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

Commercial Metals (NYSE:CMC)’s share price hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $37.92 and last traded at $39.05, with a volume of 2010904 shares traded. The stock had previously closed at $41.62.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on CMC shares. BMO Capital Markets lowered their target price on Commercial Metals from $58.00 to $54.00 and set a “market perform” rating on the stock in a research note on Friday, March 21st. BNP Paribas cut shares of Commercial Metals from an “outperform” rating to a “neutral” rating in a research note on Friday, January 3rd. Morgan Stanley dropped their price target on shares of Commercial Metals from $56.00 to $53.00 and set an “equal weight” rating on the stock in a research note on Friday, March 7th. Jefferies Financial Group reduced their price objective on shares of Commercial Metals from $65.00 to $62.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Finally, UBS Group cut their target price on Commercial Metals from $54.00 to $49.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $60.33.

Commercial Metals Stock Performance

The company has a current ratio of 2.76, a quick ratio of 1.94 and a debt-to-equity ratio of 0.29. The stock’s 50 day moving average price is $48.07 and its two-hundred day moving average price is $52.48. The firm has a market capitalization of $4.42 billion, a PE ratio of 35.34, a PEG ratio of 2.62 and a beta of 1.16.

Commercial Metals (NYSE:CMC) last posted its quarterly earnings data on Thursday, March 20th. The basic materials company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.05). Commercial Metals had a net margin of 1.70% and a return on equity of 9.88%. The company had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same period in the previous year, the business earned $0.88 EPS. The firm’s revenue was down 5.1% on a year-over-year basis. On average, equities analysts expect that Commercial Metals will post 3.09 earnings per share for the current year.

Commercial Metals Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 9th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date is Monday, March 31st. Commercial Metals’s dividend payout ratio is presently 120.00%.

Hedge Funds Weigh In On Commercial Metals

Several large investors have recently added to or reduced their stakes in CMC. Ashton Thomas Private Wealth LLC increased its stake in shares of Commercial Metals by 5.3% during the 4th quarter. Ashton Thomas Private Wealth LLC now owns 4,528 shares of the basic materials company’s stock valued at $225,000 after acquiring an additional 229 shares during the last quarter. Mariner LLC increased its position in Commercial Metals by 0.9% during the fourth quarter. Mariner LLC now owns 24,735 shares of the basic materials company’s stock worth $1,227,000 after purchasing an additional 232 shares during the last quarter. Truist Financial Corp raised its stake in Commercial Metals by 3.5% during the fourth quarter. Truist Financial Corp now owns 7,150 shares of the basic materials company’s stock worth $355,000 after purchasing an additional 242 shares during the period. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in shares of Commercial Metals by 10.0% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,784 shares of the basic materials company’s stock valued at $138,000 after purchasing an additional 254 shares during the last quarter. Finally, Arizona State Retirement System boosted its holdings in shares of Commercial Metals by 0.8% in the 4th quarter. Arizona State Retirement System now owns 33,373 shares of the basic materials company’s stock valued at $1,655,000 after purchasing an additional 262 shares during the last quarter. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

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.