Commercial Metals (NYSE:CMC) Raised to “Strong-Buy” at Wall Street Zen

Commercial Metals (NYSE:CMC) was upgraded by stock analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a report issued on Friday.

Other analysts also recently issued reports about the company. Jefferies Financial Group set a $70.00 price objective on Commercial Metals and gave the company a “hold” rating in a report on Wednesday, October 22nd. JPMorgan Chase & Co. increased their price target on Commercial Metals from $63.00 to $64.00 and gave the company a “neutral” rating in a research note on Monday, October 20th. UBS Group restated a “neutral” rating on shares of Commercial Metals in a research report on Monday, October 27th. Citigroup raised Commercial Metals from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $60.00 to $65.00 in a research note on Friday, October 17th. Finally, Bank of America increased their target price on shares of Commercial Metals from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Monday, September 15th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Commercial Metals currently has an average rating of “Moderate Buy” and a consensus price target of $64.20.

Commercial Metals Trading Down 1.3%

Shares of Commercial Metals stock traded down $0.86 on Friday, hitting $63.03. The stock had a trading volume of 418,593 shares, compared to its average volume of 1,111,173. The stock has a 50 day moving average of $59.16 and a 200 day moving average of $54.86. The firm has a market capitalization of $6.99 billion, a P/E ratio of 82.93, a PEG ratio of 1.94 and a beta of 1.34. Commercial Metals has a twelve month low of $37.92 and a twelve month high of $64.53. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.03 and a current ratio of 2.78.

Commercial Metals (NYSE:CMC) last posted its earnings results on Thursday, October 16th. The basic materials company reported $1.37 earnings per share for the quarter, topping analysts’ consensus estimates of $1.32 by $0.05. Commercial Metals had a net margin of 1.09% and a return on equity of 8.76%. The firm had revenue of $2.11 billion for the quarter, compared to analyst estimates of $2.10 billion. During the same period in the previous year, the firm posted $0.90 EPS. The company’s revenue for the quarter was up 5.9% compared to the same quarter last year. Sell-side analysts expect that Commercial Metals will post 3.09 earnings per share for the current fiscal year.

Insider Activity

In related news, Director John R. Mcpherson bought 1,722 shares of the business’s stock in a transaction that occurred on Monday, October 20th. The shares were acquired at an average cost of $58.09 per share, with a total value of $100,030.98. Following the completion of the purchase, the director directly owned 6,722 shares in the company, valued at $390,480.98. The trade was a 34.44% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.46% of the stock is owned by insiders.

Hedge Funds Weigh In On Commercial Metals

Institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its position in Commercial Metals by 7.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 884,604 shares of the basic materials company’s stock valued at $50,670,000 after buying an additional 64,491 shares in the last quarter. CIBC Private Wealth Group LLC grew its stake in Commercial Metals by 39.9% in the third quarter. CIBC Private Wealth Group LLC now owns 3,497 shares of the basic materials company’s stock valued at $200,000 after acquiring an additional 998 shares during the period. CIBC Bancorp USA Inc. bought a new position in shares of Commercial Metals in the 3rd quarter worth $693,000. Crown Advisors Management Inc. acquired a new stake in Commercial Metals in the 3rd quarter valued at $859,000. Finally, Coldstream Capital Management Inc. increased its stake in Commercial Metals by 7.3% during the 3rd quarter. Coldstream Capital Management Inc. now owns 4,730 shares of the basic materials company’s stock valued at $271,000 after purchasing an additional 320 shares in the last quarter. Institutional investors and hedge funds own 86.90% of the company’s stock.

Commercial Metals Company Profile

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.