Commercial Metals’ (CMC) Equal Weight Rating Reaffirmed at Wells Fargo & Company

Commercial Metals (NYSE:CMC)‘s stock had its “equal weight” rating restated by equities research analysts at Wells Fargo & Company in a research note issued on Thursday,Benzinga reports. They currently have a $77.00 price target on the basic materials company’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 0.36% from the stock’s current price.

A number of other analysts have also recently issued reports on the company. Barclays started coverage on Commercial Metals in a research report on Thursday, May 21st. They set an “equal weight” rating and a $75.00 price objective on the stock. KeyCorp started coverage on Commercial Metals in a research report on Wednesday, March 25th. They set a “sector weight” rating on the stock. The Goldman Sachs Group started coverage on Commercial Metals in a research report on Wednesday, April 1st. They set a “neutral” rating and a $74.00 price objective on the stock. Morgan Stanley boosted their price objective on Commercial Metals from $75.00 to $83.00 and gave the company an “overweight” rating in a research report on Friday, May 29th. Finally, Wall Street Zen lowered shares of Commercial Metals from a “strong-buy” rating to a “buy” rating in a research report on Saturday, April 4th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $77.10.

Commercial Metals Stock Up 0.2%

Shares of CMC stock opened at $76.72 on Thursday. Commercial Metals has a 12 month low of $47.06 and a 12 month high of $84.87. The firm has a market cap of $8.51 billion, a PE ratio of 17.09, a price-to-earnings-growth ratio of 0.46 and a beta of 1.50. The stock has a 50 day moving average of $68.19 and a 200-day moving average of $69.86. The company has a quick ratio of 1.55, a current ratio of 2.38 and a debt-to-equity ratio of 0.75.

Commercial Metals (NYSE:CMC) last released its quarterly earnings data on Thursday, March 26th. The basic materials company reported $1.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.12). The firm had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.10 billion. Commercial Metals had a net margin of 6.02% and a return on equity of 13.54%. The business’s revenue for the quarter was up 21.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.26 earnings per share. On average, equities analysts predict that Commercial Metals will post 6.45 EPS for the current year.

Institutional Trading of Commercial Metals

A number of large investors have recently bought and sold shares of the stock. State Street Corp grew its position in Commercial Metals by 1.5% in the fourth quarter. State Street Corp now owns 6,361,477 shares of the basic materials company’s stock valued at $440,341,000 after acquiring an additional 91,104 shares during the period. Boston Partners grew its position in Commercial Metals by 1.9% in the third quarter. Boston Partners now owns 3,641,930 shares of the basic materials company’s stock valued at $208,629,000 after acquiring an additional 67,139 shares during the period. Geode Capital Management LLC grew its position in Commercial Metals by 3.1% in the fourth quarter. Geode Capital Management LLC now owns 2,926,864 shares of the basic materials company’s stock valued at $202,626,000 after acquiring an additional 86,749 shares during the period. American Century Companies Inc. grew its position in Commercial Metals by 6.6% in the third quarter. American Century Companies Inc. now owns 1,823,923 shares of the basic materials company’s stock valued at $104,474,000 after acquiring an additional 112,267 shares during the period. Finally, Invesco Ltd. grew its position in Commercial Metals by 4.8% in the third quarter. Invesco Ltd. now owns 1,661,027 shares of the basic materials company’s stock valued at $95,144,000 after acquiring an additional 76,365 shares during the period. 86.90% of the stock is currently owned by institutional investors.

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.