Commercial Metals (NYSE:CMC) Now Covered by Morgan Stanley

Morgan Stanley began coverage on shares of Commercial Metals (NYSE:CMC) in a note issued to investors on Thursday. The brokerage set an “equal weight” rating and a $65.00 price target on the basic materials company’s stock. Morgan Stanley’s target price would suggest a potential upside of 28.18% from the company’s current price.

CMC has been the topic of a number of other research reports. Jefferies Financial Group started coverage on shares of Commercial Metals in a research note on Tuesday, September 3rd. They set a “buy” rating and a $65.00 price objective on the stock. BMO Capital Markets set a $62.00 price objective on shares of Commercial Metals and gave the stock a “market perform” rating in a report on Friday, October 18th. UBS Group reaffirmed a “sell” rating and set a $56.00 target price (down from $62.00) on shares of Commercial Metals in a research report on Thursday, December 12th. The Goldman Sachs Group began coverage on Commercial Metals in a report on Monday, December 2nd. They issued a “buy” rating and a $75.00 price target for the company. Finally, Wolfe Research downgraded Commercial Metals from an “outperform” rating to a “peer perform” rating in a report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $65.33.

Commercial Metals Trading Down 1.0 %

CMC traded down $0.53 during trading on Thursday, hitting $50.71. 209,414 shares of the company’s stock were exchanged, compared to its average volume of 859,072. Commercial Metals has a 1 year low of $47.42 and a 1 year high of $64.53. The stock has a 50 day moving average price of $57.97 and a 200 day moving average price of $55.19. The firm has a market cap of $5.78 billion, a P/E ratio of 12.25, a price-to-earnings-growth ratio of 2.74 and a beta of 1.15. The company has a current ratio of 3.94, a quick ratio of 2.78 and a debt-to-equity ratio of 0.27.

Commercial Metals (NYSE:CMC) last released its quarterly earnings data on Thursday, October 17th. The basic materials company reported $0.90 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.01). Commercial Metals had a net margin of 6.13% and a return on equity of 12.20%. The company had revenue of $2 billion during the quarter, compared to analysts’ expectations of $2.07 billion. As a group, analysts expect that Commercial Metals will post 4.26 EPS for the current fiscal year.

Hedge Funds Weigh In On Commercial Metals

Several hedge funds have recently made changes to their positions in the business. Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in shares of Commercial Metals during the second quarter worth $1,140,000. Raymond James & Associates lifted its stake in Commercial Metals by 23.3% in the 2nd quarter. Raymond James & Associates now owns 214,716 shares of the basic materials company’s stock worth $11,807,000 after acquiring an additional 40,621 shares in the last quarter. Raymond James Trust N.A. acquired a new stake in shares of Commercial Metals during the second quarter worth approximately $210,000. Bank of New York Mellon Corp increased its stake in shares of Commercial Metals by 1.4% in the second quarter. Bank of New York Mellon Corp now owns 1,296,284 shares of the basic materials company’s stock worth $71,283,000 after acquiring an additional 18,205 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of Commercial Metals by 7.3% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 244,432 shares of the basic materials company’s stock worth $13,441,000 after purchasing an additional 16,654 shares in the last quarter. Institutional investors and hedge funds own 86.90% of the company’s stock.

About Commercial Metals

Commercial Metals Company manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, and internationally. It operates through two segments, North America and Europe. The company processes and sells ferrous and nonferrous scrap metals to steel mills and foundries, aluminum sheet and ingot manufacturers, brass and bronze ingot makers, copper refineries and mills, secondary lead smelters, specialty steel mills, high temperature alloy manufacturers, and other consumers.