Commercial Metals (NYSE:CMC) PT Set at $16.00 by Citigroup

Commercial Metals (NYSE:CMC) has been given a $16.00 price objective by Citigroup in a note issued to investors on Tuesday, TipRanks reports. The brokerage currently has a “hold” rating on the basic materials company’s stock. Citigroup‘s price target indicates a potential upside of 7.96% from the company’s previous close.

Several other research firms also recently issued reports on CMC. Deutsche Bank set a $18.00 price target on Commercial Metals and gave the company a “buy” rating in a research note on Thursday, May 30th. Cowen reissued a “market perform” rating and issued a $18.50 price target (up previously from $17.00) on shares of Commercial Metals in a research note on Tuesday, April 9th. Bank of America reissued an “underperform” rating and issued a $18.00 price target on shares of Commercial Metals in a research note on Friday, May 31st. Macquarie raised Commercial Metals from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $15.23 to $17.37 in a research note on Friday, March 22nd. Finally, ValuEngine raised Commercial Metals from a “strong sell” rating to a “sell” rating in a research note on Friday, March 22nd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $19.10.

CMC stock traded up $0.32 during midday trading on Tuesday, hitting $14.82. 1,273,152 shares of the company’s stock were exchanged, compared to its average volume of 1,449,988. The company has a current ratio of 2.75, a quick ratio of 1.60 and a debt-to-equity ratio of 0.87. The firm has a market cap of $1.71 billion, a PE ratio of 9.95, a P/E/G ratio of 4.81 and a beta of 1.47. Commercial Metals has a one year low of $13.27 and a one year high of $24.60.

Commercial Metals (NYSE:CMC) last posted its earnings results on Thursday, March 21st. The basic materials company reported $0.29 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.04. The firm had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.46 billion. Commercial Metals had a return on equity of 12.49% and a net margin of 2.41%. The company’s revenue for the quarter was up 33.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.26 earnings per share. On average, analysts forecast that Commercial Metals will post 2.01 earnings per share for the current year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Retirement Systems of Alabama increased its position in shares of Commercial Metals by 0.4% in the first quarter. Retirement Systems of Alabama now owns 153,126 shares of the basic materials company’s stock valued at $2,615,000 after acquiring an additional 617 shares during the last quarter. Oregon Public Employees Retirement Fund increased its position in shares of Commercial Metals by 1.5% in the first quarter. Oregon Public Employees Retirement Fund now owns 46,830 shares of the basic materials company’s stock valued at $800,000 after acquiring an additional 700 shares during the last quarter. Stratos Wealth Partners LTD. increased its position in shares of Commercial Metals by 1.4% in the fourth quarter. Stratos Wealth Partners LTD. now owns 58,610 shares of the basic materials company’s stock valued at $939,000 after acquiring an additional 800 shares during the last quarter. Mason Street Advisors LLC increased its position in shares of Commercial Metals by 1.5% in the first quarter. Mason Street Advisors LLC now owns 62,553 shares of the basic materials company’s stock valued at $1,068,000 after acquiring an additional 938 shares during the last quarter. Finally, Bank of Montreal Can increased its position in shares of Commercial Metals by 1.4% in the fourth quarter. Bank of Montreal Can now owns 92,612 shares of the basic materials company’s stock valued at $1,483,000 after acquiring an additional 1,290 shares during the last quarter. 90.64% of the stock is currently owned by hedge funds and other institutional investors.

About Commercial Metals

Commercial Metals Company manufactures, recycles, and markets steel and metal products, and related materials and services in the United States and internationally. It operates through four segments: Americas Recycling, Americas Mills, Americas Fabrication, and International Mill. The Americas Recycling segment processes and sells 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.

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Analyst Recommendations for Commercial Metals (NYSE:CMC)

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