Commercial Metals (NYSE:CMC) Upgraded by UBS Group to Neutral Rating

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

Several other brokerages have also issued reports on CMC. BNP Paribas lowered Commercial Metals from an “outperform” rating to a “neutral” rating in a research report on Friday, January 3rd. The Goldman Sachs Group started coverage on shares of Commercial Metals in a report on Monday, December 2nd. They set a “buy” rating and a $75.00 price objective on the stock. Morgan Stanley assumed coverage on shares of Commercial Metals in a research note on Thursday, December 19th. They issued an “equal weight” rating and a $65.00 target price for the company. BMO Capital Markets cut their price target on shares of Commercial Metals from $62.00 to $58.00 and set a “market perform” rating on the stock in a research note on Friday, January 3rd. Finally, Wolfe Research downgraded shares of Commercial Metals from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, October 9th. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $63.83.

Commercial Metals Price Performance

CMC opened at $47.65 on Friday. The firm has a market capitalization of $5.43 billion, a PE ratio of 11.51, a price-to-earnings-growth ratio of 2.74 and a beta of 1.19. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.94 and a quick ratio of 2.78. The business’s 50-day moving average is $56.61 and its two-hundred day moving average is $54.87. Commercial Metals has a 1 year low of $47.41 and a 1 year high of $64.53.

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

Institutional Investors Weigh In On Commercial Metals

Hedge funds have recently added to or reduced their stakes in the business. Commonwealth Equity Services LLC raised its stake in shares of Commercial Metals by 2.6% during 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 during the last quarter. Choreo LLC purchased a new position in Commercial Metals during the second quarter valued at approximately $566,000. American Century Companies Inc. lifted its holdings in 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 acquiring an additional 12,772 shares during the period. BOKF NA lifted its holdings in Commercial Metals by 91.2% in the second quarter. BOKF NA now owns 6,410 shares of the basic materials company’s stock valued at $352,000 after acquiring an additional 3,057 shares during the period. Finally, Vest Financial LLC boosted its position in Commercial Metals by 32.3% in the 2nd 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 in the last quarter. 86.90% of the stock is owned by hedge funds and other institutional investors.

Commercial Metals Company Profile

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.