Commercial Metals (NYSE:CMC) Raised to Strong-Buy at Wolfe Research

Wolfe Research upgraded shares of Commercial Metals (NYSE:CMC) from a hold rating to a strong-buy rating in a research note issued to investors on Wednesday, Zacks.com reports.

Several other brokerages have also weighed in on CMC. StockNews.com lowered shares of Commercial Metals from a buy rating to a hold rating in a research report on Thursday, June 20th. Jefferies Financial Group started coverage on shares of Commercial Metals in a research report on Tuesday, September 3rd. They set a buy rating and a $65.00 price objective for the company. Finally, Bank of America decreased their target price on Commercial Metals from $70.00 to $69.00 and set a buy rating on the stock in a research report on Wednesday, June 26th. Three investment analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $61.40.

Commercial Metals Price Performance

Shares of NYSE CMC opened at $53.30 on Wednesday. The company has a quick ratio of 2.83, a current ratio of 4.24 and a debt-to-equity ratio of 0.27. The business’s 50 day moving average price is $54.22 and its two-hundred day moving average price is $54.68. The company has a market cap of $6.13 billion, a PE ratio of 11.12 and a beta of 1.15. Commercial Metals has a twelve month low of $39.85 and a twelve month high of $61.26.

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

Hedge Funds Weigh In On Commercial Metals

Hedge funds have recently added to or reduced their stakes in the stock. Cim LLC acquired a new stake in shares of Commercial Metals during the 4th quarter worth $2,120,000. Russell Investments Group Ltd. lifted its position in Commercial Metals by 11.7% during the first quarter. Russell Investments Group Ltd. now owns 198,675 shares of the basic materials company’s stock worth $11,676,000 after purchasing an additional 20,751 shares during the period. Boston Partners grew its stake in Commercial Metals by 23,390.7% during the first quarter. Boston Partners now owns 3,076,337 shares of the basic materials company’s stock worth $180,752,000 after buying an additional 3,063,241 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in Commercial Metals by 61.9% in the 1st quarter. BNP Paribas Financial Markets now owns 67,054 shares of the basic materials company’s stock valued at $3,941,000 after buying an additional 25,642 shares during the period. Finally, Jacobs Levy Equity Management Inc. raised its position in shares of Commercial Metals by 388.4% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 298,621 shares of the basic materials company’s stock valued at $17,550,000 after buying an additional 237,477 shares in the last quarter. 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.