Commercial Metals (NYSE:CMC) Rating Increased to Outperform at BNP Paribas Exane

Commercial Metals (NYSE:CMC) was upgraded by research analysts at BNP Paribas Exane from a “neutral” rating to an “outperform” rating in a note issued to investors on Wednesday, Marketbeat reports. The brokerage presently has a $75.00 price objective on the basic materials company’s stock. BNP Paribas Exane’s price target would indicate a potential upside of 21.48% from the company’s previous close.

A number of other equities analysts also recently issued reports on CMC. KeyCorp assumed coverage on shares of Commercial Metals in a report on Wednesday, March 25th. They issued a “sector weight” rating on the stock. Wall Street Zen downgraded Commercial Metals from a “strong-buy” rating to a “buy” rating in a research note on Saturday, April 4th. Weiss Ratings raised shares of Commercial Metals from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, June 30th. UBS Group raised Commercial Metals from a “neutral” rating to a “buy” rating and raised their price objective for the company from $79.00 to $89.00 in a research note on Wednesday, May 13th. Finally, Zacks Research downgraded Commercial Metals from a “hold” rating to a “strong sell” rating in a research report on Friday, June 12th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Commercial Metals has a consensus rating of “Moderate Buy” and an average target price of $78.73.

Commercial Metals Stock Down 1.5%

Shares of NYSE CMC opened at $61.74 on Wednesday. The company has a current ratio of 2.33, a quick ratio of 1.54 and a debt-to-equity ratio of 0.73. The business has a 50-day moving average of $71.34 and a 200-day moving average of $70.93. The firm has a market capitalization of $6.83 billion, a price-to-earnings ratio of 11.63, a PEG ratio of 0.36 and a beta of 1.54. Commercial Metals has a 12 month low of $49.66 and a 12 month high of $84.87.

Commercial Metals (NYSE:CMC) last issued its earnings results on Thursday, June 25th. The basic materials company reported $1.73 EPS for the quarter, topping the consensus estimate of $1.70 by $0.03. Commercial Metals had a net margin of 6.72% and a return on equity of 15.69%. The company had revenue of $2.48 billion for the quarter, compared to the consensus estimate of $2.40 billion. During the same period in the previous year, the firm earned $0.74 earnings per share. The firm’s revenue for the quarter was up 22.9% on a year-over-year basis. Sell-side analysts expect that Commercial Metals will post 6.54 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Commercial Metals

Several hedge funds have recently modified their holdings of the stock. Lazard Asset Management LLC grew its position in Commercial Metals by 0.6% during the 4th quarter. Lazard Asset Management LLC now owns 23,199 shares of the basic materials company’s stock worth $1,606,000 after purchasing an additional 133 shares during the period. NewEdge Advisors LLC lifted its stake in Commercial Metals by 4.2% in the 1st quarter. NewEdge Advisors LLC now owns 3,610 shares of the basic materials company’s stock valued at $222,000 after buying an additional 147 shares in the last quarter. Ashton Thomas Private Wealth LLC boosted its stake in shares of Commercial Metals by 3.1% in the fourth quarter. Ashton Thomas Private Wealth LLC now owns 4,904 shares of the basic materials company’s stock worth $339,000 after acquiring an additional 149 shares during the last quarter. Corient Private Wealth LLC lifted its holdings in Commercial Metals by 0.7% in the 4th quarter. Corient Private Wealth LLC now owns 23,554 shares of the basic materials company’s stock valued at $1,630,000 after purchasing an additional 155 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC boosted its stake in Commercial Metals by 4.0% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 4,164 shares of the basic materials company’s stock worth $256,000 after purchasing an additional 160 shares during the last quarter. Institutional investors and hedge funds own 86.90% of the company’s stock.

About Commercial Metals

Commercial Metals Company (NYSE: CMC) is a leading global steel and metal recycler, manufacturer and fabricator based in Irving, Texas. The company operates an integrated network of scrap recycling facilities, electric arc furnace steel mills, metal fabrication plants and distribution centers. Through these operations, Commercial Metals collects and processes ferrous scrap to produce finished steel products and provides recycled metal to a variety of end markets.

In its steelmaking segment, CMC uses electric arc furnace technology to transform recycled scrap into reinforcing bar (rebar), merchant bar, coil and structural products.