Commercial Metals (CMC) Declares $0.12 Quarterly Dividend

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Commercial Metals (NYSE:CMC) announced a quarterly dividend on Tuesday, October 23rd, RTT News reports. Stockholders of record on Wednesday, November 7th will be paid a dividend of 0.12 per share by the basic materials company on Wednesday, November 21st. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.74%.

Commercial Metals has a dividend payout ratio of 32.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect Commercial Metals to earn $2.21 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 21.7%.

Shares of CMC traded down $0.65 during midday trading on Tuesday, reaching $17.50. The stock had a trading volume of 123,822 shares, compared to its average volume of 1,304,203. Commercial Metals has a 1-year low of $17.58 and a 1-year high of $26.72. The firm has a market capitalization of $2.11 billion, a price-to-earnings ratio of 28.23 and a beta of 1.32. The company has a current ratio of 3.90, a quick ratio of 2.73 and a debt-to-equity ratio of 0.78.

A number of brokerages have recently weighed in on CMC. ValuEngine lowered shares of Commercial Metals from a “hold” rating to a “sell” rating in a report on Friday, October 12th. Seaport Global Securities began coverage on shares of Commercial Metals in a report on Thursday, October 11th. They issued a “neutral” rating and a $20.00 price objective on the stock. Deutsche Bank lowered shares of Commercial Metals to a “buy” rating in a report on Tuesday, October 2nd. Goldman Sachs Group upgraded shares of Commercial Metals from a “sell” rating to a “neutral” rating and set a $24.00 price objective on the stock in a report on Monday, August 13th. Finally, Bank of America lowered shares of Commercial Metals from a “neutral” rating to an “underperform” rating in a report on Wednesday, June 27th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the stock. Commercial Metals has a consensus rating of “Hold” and an average price target of $24.44.

About Commercial Metals

Commercial Metals Company manufactures, recycles, and markets steel and metal products, and related materials and services in the United States and internationally. It operates through five segments: Americas Recycling, Americas Mills, Americas Fabrication, International Mill, and International Marketing and Distribution.

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Dividend History for Commercial Metals (NYSE:CMC)

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