Macquarie upgraded shares of Commercial Metals (NYSE:CMC) from an underperform rating to a neutral rating in a report issued on Thursday, MarketBeat reports. They currently have $24.00 target price on the basic materials company’s stock.
A number of other brokerages have also recently commented on CMC. ValuEngine raised shares of Commercial Metals from a hold rating to a buy rating in a report on Thursday, March 1st. Bank of America cut shares of Commercial Metals from a buy rating to a neutral rating and upped their target price for the company from $25.36 to $28.00 in a report on Wednesday, March 14th. They noted that the move was a valuation call. JPMorgan Chase raised shares of Commercial Metals from a neutral rating to an overweight rating in a report on Friday, March 9th. Goldman Sachs assumed coverage on shares of Commercial Metals in a report on Tuesday, March 20th. They issued a sell rating and a $25.00 target price for the company. Finally, Zacks Investment Research raised shares of Commercial Metals from a hold rating to a buy rating and set a $27.00 target price for the company in a report on Tuesday, March 20th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company. The company has a consensus rating of Hold and a consensus price target of $24.33.
Shares of NYSE:CMC opened at $24.13 on Thursday. Commercial Metals has a one year low of $17.05 and a one year high of $26.72. The company has a debt-to-equity ratio of 0.55, a current ratio of 3.11 and a quick ratio of 2.12. The stock has a market capitalization of $2.80 billion, a PE ratio of 38.92, a price-to-earnings-growth ratio of 0.40 and a beta of 1.35.
Commercial Metals (NYSE:CMC) last announced its earnings results on Thursday, March 22nd. The basic materials company reported $0.26 EPS for the quarter, meeting analysts’ consensus estimates of $0.26. Commercial Metals had a net margin of 1.15% and a return on equity of 8.05%. The business had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.19 billion. During the same period in the prior year, the company earned $0.25 earnings per share. The business’s revenue was up 22.3% compared to the same quarter last year. sell-side analysts predict that Commercial Metals will post 1.39 EPS for the current year.
In related news, VP Adam R. Hickey sold 20,000 shares of the stock in a transaction dated Friday, March 2nd. The shares were sold at an average price of $25.85, for a total transaction of $517,000.00. Following the completion of the transaction, the vice president now directly owns 15,632 shares of the company’s stock, valued at $404,087.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.50% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of CMC. Strs Ohio raised its holdings in Commercial Metals by 176.5% during the fourth quarter. Strs Ohio now owns 4,700 shares of the basic materials company’s stock worth $100,000 after purchasing an additional 3,000 shares in the last quarter. Cerebellum GP LLC purchased a new position in Commercial Metals during the fourth quarter worth about $129,000. Global X Management Co. LLC raised its holdings in Commercial Metals by 75.2% during the fourth quarter. Global X Management Co. LLC now owns 8,040 shares of the basic materials company’s stock worth $171,000 after purchasing an additional 3,450 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Commercial Metals by 38.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,092 shares of the basic materials company’s stock worth $173,000 after purchasing an additional 2,239 shares in the last quarter. Finally, CoreCommodity Management LLC purchased a new position in Commercial Metals during the fourth quarter worth about $223,000. 90.01% of the stock is owned by hedge funds and other institutional investors.
Commercial Metals Company Profile
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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