Commercial Metals Company (CMC) Price Target Lowered to $21.00 at Citigroup Inc.

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.

Analyst Recommendations for Commercial Metals (NYSE:CMC)

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