Commercial Metals (NYSE:CMC) Price Target Cut to $78.00 by Analysts at Bank of America

Commercial Metals (NYSE:CMC) had its target price reduced by equities researchers at Bank of America from $84.00 to $78.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the basic materials company’s stock. Bank of America‘s target price would suggest a potential upside of 25.71% from the stock’s current price.

Other research analysts have also recently issued research reports about the stock. UBS Group upgraded shares of Commercial Metals from a “neutral” rating to a “buy” rating and upped their target price for the company from $79.00 to $89.00 in a report on Wednesday, May 13th. The Goldman Sachs Group assumed coverage on shares of Commercial Metals in a research note on Wednesday, April 1st. They set a “neutral” rating and a $74.00 price target on the stock. Citigroup reduced their price target on shares of Commercial Metals from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday. Weiss Ratings upgraded shares of Commercial Metals from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, June 30th. Finally, Deutsche Bank Aktiengesellschaft raised Commercial Metals to a “buy” rating in a report on Friday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Commercial Metals currently has a consensus rating of “Moderate Buy” and an average target price of $79.45.

Commercial Metals Stock Up 0.8%

Commercial Metals stock opened at $62.05 on Thursday. The stock has a market cap of $6.86 billion, a PE ratio of 11.68, a P/E/G ratio of 0.35 and a beta of 1.54. The company has a debt-to-equity ratio of 0.73, a current ratio of 2.33 and a quick ratio of 1.54. The stock’s fifty day moving average is $71.19 and its two-hundred day moving average is $70.87. Commercial Metals has a 1-year low of $49.66 and a 1-year high of $84.87.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings results on Thursday, June 25th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.70 by $0.03. The firm had revenue of $2.48 billion during the quarter, compared to the consensus estimate of $2.40 billion. Commercial Metals had a return on equity of 15.69% and a net margin of 6.72%.The firm’s quarterly revenue was up 22.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.74 earnings per share. On average, sell-side analysts expect that Commercial Metals will post 6.54 EPS for the current fiscal year.

Institutional Trading of Commercial Metals

A number of large investors have recently bought and sold shares of the business. Royal Bank of Canada raised its holdings in shares of Commercial Metals by 1.4% in the first quarter. Royal Bank of Canada now owns 90,989 shares of the basic materials company’s stock valued at $4,186,000 after buying an additional 1,219 shares during the last quarter. Amundi boosted its stake in shares of Commercial Metals by 13.3% during the first quarter. Amundi now owns 2,480 shares of the basic materials company’s stock worth $114,000 after buying an additional 291 shares during the period. Jones Financial Companies Lllp grew its holdings in shares of Commercial Metals by 614.9% during the first quarter. Jones Financial Companies Lllp now owns 11,767 shares of the basic materials company’s stock worth $541,000 after buying an additional 10,121 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Commercial Metals by 5.8% during the first quarter. Goldman Sachs Group Inc. now owns 1,033,514 shares of the basic materials company’s stock worth $47,552,000 after buying an additional 56,875 shares during the last quarter. Finally, Empowered Funds LLC increased its position in Commercial Metals by 1.8% in the 1st quarter. Empowered Funds LLC now owns 53,305 shares of the basic materials company’s stock valued at $2,453,000 after acquiring an additional 941 shares during the period. Institutional investors and hedge funds own 86.90% of the company’s stock.

About Commercial Metals

Commercial Metals Company (NYSE: CMC) is a leading global steel and metal recycler, manufacturer and fabricator based in Irving, Texas. The company operates an integrated network of scrap recycling facilities, electric arc furnace steel mills, metal fabrication plants and distribution centers. Through these operations, Commercial Metals collects and processes ferrous scrap to produce finished steel products and provides recycled metal to a variety of end markets.

In its steelmaking segment, CMC uses electric arc furnace technology to transform recycled scrap into reinforcing bar (rebar), merchant bar, coil and structural products.