume of 995,564. The business's 50-day moving average price is $49.20 and its 200 day moving average price is $47.81. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.86 and a quick ratio of 2.00. Commercial Metals has a twelve month low of $37.92 and a twelve month high of $64.53. The company has a market capitalization of $5.89 billion, a price-to-earnings ratio of 169.63, a PEG ratio of 2.06 and a beta of 1.26.

Commercial Metals (NYSE:CMC - Get Free Report) last released its quarterly earnings results on Monday, June 23rd. The basic materials company reported $0.74 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.85 by ($0.11). Commercial Metals had a return on equity of 7.45% and a net margin of 0.48%. The company had revenue of $2.02 billion for the quarter, compared to analysts' expectations of $2.04 billion. During the same period in the prior year, the business earned $1.02 EPS. The business's quarterly revenue was down 2.8% compared to the same quarter last year. On average, sell-side analysts expect that Commercial Metals will post 3.09 EPS for the current fiscal year.

Commercial Metals Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 9th. Stockholders of record on Monday, June 30th were issued a dividend of $0.18 per share. The ex-dividend date was Monday, June 30th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.37%. Commercial Metals's payout ratio is 232.26%.

Institutional Trading of Commercial Metals

Institutional investors and hedge funds have recently made changes to their positions in the company. National Bank of Canada FI increased its holdings in shares of Commercial Metals by 80.3% during the 1st 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 during the last quarter. Park Square Financial Group LLC acquired a new stake in shares of Commercial Metals during the 4th quarter worth $33,000. Heck Capital Advisors LLC acquired a new stake in shares of Commercial Metals during the 4th quarter worth $34,000. UMB Bank n.a. increased its holdings in shares of Commercial Metals by 51.9% during the 1st quarter. UMB Bank n.a. now owns 784 shares of the basic materials company's stock worth $36,000 after buying an additional 268 shares during the last quarter. Finally, Signaturefd LLC increased its holdings in shares of Commercial Metals by 51.4% during the 2nd quarter. Signaturefd LLC now owns 890 shares of the basic materials company's stock worth $44,000 after buying an additional 302 shares during the last quarter. 86.90% of the stock is currently owned by institutional investors and hedge funds.

About Commercial Metals

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.