Commercial Metals (NYSE:CMC) Stock Rating Upgraded by Wolfe Research

by · The Markets Daily

Wolfe Research upgraded shares of Commercial Metals (NYSE:CMC – Free Report) from a hold rating to a strong-buy rating in a report published on Wednesday, Zacks.com reports.

CMC has been the subject of several other reports. Jefferies Financial Group began coverage on Commercial Metals in a report on Tuesday, September 3rd. They issued a buy rating and a $65.00 target price for the company. StockNews.com lowered Commercial Metals from a buy rating to a hold rating in a report on Thursday, June 20th. Finally, Bank of America reduced their target price on Commercial Metals from $70.00 to $69.00 and set a buy rating for the company in a report on Wednesday, June 26th. Three equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $61.40.

Get Our Latest Stock Report on Commercial Metals

Commercial Metals Stock Down 2.2 %

CMC opened at $53.27 on Wednesday. The business has a 50 day moving average price of $54.17 and a 200 day moving average price of $54.69. Commercial Metals has a twelve month low of $39.85 and a twelve month high of $61.26. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.83 and a current ratio of 4.24. The firm has a market cap of $6.13 billion, a P/E ratio of 11.10 and a beta of 1.15.

Commercial Metals (NYSE:CMC – Get Free Report) last posted its earnings results on Thursday, June 20th. The basic materials company reported $1.02 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.02. Commercial Metals had a return on equity of 14.62% and a net margin of 6.95%. The firm had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.02 billion. During the same period in the previous year, the company earned $2.02 EPS. The company’s revenue for the quarter was down 11.4% on a year-over-year basis. Research analysts forecast that Commercial Metals will post 4.33 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CMC. Rise Advisors LLC bought a new stake in shares of Commercial Metals during the first quarter valued at approximately $28,000. SYSTM Wealth Solutions LLC bought a new stake in shares of Commercial Metals during the first quarter valued at approximately $44,000. Archer Investment Corp bought a new stake in shares of Commercial Metals during the second quarter valued at approximately $77,000. GAMMA Investing LLC increased its position in shares of Commercial Metals by 21.9% during the second quarter. GAMMA Investing LLC now owns 1,572 shares of the basic materials company’s stock valued at $86,000 after purchasing an additional 282 shares during the period. Finally, Quest Partners LLC bought a new stake in shares of Commercial Metals during the fourth quarter valued at approximately $123,000. 86.90% of the stock is owned by institutional investors.

About Commercial Metals

(Get Free Report)

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.

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