Commercial Metals (NYSE:CMC) to Issue $0.18 Quarterly Dividend

Commercial Metals (NYSE:CMC) announced a quarterly dividend on Tuesday, October 15th, RTT News reports. Shareholders of record on Thursday, October 31st will be paid a dividend of 0.18 per share by the basic materials company on Thursday, November 14th. This represents a $0.72 annualized dividend and a dividend yield of 1.33%. The ex-dividend date of this dividend is Thursday, October 31st.

Commercial Metals has raised its dividend by an average of 10.1% annually over the last three years. Commercial Metals has a dividend payout ratio of 17.6% meaning its dividend is sufficiently covered by earnings. Analysts expect Commercial Metals to earn $4.94 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 14.6%.

Commercial Metals Stock Up 4.5 %

NYSE:CMC opened at $54.31 on Tuesday. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.24 and a quick ratio of 2.83. Commercial Metals has a 1-year low of $41.86 and a 1-year high of $61.26. The company has a 50-day moving average of $52.89 and a 200 day moving average of $54.22. The firm has a market cap of $6.25 billion, a PE ratio of 11.31 and a beta of 1.14.

Wall Street Analyst Weigh In

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

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.