Commercial Metals (NYSE:CMC) Price Target Lowered to $53.00 at Morgan Stanley

Commercial Metals (NYSE:CMC) had its target price cut by stock analysts at Morgan Stanley from $56.00 to $53.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the basic materials company’s stock. Morgan Stanley’s target price would suggest a potential upside of 16.99% from the stock’s current price.

A number of other equities analysts also recently commented on the stock. UBS Group upgraded shares of Commercial Metals from a “sell” rating to a “neutral” rating and lowered their target price for the stock from $56.00 to $54.00 in a research note on Friday, January 10th. BNP Paribas downgraded shares of Commercial Metals from an “outperform” rating to a “neutral” rating in a research report on Friday, January 3rd. Jefferies Financial Group decreased their price objective on shares of Commercial Metals from $65.00 to $62.00 and set a “buy” rating for the company in a research note on Monday, January 6th. The Goldman Sachs Group assumed coverage on Commercial Metals in a research report on Monday, December 2nd. They set a “buy” rating and a $75.00 target price on the stock. Finally, BMO Capital Markets decreased their target price on Commercial Metals from $62.00 to $58.00 and set a “market perform” rating for the company in a research report on Friday, January 3rd. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Commercial Metals presently has a consensus rating of “Hold” and an average price target of $61.83.

Commercial Metals Stock Down 2.5 %

Shares of NYSE CMC traded down $1.15 during mid-day trading on Friday, hitting $45.30. The company had a trading volume of 671,625 shares, compared to its average volume of 1,127,961. The business’s 50-day simple moving average is $49.67 and its 200 day simple moving average is $53.38. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.76 and a quick ratio of 1.94. Commercial Metals has a 1-year low of $43.81 and a 1-year high of $64.53. The company has a market capitalization of $5.15 billion, a PE ratio of 40.55, a price-to-earnings-growth ratio of 2.62 and a beta of 1.18.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings data on Monday, January 6th. The basic materials company reported $0.78 EPS for the quarter, hitting analysts’ consensus estimates of $0.78. The business had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.85 billion. Commercial Metals had a return on equity of 9.88% and a net margin of 1.70%. The business’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same period in the previous year, the company posted $1.49 earnings per share. On average, analysts predict that Commercial Metals will post 3.09 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of CMC. Ashton Thomas Private Wealth LLC increased its stake in Commercial Metals by 5.3% in the 4th quarter. Ashton Thomas Private Wealth LLC now owns 4,528 shares of the basic materials company’s stock valued at $225,000 after buying an additional 229 shares during the period. Mariner LLC boosted its holdings in shares of Commercial Metals by 0.9% in the fourth quarter. Mariner LLC now owns 24,735 shares of the basic materials company’s stock valued at $1,227,000 after acquiring an additional 232 shares in the last quarter. Truist Financial Corp increased its stake in shares of Commercial Metals by 3.5% during the fourth quarter. Truist Financial Corp now owns 7,150 shares of the basic materials company’s stock worth $355,000 after acquiring an additional 242 shares during the period. Thurston Springer Miller Herd & Titak Inc. raised its holdings in Commercial Metals by 10.0% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,784 shares of the basic materials company’s stock worth $138,000 after purchasing an additional 254 shares in the last quarter. Finally, Arizona State Retirement System boosted its holdings in Commercial Metals by 0.8% in the 4th quarter. Arizona State Retirement System now owns 33,373 shares of the basic materials company’s stock valued at $1,655,000 after purchasing an additional 262 shares in the last quarter. Institutional investors and hedge funds 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.