Commercial Metals (NYSE:CMC) PT Lowered to $69.00

Commercial Metals (NYSE:CMC) had its price objective lowered by research analysts at Bank of America from $70.00 to $69.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the basic materials company’s stock. Bank of America‘s price objective would suggest a potential upside of 29.02% from the company’s current price.

A number of other research analysts have also weighed in on the stock. StockNews.com lowered shares of Commercial Metals from a “buy” rating to a “hold” rating in a research note on Thursday, June 20th. BMO Capital Markets raised their price target on shares of Commercial Metals from $52.00 to $60.00 and gave the company a “market perform” rating in a research note on Friday, March 22nd. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $60.50.

Commercial Metals Trading Down 0.6 %

CMC stock opened at $53.48 on Wednesday. The firm has a market cap of $6.19 billion, a P/E ratio of 11.14 and a beta of 1.27. Commercial Metals has a 52-week low of $39.85 and a 52-week high of $59.81. The company’s 50-day simple moving average is $54.59 and its 200-day simple moving average is $53.51. The company has a quick ratio of 2.83, a current ratio of 4.24 and a debt-to-equity ratio of 0.27.

Commercial Metals (NYSE:CMC) last issued its quarterly earnings results on Thursday, June 20th. The basic materials company reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.02. The firm had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.02 billion. Commercial Metals had a net margin of 6.95% and a return on equity of 14.62%. Commercial Metals’s quarterly revenue was down 11.4% compared to the same quarter last year. During the same period last year, the company posted $2.02 EPS. As a group, equities analysts forecast that Commercial Metals will post 4.85 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in shares of Commercial Metals by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 12,641,427 shares of the basic materials company’s stock worth $632,577,000 after buying an additional 191,345 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Commercial Metals by 2.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 7,611,020 shares of the basic materials company’s stock worth $380,859,000 after buying an additional 160,228 shares during the last quarter. Boston Partners increased its holdings in shares of Commercial Metals by 23,390.7% during the 1st quarter. Boston Partners now owns 3,076,337 shares of the basic materials company’s stock worth $180,752,000 after buying an additional 3,063,241 shares during the last quarter. Norges Bank acquired a new stake in shares of Commercial Metals during the 4th quarter worth approximately $94,722,000. Finally, Victory Capital Management Inc. increased its holdings in shares of Commercial Metals by 241.3% during the 4th quarter. Victory Capital Management Inc. now owns 1,809,841 shares of the basic materials company’s stock worth $90,564,000 after buying an additional 1,279,617 shares during the last quarter. 86.90% of the stock is owned by hedge funds and other institutional investors.

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.