Commercial Metals (NYSE:CMC) Rating Increased to Neutral at UBS Group

Commercial Metals (NYSE:CMC) was upgraded by UBS Group from a “sell” rating to a “neutral” rating in a research report issued on Friday, MarketBeat Ratings reports. The brokerage currently has a $54.00 price target on the basic materials company’s stock, down from their previous price target of $56.00. UBS Group’s price target indicates a potential upside of 13.33% from the company’s current price.

A number of other research firms have also recently weighed in on CMC. The Goldman Sachs Group assumed coverage on shares of Commercial Metals in a research report on Monday, December 2nd. They set a “buy” rating and a $75.00 price objective for the company. BNP Paribas downgraded shares of Commercial Metals from an “outperform” rating to a “neutral” rating in a research report on Friday, January 3rd. Morgan Stanley started coverage on Commercial Metals in a report on Thursday, December 19th. They issued an “equal weight” rating and a $65.00 price objective on the stock. Wolfe Research cut Commercial Metals from an “outperform” rating to a “peer perform” rating in a report on Wednesday, October 9th. Finally, Jefferies Financial Group lowered their price target on Commercial Metals from $65.00 to $62.00 and set a “buy” rating on the stock in a research note on Monday. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $63.83.

Commercial Metals Price Performance

Shares of Commercial Metals stock opened at $47.65 on Friday. The firm has a market cap of $5.43 billion, a PE ratio of 11.51, a P/E/G ratio of 2.74 and a beta of 1.19. The business has a 50-day moving average price of $56.61 and a 200 day moving average price of $54.87. The company has a quick ratio of 2.78, a current ratio of 3.94 and a debt-to-equity ratio of 0.27. Commercial Metals has a twelve month low of $47.41 and a twelve month high of $64.53.

Commercial Metals (NYSE:CMC) last posted its quarterly earnings data on Monday, January 6th. The basic materials company reported $0.78 EPS for the quarter, meeting analysts’ consensus estimates of $0.78. Commercial Metals had a return on equity of 12.20% and a net margin of 6.13%. The business had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.85 billion. During the same period in the previous year, the business earned $1.49 earnings per share. The business’s revenue was down 4.7% compared to the same quarter last year. Sell-side analysts predict that Commercial Metals will post 4.26 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Commercial Metals

Institutional investors have recently added to or reduced their stakes in the stock. Commonwealth Equity Services LLC grew its holdings in Commercial Metals by 2.6% in the 2nd quarter. Commonwealth Equity Services LLC now owns 17,604 shares of the basic materials company’s stock valued at $968,000 after buying an additional 440 shares in the last quarter. Choreo LLC purchased a new stake in shares of Commercial Metals in the second quarter valued at about $566,000. American Century Companies Inc. grew its holdings in shares of Commercial Metals by 1.5% in the second quarter. American Century Companies Inc. now owns 847,116 shares of the basic materials company’s stock valued at $46,583,000 after purchasing an additional 12,772 shares during the period. BOKF NA increased its position in Commercial Metals by 91.2% during the second quarter. BOKF NA now owns 6,410 shares of the basic materials company’s stock worth $352,000 after purchasing an additional 3,057 shares during the last quarter. Finally, Vest Financial LLC raised its stake in Commercial Metals by 32.3% during the second quarter. Vest Financial LLC now owns 20,474 shares of the basic materials company’s stock worth $1,126,000 after purchasing an additional 4,997 shares during the period. 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.