Commercial Metals (NYSE:CMC) Sets New 52-Week High – Here’s What Happened

Commercial Metals (NYSE:CMC) hit a new 52-week high during trading on Wednesday . The stock traded as high as $61.32 and last traded at $59.56, with a volume of 332678 shares. The stock had previously closed at $55.23.

Analysts Set New Price Targets

A number of analysts have recently issued reports on CMC shares. BMO Capital Markets set a $62.00 price target on Commercial Metals and gave the company a “market perform” rating in a research report on Friday, October 18th. Jefferies Financial Group started coverage on Commercial Metals in a research report on Tuesday, September 3rd. They set a “buy” rating and a $65.00 price target for the company. Finally, Wolfe Research downgraded Commercial Metals from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, October 9th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $65.25.

Commercial Metals Stock Up 2.0 %

The stock has a 50-day moving average of $53.33 and a two-hundred day moving average of $54.29. The company has a market cap of $7.09 billion, a P/E ratio of 14.83, a P/E/G ratio of 2.17 and a beta of 1.14. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.78 and a current ratio of 3.94.

Commercial Metals Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be given a $0.18 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $0.72 dividend on an annualized basis and a yield of 1.16%. Commercial Metals’s payout ratio is 17.39%.

Hedge Funds Weigh In On Commercial Metals

Large investors have recently bought and sold shares of the stock. nVerses Capital LLC purchased a new position in shares of Commercial Metals during the third quarter valued at approximately $66,000. Archer Investment Corp purchased a new position in shares of Commercial Metals during the second quarter valued at approximately $77,000. GAMMA Investing LLC increased its stake in shares of Commercial Metals by 21.9% during the second quarter. GAMMA Investing LLC now owns 1,572 shares of the basic materials company’s stock valued at $86,000 after buying an additional 282 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Commercial Metals during the second quarter valued at approximately $129,000. Finally, KBC Group NV increased its stake in shares of Commercial Metals by 15.9% during the third quarter. KBC Group NV now owns 3,099 shares of the basic materials company’s stock valued at $170,000 after buying an additional 425 shares during the period. 86.90% of the stock is 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.