Commercial Metals (NYSE:CMC) Downgraded to "Neutral" Rating by BNP Paribas

BNP Paribas lowered shares of Commercial Metals (NYSE:CMC - Free Report) from an outperform rating to a neutral rating in a research note released on Friday, MarketBeat Ratings reports.

CMC has been the subject of a number of other research reports. UBS Group reissued a "sell" rating and issued a $56.00 target price (down previously from $62.00) on shares of Commercial Metals in a report on Thursday, December 12th. Morgan Stanley started coverage on shares of Commercial Metals in a research note on Thursday, December 19th. They issued an "equal weight" rating and a $65.00 price objective for the company. Wolfe Research lowered shares of Commercial Metals from an "outperform" rating to a "peer perform" rating in a research report on Wednesday, October 9th. BMO Capital Markets set a $62.00 price target on shares of Commercial Metals and gave the stock a "market perform" rating in a report on Friday, October 18th. Finally, The Goldman Sachs Group started coverage on Commercial Metals in a report on Monday, December 2nd. They set a "buy" rating and a $75.00 price objective on the stock. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $64.67.

Commercial Metals Price Performance

NYSE CMC traded down $0.26 on Friday, hitting $48.89. 1,402,022 shares of the company's stock were exchanged, compared to its average volume of 1,115,511. The stock has a 50-day moving average of $57.13 and a 200-day moving average of $54.98. The stock has a market cap of $5.57 billion, a price-to-earnings ratio of 11.81, a P/E/G ratio of 2.74 and a beta of 1.19. Commercial Metals has a 52 week low of $47.42 and a 52 week high of $64.53. The company has a current ratio of 3.94, a quick ratio of 2.78 and a debt-to-equity ratio of 0.27.

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

Commercial Metals Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Thursday, January 16th will be paid a $0.18 dividend. The ex-dividend date is Thursday, January 16th. This represents a $0.72 annualized dividend and a dividend yield of 1.47%. Commercial Metals's dividend payout ratio is 17.39%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. State Street Corp raised its position in shares of Commercial Metals by 0.4% during the third quarter. State Street Corp now owns 5,830,412 shares of the basic materials company's stock worth $320,439,000 after acquiring an additional 24,665 shares during the last quarter. Geode Capital Management LLC increased its position in Commercial Metals by 1.0% during the 3rd quarter. Geode Capital Management LLC now owns 2,839,601 shares of the basic materials company's stock valued at $156,093,000 after purchasing an additional 28,019 shares during the period. Victory Capital Management Inc. raised its holdings in Commercial Metals by 1.9% during the 3rd quarter. Victory Capital Management Inc. now owns 2,176,959 shares of the basic materials company's stock worth $119,646,000 after purchasing an additional 41,206 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Commercial Metals by 1.1% in the 3rd quarter. Principal Financial Group Inc. now owns 1,714,116 shares of the basic materials company's stock worth $94,208,000 after purchasing an additional 17,931 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Commercial Metals by 1.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,462,317 shares of the basic materials company's stock worth $80,369,000 after purchasing an additional 18,262 shares during the period. 86.90% of the stock is 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.