JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Commercial Metals (NYSE:CMC) Stock

Commercial Metals (NYSE:CMC) had its price objective raised by research analysts at JPMorgan Chase & Co. from $63.00 to $64.00 in a report released on Monday,Benzinga reports. The firm presently has a “neutral” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 3.26% from the stock’s previous close.

Other research analysts have also issued research reports about the company. Morgan Stanley set a $57.50 target price on Commercial Metals in a research report on Wednesday, June 25th. Zacks Research raised Commercial Metals from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 14th. Weiss Ratings reissued a “hold (c)” rating on shares of Commercial Metals in a report on Wednesday, October 8th. UBS Group raised their price target on Commercial Metals from $48.00 to $56.00 and gave the stock a “neutral” rating in a report on Wednesday, August 13th. Finally, Wall Street Zen raised Commercial Metals from a “buy” rating to a “strong-buy” rating in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $61.85.

Commercial Metals Price Performance

Shares of CMC opened at $61.98 on Monday. The firm has a market cap of $6.88 billion, a price-to-earnings ratio of 81.55, a PEG ratio of 1.98 and a beta of 1.32. The stock has a 50 day moving average of $58.10 and a 200-day moving average of $51.69. The company has a current ratio of 2.78, a quick ratio of 2.03 and a debt-to-equity ratio of 0.31. Commercial Metals has a 52 week low of $37.92 and a 52 week high of $64.53.

Commercial Metals (NYSE:CMC) last issued its earnings results on Thursday, October 16th. The basic materials company reported $1.37 EPS for the quarter, topping the consensus estimate of $1.32 by $0.05. The company had revenue of $2.11 billion during the quarter, compared to analyst estimates of $2.10 billion. Commercial Metals had a return on equity of 8.76% and a net margin of 1.09%.The business’s revenue was up 5.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.90 EPS. As a group, analysts forecast that Commercial Metals will post 3.09 EPS for the current year.

Insider Buying and Selling at Commercial Metals

In other Commercial Metals news, Director John R. Mcpherson purchased 1,722 shares of the stock in a transaction dated Monday, October 20th. The shares were acquired at an average price of $58.09 per share, for a total transaction of $100,030.98. Following the completion of the acquisition, the director owned 6,722 shares of the company’s stock, valued at $390,480.98. This represents a 34.44% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.46% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Fifth Third Wealth Advisors LLC purchased a new position in Commercial Metals in the third quarter valued at about $229,000. Morris Financial Concepts Inc. grew its stake in Commercial Metals by 6.2% in the third quarter. Morris Financial Concepts Inc. now owns 4,559 shares of the basic materials company’s stock valued at $261,000 after purchasing an additional 268 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in Commercial Metals by 11.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 225,817 shares of the basic materials company’s stock valued at $13,312,000 after purchasing an additional 22,587 shares in the last quarter. Merit Financial Group LLC purchased a new position in Commercial Metals in the third quarter valued at about $821,000. Finally, Moody Lynn & Lieberson LLC grew its stake in Commercial Metals by 2.3% in the third quarter. Moody Lynn & Lieberson LLC now owns 14,601 shares of the basic materials company’s stock valued at $836,000 after purchasing an additional 325 shares in the last quarter. Hedge funds and other institutional investors 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.