Commercial Metals (NYSE:CMC) Upgraded to Strong-Buy at Wall Street Zen

Commercial Metals (NYSE:CMC) was upgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a note issued to investors on Friday.

Several other research analysts have also weighed in on CMC. Wells Fargo & Company boosted their price objective on shares of Commercial Metals from $64.00 to $68.00 and gave the stock an “overweight” rating in a research note on Thursday, November 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of Commercial Metals in a report on Wednesday, October 8th. Jefferies Financial Group set a $70.00 price target on Commercial Metals and gave the stock a “hold” rating in a research report on Wednesday, October 22nd. UBS Group restated a “neutral” rating on shares of Commercial Metals in a research note on Monday, October 27th. Finally, Morgan Stanley upgraded Commercial Metals from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $57.50 to $68.00 in a research note on Friday, October 24th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $64.20.

Commercial Metals Stock Down 1.3%

Shares of Commercial Metals stock traded down $0.86 on Friday, reaching $63.03. 418,593 shares of the company were exchanged, compared to its average volume of 1,111,173. The company has a market capitalization of $6.99 billion, a price-to-earnings ratio of 82.93, a PEG ratio of 1.94 and a beta of 1.34. The company has a current ratio of 2.78, a quick ratio of 2.03 and a debt-to-equity ratio of 0.31. Commercial Metals has a one year low of $37.92 and a one year high of $64.53. The company has a 50-day moving average of $59.16 and a 200 day moving average of $54.86.

Commercial Metals (NYSE:CMC) last released its earnings results on Thursday, October 16th. The basic materials company reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.32 by $0.05. Commercial Metals had a net margin of 1.09% and a return on equity of 8.76%. The business had revenue of $2.11 billion during the quarter, compared to analysts’ expectations of $2.10 billion. During the same period last year, the business earned $0.90 earnings per share. The firm’s revenue was up 5.9% on a year-over-year basis. On average, equities research analysts forecast that Commercial Metals will post 3.09 earnings per share for the current year.

Insiders Place Their Bets

In other Commercial Metals news, Director John R. Mcpherson bought 1,722 shares of the firm’s stock in a transaction on Monday, October 20th. The shares were purchased at an average price of $58.09 per share, for a total transaction of $100,030.98. Following the completion of the transaction, the director directly owned 6,722 shares in the company, valued at approximately $390,480.98. The trade was a 34.44% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.46% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Blue Trust Inc. grew its holdings in shares of Commercial Metals by 2.3% during the 3rd quarter. Blue Trust Inc. now owns 7,867 shares of the basic materials company’s stock valued at $451,000 after purchasing an additional 180 shares during the last quarter. Spire Wealth Management grew its stake in shares of Commercial Metals by 42.4% during the third quarter. Spire Wealth Management now owns 615 shares of the basic materials company’s stock worth $35,000 after buying an additional 183 shares during the last quarter. Ashton Thomas Private Wealth LLC grew its stake in shares of Commercial Metals by 4.0% during the third quarter. Ashton Thomas Private Wealth LLC now owns 4,755 shares of the basic materials company’s stock worth $272,000 after buying an additional 184 shares during the last quarter. Quadrant Capital Group LLC increased its holdings in shares of Commercial Metals by 2.9% during the third quarter. Quadrant Capital Group LLC now owns 6,626 shares of the basic materials company’s stock worth $380,000 after buying an additional 188 shares in the last quarter. Finally, Captrust Financial Advisors increased its holdings in shares of Commercial Metals by 4.4% during the second quarter. Captrust Financial Advisors now owns 4,813 shares of the basic materials company’s stock worth $235,000 after buying an additional 202 shares in the last quarter. Institutional investors 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.