Commercial Metals Company (NYSE:CMC) Stock Has Average Price Target of $81.64 According to Brokerages

Shares of Commercial Metals Company (NYSE:CMC) have been assigned an average recommendation of “Moderate Buy” from the fifteen research firms that are covering the firm, MarketBeat.com reports. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $81.64.

Several research firms have weighed in on CMC. The Goldman Sachs Group reaffirmed a “buy” rating and set a $85.00 price target on shares of Commercial Metals in a research report on Thursday, August 6th. Weiss Ratings raised Commercial Metals from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, September 11th. BMO Capital Markets raised their target price on shares of Commercial Metals from $77.00 to $80.00 and gave the company a “market perform” rating in a research note on Thursday, August 6th. Citigroup lowered their target price on shares of Commercial Metals from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Tuesday, July 7th. Finally, BNP Paribas Exane raised shares of Commercial Metals from a “neutral” rating to an “outperform” rating and set a $75.00 price target on the stock in a research report on Wednesday, July 8th.

Commercial Metals Stock Performance

CMC opened at $62.06 on Wednesday. The business’s 50-day simple moving average is $68.45 and its 200 day simple moving average is $68.08. Commercial Metals has a 52-week low of $53.08 and a 52-week high of $84.87. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.54 and a current ratio of 2.33. The firm has a market capitalization of $6.86 billion, a PE ratio of 11.69, a PEG ratio of 0.34 and a beta of 1.52.

Commercial Metals declared that its Board of Directors has approved a share repurchase plan on Wednesday, August 5th that permits the company to repurchase $600.00 million in shares. This repurchase authorization permits the basic materials company to buy up to 7.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other news, CEO Peter Matt bought 8,230 shares of the company’s stock in a transaction dated Friday, July 10th. The shares were bought at an average cost of $61.30 per share, with a total value of $504,499.00. Following the acquisition, the chief executive officer owned 181,522 shares in the company, valued at $11,127,298.60. This trade represents a 4.75% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John McPherson bought 1,390 shares of the business’s stock in a transaction that occurred on Thursday, August 13th. The stock was purchased at an average price of $71.92 per share, with a total value of $99,968.80. Following the completion of the purchase, the director directly owned 21,927 shares in the company, valued at $1,576,989.84. The trade was a 6.77% increase in their position. The disclosure for this purchase is available in the SEC filing. 0.62% of the stock is owned by insiders.

Institutional Investors Weigh In On Commercial Metals

Large investors have recently added to or reduced their stakes in the business. USA Financial Formulas boosted its position in Commercial Metals by 67.6% during the first quarter. USA Financial Formulas now owns 496 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 200 shares during the period. Global Retirement Partners LLC bought a new position in shares of Commercial Metals in the second quarter valued at about $34,000. Caitong International Asset Management Co. Ltd raised its position in shares of Commercial Metals by 617.2% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 832 shares of the basic materials company’s stock valued at $58,000 after purchasing an additional 716 shares during the period. Integrated Wealth Concepts LLC acquired a new stake in shares of Commercial Metals during the 2nd quarter worth about $63,000. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of Commercial Metals by 105.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,222 shares of the basic materials company’s stock worth $75,000 after buying an additional 626 shares during the last quarter. Institutional investors own 86.90% of the company’s stock.

Commercial Metals Company Profile

Commercial Metals Company (NYSE: CMC) is a steel and metals manufacturer, fabricator and recycler headquartered in Irving, Texas. Founded in 1915, the company operates a vertically integrated business that collects and processes ferrous scrap, produces steel and supplies products used in construction and infrastructure projects.

CMC’s product portfolio includes reinforcing bar, merchant bar, wire rod, structural components and other steel products. Through its fabrication and construction services, the company also processes and prepares reinforcing steel for commercial, industrial, transportation and other building projects.