Commercial Metals Company (NYSE:CMC) had its target price trimmed by Citigroup Inc. from $22.00 to $21.00 in a research report report published on Friday. The firm currently has a buy rating on the basic materials company’s stock.
Several other research analysts have also recently weighed in on the stock. Jefferies Group LLC reissued a hold rating and set a $19.00 price target on shares of Commercial Metals in a research report on Wednesday, May 24th. Bank of America Corporation cut shares of Commercial Metals from a buy rating to a neutral rating and lowered their price target for the company from $21.00 to $19.00 in a research report on Thursday, June 8th. BidaskClub raised shares of Commercial Metals from a sell rating to a hold rating in a research report on Wednesday, June 14th. Zacks Investment Research cut shares of Commercial Metals from a hold rating to a sell rating in a research report on Tuesday, June 20th. Finally, Clarkson Capital reissued a sell rating and set a $16.00 price target on shares of Commercial Metals in a research report on Tuesday, August 15th. Four equities research analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $21.11.
Shares of Commercial Metals (NYSE CMC) traded up 2.79% during trading on Friday, hitting $18.06. 3,317,560 shares of the company were exchanged. The firm’s 50-day moving average price is $18.28 and its 200 day moving average price is $18.75. Commercial Metals has a 12 month low of $14.99 and a 12 month high of $24.64. The firm has a market capitalization of $2.09 billion, a PE ratio of 27.91 and a beta of 1.22.
Commercial Metals (NYSE:CMC) last announced its earnings results on Thursday, June 22nd. The basic materials company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.11. Commercial Metals had a net margin of 1.57% and a return on equity of 7.84%. The company had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter in the previous year, the company posted $0.31 EPS. The firm’s quarterly revenue was up 12.6% on a year-over-year basis. On average, equities research analysts expect that Commercial Metals will post $0.89 earnings per share for the current fiscal year.
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A number of institutional investors and hedge funds have recently modified their holdings of the stock. Koch Industries Inc. purchased a new stake in Commercial Metals in the 2nd quarter valued at about $270,000. BW Gestao de Investimentos Ltda. purchased a new stake in Commercial Metals in the 2nd quarter valued at about $2,463,000. Sterling Capital Management LLC raised its holdings in Commercial Metals by 107.3% in the 2nd quarter. Sterling Capital Management LLC now owns 64,763 shares of the basic materials company’s stock valued at $1,258,000 after buying an additional 33,524 shares during the period. The Manufacturers Life Insurance Company raised its holdings in Commercial Metals by 1.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 255,343 shares of the basic materials company’s stock valued at $4,962,000 after buying an additional 3,394 shares during the period. Finally, JHL Capital Group LLC purchased a new stake in Commercial Metals in the 2nd quarter valued at about $6,023,000. Hedge funds and other institutional investors own 90.64% of the company’s stock.
About Commercial Metals
Commercial Metals Company, together with its subsidiaries, manufactures, recycles and markets steel and metal products, related materials and services through a network. The Company’s Americas Recycling segment processes scrap metals for use as a raw material by manufacturers of new metal products. The Americas Mills segment consists of steel mills, commonly referred to as minimills that produce reinforcing bar (rebar), angles, flats and rounds.
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