Commercial Metals (NYSE:CMC) Shares Gap Down – Time to Sell?

Commercial Metals (NYSE:CMC)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $53.67, but opened at $52.00. Commercial Metals shares last traded at $55.06, with a volume of 162,782 shares.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. StockNews.com cut shares of Commercial Metals from a “buy” rating to a “hold” rating in a report on Thursday, June 20th. Bank of America cut their price objective on shares of Commercial Metals from $70.00 to $69.00 and set a “buy” rating for the company in a report on Wednesday, June 26th. Wolfe Research cut shares of Commercial Metals from an “outperform” rating to a “peer perform” rating in a report on Wednesday, October 9th. Finally, Jefferies Financial Group assumed coverage on shares of Commercial Metals in a report on Tuesday, September 3rd. They issued a “buy” rating and a $65.00 price objective for the company. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $64.75.

Commercial Metals Stock Up 5.2 %

The firm has a market cap of $6.49 billion, a PE ratio of 11.83 and a beta of 1.14. The business’s 50 day moving average price is $52.85 and its 200 day moving average price is $54.47. 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 Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be paid a dividend of $0.18 per share. The ex-dividend date is Thursday, October 31st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.27%. Commercial Metals’s dividend payout ratio is currently 15.00%.

Institutional Trading of Commercial Metals

A number of institutional investors and hedge funds have recently modified their holdings of CMC. Boston Partners increased its stake in shares of Commercial Metals by 23,390.7% during the first quarter. Boston Partners now owns 3,076,337 shares of the basic materials company’s stock worth $180,752,000 after purchasing an additional 3,063,241 shares in the last quarter. Thompson Siegel & Walmsley LLC purchased a new stake in shares of Commercial Metals during the second quarter worth about $50,132,000. Jacobs Levy Equity Management Inc. increased its stake in shares of Commercial Metals by 388.4% during the first quarter. Jacobs Levy Equity Management Inc. now owns 298,621 shares of the basic materials company’s stock worth $17,550,000 after purchasing an additional 237,477 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in Commercial Metals by 1,701.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 227,778 shares of the basic materials company’s stock valued at $13,387,000 after acquiring an additional 215,131 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in Commercial Metals by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 12,641,427 shares of the basic materials company’s stock valued at $632,577,000 after acquiring an additional 191,345 shares during the last quarter. Hedge funds and other institutional investors own 86.90% of the company’s stock.

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.